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The payable stamp duty will be Rs. 2000/-
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Stamp duty in state of Haryana
I want to know the stamp duty to be paid on loan agreement in state of haryana , after the latest amendment in Indian stamp act. Stamp duty on credit facility agreement, guarantee agreement, hypothecation agreement? Kindly clarify the exact stamp duty. From the haryana amendment act (Indian stamp act), I understood that Rs 2000/- is to be paid for credit facility agreement, guarantee agreement and hypothecation (documents executed between bank and customer) Is my understanding right or not. If it is wrong, I want to know the exact stamp duty.
Asked 6 years ago in Property Law
Religion: Christian
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8 Answers
stamp duty is state subject and varies from state to state contact any local property lawyer .
Stamp duty will be proportional to the value of transaction.
stamp duty of Rs 2,000 on different types of loan agreements chargeable under the Indian Stamp Act, 1899, in Haryana
Around .25%
Dear Sir,
The following information may kindly be read:
Haryana Government increases stamp duty rates for various instruments under the Indian Stamp (Haryana Amendment) Act, 2018
The Law and Legislative Department, Haryana has, by a notification dated 4th October, 2018, notified the Indian Stamp (Haryana Amendment) Act, 2018 (“Amendment Act”) amending the Indian Stamp Act, 1899. The amendment is effective since September 24, 2018.
Background:
The rates of stamp duty payable in Haryana were stamps of small denominations, fixed since 1967. During all these years, the rates of stamp duty for the neighbouring States of Haryana have been revised. Therefore, to keep up, it was necessary for the State of Haryana to revise the rate of stamp duty payable on the various Articles/documents in the State.
Accordingly, the State Government of Haryana, intending to enhance the rate of stamp duty under Articles No. 1, 2, 3, 5, 7, 8, 10, 11, 12, 17, 22, 24, 25, 26, 29, 34, 39, 42, 46, 48, 50, 57, 60, 61, 64 and 65 of Schedule 1-A of the Act, notified the Indian Stamp (Haryana Amendment) Act, 2018.
The Amendment Act amends Schedule 1-A to the Indian Stamp Act, 1899 revising the stamp duty payable on different instruments/documents in the State, including the following:
Sl No.
Article
Name of Instrument
Prevailing Rate
Proposed New Rate
1.
Article 10 (a)
Article of Association
Rs.60/-
Rs.1000/-
Article 10(b)
Rs.1020/-
Rs. 2000/-
2.
Article 5(c)
Agreement or memorandum of an agreement if relating to sale of immovable property
Rs.2.25/-
Rs.2000/-
3.
Article 48(a)
Power of Attorney when executed for the sole purpose of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such documents
Rs.1.50/-
Rs.1000/-
4.
Article 46A(a)
Instrument of Partnership
Rs. 3.75/-
Rs.1000/-
Article 46A(b)
Rs.22.50/-
Rs.1000/-
5.
Article 34
Indemnity bond
Rs. 15
Rs.100/-
There are different rates for different quantum of loan as per the latest amendment.
You can visit the Haryana stamp duty rates website for a detailed information on this.
- Yes, you have rightly pointed out that every state has their different stamp duty acts, giving different taxes for different transaction.
- All the above documents/ agreements mentioned above in your query, vests different rates of taxes on it.
- The description is little lengthy, but still would search specifically and mail you.
