Letter of acknowledgment

Mohit Nanda (Querist) 04 August 2015 This query is : Resolved
Hi

Considering the recent amendment to the Bombay Stamp Act (April, 2015), wherein the stamp duty on a letter of acknowledgment has been increased to 0.01% of the value of the debt, what is the current market practice?
Are banks still asking for LAD? If not, what is the alternate to LAD in order to ensure the right to claim is intact and not time barred?

Thanks

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P. Venu (Expert) 05 August 2015
Please state your problem, if any.

Rajendra K Goyal (Expert) 05 August 2015
Academic query, state problem.

Mohit Nanda (Querist) 05 August 2015
Would like to know, what is the legal sanctity of a LAD, since the Stamp duty in Maharashtra has been increased?

Also are banks still asking for it? Is there any other alternative to meet the requirements of the bank?

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