Revenue Stamp in Promissory Note-worth

This query is : Resolved 

30 January 2011

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 ?

Advocate. Arunagiri (Expert)
30 January 2011

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.

s.subramanian (Expert)
31 January 2011

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.

s.subramanian (Expert)
31 January 2011

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

R.Manivasagan (Querist)
31 January 2011

Thank you sir

Sri Vijayan.A (Expert)
03 March 2011

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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