varun chandekar 12 October 2016

Legal documents

Dear Sir

We have taken loan from XYZ Bank in India . This is all within 6 months .

1. We have taken 320 lac Non Fund Based loan from XYZ Bank for Bank Guarantee and LC facility .

2. For 320 lac we have created charges by paying Rs. 80,000 Stamp duty to SRO (Sub Registrar Office) .

3. Now We want to take sublimit of 90 lac from 320 lac , with reduced limit to 310 lac by XYZ Bank .

Question :

1. Do we again have to pay stamp duty on 310 lac

2. Do we again have to create charge in mca.gov.in

3. Can we avoid Stamp duty if yes under which act and rule .

Reply Follow

2 Replies

adv.bharat @ PUNE (Lawyer) 13 October 2016

1) NO

2) No once charge is created then first nullify it & again put it.

3) No you can't avoid payment of stamp duty while doing any document registered.

It is offence and can be audied by CAG every FY and may fixed the DOUBLE penalty of avoided stamp duty.

If u appreciate my answer then will u give THANK onmy LCI profile?

SHARAD CHANDRA DANEJ (Asstt. Manager) 12 November 2016

I donot you need to pay stamp duty because you hv paid the stamp duty on 320 lac and now you are utilizing 90 lacs from the sanctioned limit of 320 lacs which is already duty paid. So no need to pay extra duty. You may clear your doubts from the Bank and Registrar Offce as well.

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