Stamp duty
Puneet Arun
(Querist) 06 February 2018
This query is : Resolved
I have taken a loan of Rs. 50 lakhs by giving my property on equitable mortgage to the bank. I have paid Rs. 10000 as stamp duty which is the maximum amount to be paid for stamp duty. Now I have taken an additional loan of Rs. 20 lakhs, on the same property from the same bank. Am I supposed to pay stamp duty on this 20 lakhs too, as this has been taken on the same property and in addition to the previous loan. The maximum amount of stamp duty i.e Rs. 10000 was already paid earlier for the previous loan. So my question is am I supposed to pay stamp duty again on the new loan of Rs. 20 lakhs as I have already paid the maximum amount earlier?
Dr J C Vashista
(Expert) 11 February 2018
Contact the branch manager of the banker/lender of additional loan, which should not require any additional stamp duty since the bank is already holding charge over the property documents, however, stamp duty is a "State" subject which differs from a State to another, hence it would be appropriate to seek consultancy of a local prudent lawyer.
