| Q. | Is Stamp Duty required to be paid on all document regarding transfer of properties? |
| A. | All transfer Instrument/document including agreement to sale, conveyance, gift mortgage, exchange, partition, power of attorney either general or special leave and licence, agreement, tenancy agreement, lease deeds are required to be Stamped before registration. A will or original nomination in a Co-operative Housing Society is not required to be Stamped. However, when a nominee transfers a flat subsequently in the name of legal heirs then it is required to be Stamped as per market value or the consideration amount, whichever is higher. |
| Q. | What are the precaution to be taken at the time of purchase of stamp paper? |
| A. | Stamp papers are to be purchased in the name of one of the parties to the instrument/document. It must be purchased in the name of either of the party to the transaction. |
| Q. | Why stamp duty is required to be paid? |
| A. | Stamp duty is a kind of Tax like Sales Tax or Income Tax. It must be paid in full and on time to the Government. In case of delay in payment of stamp duty, penalties are imposed |
| Q. | When Stamp Duty is to be paid? |
| A. | It is to be paid either before execution of the document or on the day of execution of the document. |
| Q. | Who is required to pay Stamp Duty? |
| A. | Stamp Duty is either paid by a purchaser or transferee or as mutually agreed in the agreement between the parties. |
| Q. | What is payment system for Stamp Duty? |
| A. | Stamp Duty amount can be paid either by Cash/ Bank Draft/ Pay Order/ Cheque/ Electronic Fund Transfer. |
Important Instruments are agreements, conveyances, exchange, gift, Certificate of sale, deed of partition, Power of Attorney to sell immovable property when given for consideration, deed of settlement and transfer of lease by way of assignment, bill of exchange, bill of lading, debenture, letter of credit, policy of insurance, proxy, receipt and transfer of shares.
Consideration amount is the total value of funds involved in any purchase/ sale transaction entered between two or more parties.
Stamp Duty collected by the States can be broadly divided into two categories, viz., Stamp Duty paid under the Indian Stamp Act, 1899 and Stamps used in payment of fees under the Court-fees Act 1870.
Stamps used under the Indian Stamp Act, 1899 & The Bombay Stamp Supply And Sale Rules, 1934, can be broadly divided into
1. Impressed stamps, including
a) Labels affixed and impressed by the proper officer;
b) Stamps embossed or engraved on stamped paper
c) Impression by franking machine
d) Impression by any such machine as the State Government may, by notification in the Official Gazette, specify
2. Adhesive stamps
| Q. | What do you mean by ACC? |
| A. | ACC menas Authorised Collection Centre (ACC). Its an agent appointed by SHCIL. ACC is the intermediary between the CRA and Stamp Duty payer. |
| Q. | Who can become ACCs? |
| A. | 1. Bank & Financial Institutions 2. Law firms, 3. Chartered Accountant firms 4. Professionals |
| Q. | What is Registration process of ACC? |
| A. | ACC should submit the application form along with the necessary proofs as mentioned in the application form. ACCs need to pay a nominal registeration fee and interest free security deposit. ACCs need to maintain a running imprest balance. |
| Q. | How will I get a Stamp Certificate? |
| A. | The client has to approach an ACC appointed by SHCIL and fill up the application form as prescribed in the e-Stamping system. Stamp Certificate is generated only after realisation of funds. |
| Q. | When will I get the Stamp Certificate from ACC? |
| A. | fter submitting a duly filled application form, the ACC will enter the details into the system and a Stamp Certificate would be generated immediately in case of cash and in case of Cheque/ Demand Draft/ Payorder only after realisation of funds. |
| Q. | After generating the Certificate, can I cancel the Stamp Certificate? |
| A. | For cancellation you need to get in touch with the Competent Authority at the Stamp Office appointed by the State Government. |
e-Stamping is a computer based application and a secured electronic way of stamping documents. It’s an electronic way of paying stamp duty to the Government.
1 On-line Stamp Duty Certificate can be generated within minutes
2 Stamp Certificate generated is tamper proof
3 Its a secured electronic payment gateway to the Government
4 Authenticity of the Certificate can be checked through its inquiry module.
5 Stamp Certificate generated has a Unique Identification Number (UIN).
6 Specific denomination is not required.
2 Stamp Certificate generated is tamper proof
3 Its a secured electronic payment gateway to the Government
4 Authenticity of the Certificate can be checked through its inquiry module.
5 Stamp Certificate generated has a Unique Identification Number (UIN).
6 Specific denomination is not required.
i1 Easy accessibility and faster processing
2 Security
3 Cost savings
4 User friendly
5 Hassle free maintenance
2 Security
3 Cost savings
4 User friendly
5 Hassle free maintenance
UIN is a Stamp Certificate number mentioned on the Stamp Certificate. Anybody, having the Unique Identification Number, can check the authenticity of the Certificate through www.shcilestamp.com .
CRA stands for Central Record Keeping Agency. STOCK HOLDING CORPORATION OF INDIA LIMITED (SHCIL) is the only CRA appointed by the Government of India.
iCentral Record Keeping Agency is responsible for User Registration, Imprest Balance Administration and overall E-Stamping Application Operations and Maintenance. CRA will appoint ACC’s and Travelling Vendors who will issue Certificates to the clients at their counters.
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