morman.blogg.se - Urban immovable property tax act 1958 pdf editor

Accordingly, ISA covers certain documents as specified in Entry 91 of List I in the Seventh Schedule to the Constitution of India.

Entry 44 of List III (Concurrent List) mentions, "stamp duties other than duties or fees collected by means of judicial stamps, but not Including rates of stamp duty.".

Entry 63 of List II (State List) mentions, " rate of stamp duty in respect of documents other than these specified in the provisions of List I with regard to rates of stamp duty.".

Entry 91 of List I (Union List) of the Constitution of India mentions “rate of stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts”.

To understand the legislative competence of the centre & state to legislate on stamp duty one must refer to the Seventh Schedule to the Constitution of India:.

The Bombay Stamp Act, 1958 now known as the Maharashtra Stamp Act, 1958 ( “ MSA ”) which came into force on 16th February, 1959 is the law for stamp duty within the State of Maharashtra. The Indian Stamp Act, 1899 is the Central Legislation while the States have their own local stamp acts to deal with issues arising within that particular State.

The Constitution of India empowers both the Parliament and the State Legislature to make provisions and laws for stamp duty within its ambit.

Legislative Competence of Union& State Legislature under the Constitution of India to enact stamp laws: As far as the instrument of Gift is concerned, provisions prevailing in Gujarat, Tamil Nadu and Karnataka are covered. The said relaxations are also discussed herewith. The Maharashtra Government has given certain relaxations on account of the current COVID-19 pandemic. Further, the Article also deals with the Amendments brought in the Central Law by Finance Act, 2019 & 2020 which have brought a new regime for levying stamp duty on securities and cleared confusions and disputes prevailing for many years. In this Article I have discussed the Central law and State Law prevailing in the State of Maharashtra. Also, in India there is Central Law dealing with Stamp duty. Most of these state laws are pari-materia. Every state has its own law dealing with Stamp Duty. (1) The stringent provisions of the Act are concerned solely in the interest of the revenue, and once that object is secured according to law, the party staking his claim on the instrument will not be defeated on the ground of the initial defect in the instrument. Thus, theyare not enacted to arm a litigant with a weapon of technicality to meet the case of his opponent. However, the purpose of the Act is not to exclude evidence or to enable parties to avoid their obligations on technical grounds or to alter the terms of the bargain between the parties.

This object is attained inter alia by excluding documents/ instruments which are not stamped or insufficiently stamped, as evidence. It is designed to secure revenue for the State on certain classes of instruments and all its provisions must be construed as having in view the protection of revenue and the prevention of evasion of the revenue that it imposes.Ģ. Laws dealing with Stamp Duty are purely fiscal measures enacted to secure revenue for the Government on certain class of instruments. The law relating to stamp duty on gifts to relatives, as prevailing in Gujarat, Tamil Nadu and Karnataka, have also been explainedġ. The relaxations given by the State Government on account of the COVID-19 pandemic have also been discussed. authors have also dealt with the amendments brought in the Central Law by the Finance Acts 2019 & 2020 which have brought a new regime for levying stamp duty on securities and cleared confusions and disputes prevailing for many years. Advocates Kirit Hakani & Niyati Mankad (Hakani) have exhaustively discussed the Stamp Law prevailing in the State of Maharashtra.The constitutional scheme and important legal provisions of stamp laws have been explained.