stamp paper
Querist :
Anonymous
(Querist) 25 April 2010
This query is : Resolved
Dear Sirs,
Please tell me as to who should purchase a stamp paper in a transaction of writing a bond? Should it be bought by the person giving the bond or should it be purchased by the person in whose favour the bond is being issued? Thanks.
A V Vishal
(Expert) 25 April 2010
Under the Bombay Stamp Act, stamp papers should be in the name of one of the parties who have signed/who would be signing the instruments.
Deekshitulu.V.S.R
(Expert) 26 April 2010
A stamp paper can b e in the name of any of the parties to the transaction
bhagwat patil
(Expert) 26 April 2010
i go with mr RKM. because he initiats the contract.ie. proposes.
A V Vishal
(Expert) 26 April 2010
Under S.29 of the Indian Stamp Act, in the absence of any agreement to the contrary, the expense of providing the proper stamp shall be borne-
(a) in the case of any instrument described in any of the following Articles of Schedule I, or corresponding Articles of Schedule I-A as the case may be namely:-
No. 2. (Administration Bond),
No. 6. (Agreement relating to Deposit of Title deeds, Pawn or Pledge),
No. 13. (Bill of Exchange),
No. 15. (Bond),
No. 16. (Bottomry Bond),
No. 26. (Customs Bond),
No. 27. (Debenture),
No. 32. (Further Charge),
No. 34. (Indemnity-bond),
No. 40. (Mortgage-deed),
No. 49. (Promissory-note),
No. 55. (Release),
No. 56. (Respondentia Bond),
No. 57. (Security Bond or Mortgage-deed),
No. 58. (Settlement),
No. 62(a). (Transfer of shares in an incorporated company or other body corporate),
No. 62(b). (Transfer of debentures, being marketable securities, whether the debentures are liable to duty or not, except debentures provided for by section 8),
No. 62(c). (Transfer of any interest secured by a bond, mortgage-deed or policy of insurance),
by the person drawing, making or executing such instrument:
(b) in the case of a policy of insurance other than fire-insurance- by the person effecting the insurance:
(bb) in the case of a policy of fire-insurance- by the person issuing the policy:
(c) in the case of a conveyance (including a reconveyance of mortgaged property) by the grantee: in the case of a lease or agreement to lease- by the lessee or intended lessee:
(d) in the case of a counterpart of a lease- by the lessor:
(e) in the case of an instrument of exchange- by the parties in equal shares:
(f) in the case of a certificate of sale- by the purchaser of the property to which such certificate relates: and,
(g) in the case of an instrument of partition– by the parties thereto in proportion to their respective shares in the whole property partitioned, or, when the partition is made in execution of an order passed by a Revenue-authority or civil court or arbitrator, in such proportion as such authority, court or arbitrator directs.
Daksh
(Expert) 30 April 2010
Kudos vishal for enlightening us.
Regards
Daksh
