THE INDIAN STAMPS ACT, 1899

The Indian Stamps Act, 1899 is a law that regulates the stamp duty regime in India. The Act provides for the levy of stamp duty on various types of instruments, including property transfers, agreements, bonds, and other legal documents. The purpose of the Act is to ensure proper revenue collection for the government by regulating the use of stamps on such instruments.

The Act defines a “stamp” as any mark or impression made by a public officer or a person authorized to do so, on a paper or other material. The stamp may be in the form of an adhesive stamp, an impressed stamp, or an electronic stamp.

The Act also provides for the valuation of instruments for the purpose of determining the stamp duty payable on them. The valuation is usually based on the market value or consideration mentioned in the instrument, whichever is higher. However, in some cases, the valuation is fixed by the state government.

The Act contains provisions regarding the payment of stamp duty, penalties for non-payment or underpayment of duty, and the consequences of using an unstamped or insufficiently stamped instrument.

The Act has been amended several times since its enactment to keep pace with changing times and legal requirements. The latest amendment to the Act was made in 2019, which introduced a new system for the payment of stamp duty through electronic means.

Overall, the Indian Stamps Act, 1899 is a crucial legislation that helps to regulate the stamp duty regime in India and ensure proper revenue collection for the government.

The Indian Stamps Act, 1899 is a legislation that governs the stamp duty regime in India. The basic provisions of the Act are as follows:

1. Purpose: The Act is designed to regulate the use of stamps on various instruments to ensure proper revenue collection for the government.
2. Instruments on which duty is levied: The Act provides for the levy of stamp duty on various instruments such as:

• Instruments of transfer of property (such as sale deeds, gift deeds, mortgage deeds, lease deeds, etc.)
• Instruments of partition (such as deeds of partition)
• Instruments relating to contracts (such as agreements, deeds of partnership, indemnity bonds, etc.)
• Instruments relating to power of attorney
• Instruments relating to negotiable instruments (such as bills of exchange, cheques, promissory notes, etc.)
• Instruments of trusts and settlements (such as trust deeds and settlements)
• Instruments of arbitration (such as awards and agreements to refer)

1. Valuation for duty: The Act provides for the valuation of various instruments for the purpose of determining the stamp duty payable on them. The valuation is usually based on the market value or consideration mentioned in the instrument, whichever is higher. However, in some cases, the valuation is fixed by the state government.

Overall, the Indian Stamps Act, 1899 is a crucial legislation that helps to regulate the stamp duty regime in India and ensure proper revenue collection for the government.

 

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