Hello Friends,
Wish you happy new year 2017.
I am experienced industry professional (engg. industry) and Law Student. I do refer to day to day services agreement taking place in Industry(for example hire of enggineering services or hire of Project Management Services for a consideration). I tried to find out applicability of stamp duty(in the form of stamp paper for agreement) in Indian Stamp Act and Maharashtra Stamp Act. I couldn't find instrument with such type of instrument.
Referring 'The Mahrashtra Stamp Act' (as modified upto the 9th July 2013), I found only relevant entry of such type instruments was that of 'Article 5. AGREEMENT OR ITS RECORDS OR MEMORANDUM OF AN AGREEMENT'. But this was also limited to (a) sale of bill of exchange (b)Government Security (c) Shares, scrips, debentures, bond etc (d) cotton (e) bullion (f) Oil Seeds (g) yarn, spices, non-mineral oil (h) advertisement, event .
Most relevant were Article 5 - h(A)(iii) &(iv). Herein (iii) specific performance by any person or a group of persons where the value of contract exceed rupees 1,00,000 and (iv) creation of any obligation, right or interest and having monetary value, but not covered under any other article. Article 5 - h(B) if not otherwise provided for,— One hundred rupees.] As I understand from this it seems like 5 - h(A)(iii) or (iv)could be applicable but they are so general that they can be made applicable to any contract as such as Contract itself is one which includes some consideration and creates obligations and rights. Whereas Article 5 - h(B) provides for Rs 100 Stamp duty for any general agreements which are not covered anywhere.
Can you please help me understand applicability of stamp duty for hire of services (non involving any transfer of property) from Indian Stamp Act (even though you are not from Maharashtra, for your region).
