Amount of Revenue Stamp Needed for Promissory Note

A promissory Note is required to be stamped in terms of Indian Stamp Act (Article 49). Please check with the latest bare Act. However, I may submit that please ensure that the Promissory Note is not witnessed. Once it is witnessed, then it would be considered tobe a bond and would attract stamp duty in terms of local Stamp Act.

• 2(23) "Receipt" includes any note, memorandum or writing-
  (a) whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or
  (b) whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or
  (c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or
  (d) which signifies or imports any such acknowledgment;
  and whether the same is or is not signed with the name of any person "

1.U CAN USE RS.1/- SIGNED WITH CROSSING AND WITHOUT CROSSING.

2.NO NEED OF ANY WITNESSES FOR PROMISORY NOTE.

3.TAKE 2 OR MORE SURETIES OF FINANCIAL (SOUND) PARTIES.

4.ALWAYS GIVE BY CROSS A/C  CHQS.

5.WRITE IT AS CLEARLY IT AS HAND LOAN FOR THE SPECIFIC TIME ON DEMAND.

6. PLEASE TRY TO SHOW SUCH MONEY IN TAXRETURNS OF THE CONCERN YEAR ASSMNT.

7. THE SOURCE OF INCOME MUST BE LEGAL.

8. CONSULT A LEGAL ADVISOR TO AOID ANY ANTI MONEY LAUNDERING PROVISIONS IN DEALING THE CASE.

9. FINALLY YOUR  RELATIVE MUST BE CAPABLE TO CONTRACT

i want to know, if the promissory note is not stamp, what is the consequence.

Is there is any caselaw in this matter. 

Dear Sir/Madam,

For House Rent Payments above Rs. 5000, affixing Revenue Stamp and sign across by landlord is mandatory to submit to IT filing?

Regards,
Sevarkodiyon Krishnasamy.

Dear Sevarkodiyon Krishnasamy.
Not required, actually you are not submitting any docs while filing IT returns, you are merely giving the details of the income assessed to tax.