Maximum Stamp duty payable on equitable mortgage
Rajeev Rai
(Querist) 30 September 2016
This query is : Resolved
The borrower once paid maximum Stamp duty on borrowed a c c of Rs. 50 lac, further he demanding a enhanced limit of Rs. 20 lac, Is the stamp duty payable again on Rs 20 lac?
Raj Kumar Makkad
(Expert) 30 September 2016
As the limit is being enhanced so stamp duty is liable to be paid only on enhanced amount.
Shashikant V. Patil
(Expert) 01 October 2016
Required to pay stamp duty on enhancing Rs 20 lac.
adv.bharat @ PUNE
(Expert) 01 October 2016
Patil Shashikant u need to pay additional stamp for Rs.20/-Lac.
Rajendra K Goyal
(Expert) 01 October 2016
Stamp duty on what?
Whether on agreement or on mortgage of property as collateral?
practically Stamp is to be paid on 70 lacs.
Rajendra K Goyal
(Expert) 01 October 2016
You have mentioned in the heading that stamp duty is on equitable mortgage.
No stamp duty is payable ad-volerum on the equitable mortgage.
Some of the States have decided to levy stamp duty in lumpsum based on the no. of scripts or otherwise.
Practically Stamp is paid on full new limit of loan if state charge as per limit.
Raj Kumar Makkad
(Expert) 01 October 2016
The author has nowhere mentioned that the duty was paid on equatable mortgage. had it been there, neither the question of payment of stamp duty earlier would not have arisen nor now when the limit is to be enhanced for 20 lakhs.
The additional stamp duty is required to be paid only on enhanced amount otherwise the stamp duty on Rs. 50 lakh already stands paid.
Rajendra K Goyal
(Expert) 02 October 2016
Expert raj kumar makkad sir,
Please read the heading of the query.
Shashikant V. Patil
(Expert) 03 October 2016
Bharat, this is not way to reply being expert and Advocate. Do not criticize some one's advise. Try to give solutions and not addressing and pointing towards experts. I have seen your expertise that in every post you are just begging for thanks. Its shameful for you.
Guest
(Expert) 10 October 2016
Send paper for adjudication to collector of stamp and registration . Adjudication fee is 100 . They will give in writing
Rajendra K Goyal
(Expert) 10 October 2016
Expert Madhu ji,
In equitable mortgage title deed are deposited with the Bank, recital is entered, deposit of title deeds is confirmed through letter, all are in the Bank, which Bank may not like to depart being security papers.
Bank can refer the matter to its legal cell / legal adviser for clarification.
