stamp duty

suhasini (Querist) 22 December 2010 This query is : Resolved
Hi,

Can any one guide me as to what is a stamp duty when it is paid and why.

thanks

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M V Gupta (Expert) 23 December 2010
Stamp duty is a kind of tax levied by the State on documents executed by parties to evidence transactions put through by them.This being State subject,each state has passed its own stamp Act specifying the rates at which diffrenet kinds of documents should be stamped when executed in the respective state. The duty is required to be paid at or before signing of the document either by adhesive stamps or ebossed stamps as prescribed in the Stamp Rules.

Gulshan Tanwar (Expert) 27 December 2010
:)

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