Q1. When should a document be stamped?
Ans - All documents that are to be executed in India should be stamped before or at the time of execution.
Q2. Can the Stamp Duty already paid be refunded if the transaction outlined in the contract fails?
Ans - No, there is not any such provision.
Q3. Are there any provision of refund of stamp duty?
Ans - Yes, as per the provisions of section 49, 50, 52, 53 and 54, Stamp Duty can be refunded under the following circumstances:
1. Spoiled Stamps
2. Misused Stamps
3. Stamps used in excess of the value required.
4. Stamps not required for use.
Q4. Who bears the legal liability to pay stamp duty in the following conditions:
1. Sale
2. Exchange
3. Lease
4. Partition of property
Ans - The following persons bear the responsibility:
1. Sale - Purchaser
2. Exchange - Both the parties
3. Lease - Lessee
4. Partition - Both parties, in proportion to their respective shares
Generally speaking, the duty is generally payable by executant of document.
Q5. What types of stamp duty are available?
Ans - Basically, two types of stamps are available depending upon the purpose of usage:
1. Judicial Stamps - Stamps used for payment of court fees.
2. Non-Judicial Stamps - Stamps used for payment of duty on documents. These can be further of two types:
a. Impressed Stamps
b. Adhesive Stamps
Q6. What is the purpose of Indian Stamp Act?
Ans - The purpose of enacting such an act is to raise revenue for the local governments. Additionally, payment of stamp duty imparts legality to the document and this can be submitted as an authentic document in courts.
Q7. Which instruments attract stamp duty?
Ans - The following list of instruments attracts stamp duty:
1. Affidavit
2. Lease
3. Memorandum and articles of company
4. Bill of Exchange
5. Bond
6. Mortgage
7. Conveyance
8. Receipt
9. Debenture
10. Share
11. Insurance Policy
12. Partnership Deed
13. Shares, etc....
Q8. How is stamp duty paid in transactions where more than one instrument is required?
Ans - In such a case, stamp duty is paid only on one instrument.
Q9. Can stamp duty be paid in India, for documents executed outside India?
Ans - Yes, instruments executed out of India can be stamped in India, provided they are stamped within 3 months of the date they were received in India.
Q10. "Stamp Duty is paid on ad-valorem basis". What does this implies?
Ans - It means that - "Stamp Duty" is paid on basis of value of property.
Q11. How is stamp duty payable determined?
Ans - Usually, the executor himself determines the stamp duty payable on document, but, the Collector of the area can be contacted for the purpose.
Q12. Is there any remedy available for under paid documents?
Ans - Yes, in such an incidence, the executor may contact the concerned official within 1 year of the initial date of payment of stamp duty.
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