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Revenue Stamp in Promissory Note-worth (Civil Law)

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This query is : Resolved


Author : R.Manivasagan

Posted On 30 January 2011 at 18:40

Dear sirs,
My client presented a promissory Note at me to file a civil suit in Which One Rupee Revenue Stamp is affixed. HE asked me to file the suit for Rs.4 Lakhs. Is that Promissory Note is sufficiently stamped for Rs.4 Lakhs ? shall I file the suit with that promissory Note.

can you give me an idea with exact provisions of law ?





Expert : Advocate. Arunagiri

Posted On 30 January 2011 at 22:11

Section 2(2 3) of the Indian Stamp Act 1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs 5000. Please check with the latest amendments.



Expert : s.subramanian

Posted On 31 January 2011 at 07:52

It is the Indian Stamp Act which preceribes the stamp duty. One rupee stamp is enough. you can proceed with it. You can refer to Art.49 Schedule I of the Indian Stamp Act,1889.



Expert : s.subramanian

Posted On 31 January 2011 at 07:53

The provision quoted by Mr.Arunagiri does not apply to promissory notes. It applies only to receipts.



Author : R.Manivasagan

Posted On 31 January 2011 at 14:04

Thank you sir



Expert : Sri Vijayan.A

Posted On 03 March 2011 at 17:38

Re.1 is enough.
The stamp duty is not depend on the value of loan/ transaction as in other deeds/ instruments.


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