Stamp Duty on Memorandum of Family Settlement
Querist :
Anonymous
(Querist) 16 July 2010
This query is : Open
I have executed a Memorandum of Family Settlement which contains two parts one of transfer of immovable property sold through agreement to sale and shares of a listed company, the term of completion of Memorandum is 6 months by the parties. I had filed the same for registration alongwith agreement to sale and was impounded on account of Stamp Duty. The collector is treating it as Settlement Deed and is asking for Stamp Duty on shares at 2% of value which is around 8 Lac. I m on t conclusion that
1. No stamp duty is applicable as it will paid during transfer at 0.25 %
2. No Stamp Duty is applicable on demat shares
3. Moreover Delhi Stamp Act provides "Memorandum of Sale of Shares" as an entry wehere maximum Stamp Duty could be levied of Rs. 1000/-
Is I am right to go with the above three options or Collector of Stamp Duty is correct declaring it as Settlement Deed
Please advice, ASAP.
