Stamp Duty on Moveable assets in corporatation

Nilesh (Querist) 24 January 2011 This query is : Resolved
IS THERE ANY STAMP DUTY APPLICABLE ON TRANSFER OF MOVEABLE ASSET FROM PROPRIETORY FIRM TO PRIVATE LIMITED FIRM ? IN WHICH PROPRIETOR HIMSELF IS 90 % SHARE HOLDER IN PRIVATE LIMITED COMPANY AND OBJECT OF THE COMPANY IS TO TAKE OVER AND CARRY ON THE BUSINESS OF THE PROPRIETORY FIRM.

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J K Agrawal (Expert) 26 January 2011
As per article 23 of second schedule it is .05% (half percent) of market value of prperty. It may be different as per the place of agreement so consult your local advocate.

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