Mahesh Kapasi
19 November 2008 at 15:53
MAHESH KAPASI & CO E-Mail: maheshkapasi49@gmail.com
Chartered Accountants Phone: 2686 8147
B-49, Gulmohar Park,
MAHESH KAPASI New Delhi-110 049
M. Com., LL.B., FCA, FICWA, FCS
Ex –Member: AMIMA, AMIBM, ACEA (London), MIIA (U.S.A.)
Website: www.caclubindia.com/homepage/maheshkapasi
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in LIMCA BOOK OF RECORDS 2008)
Reference No: Dated: November 19,2008
Lawyersclub.com
Sir,
Re: Stamp duty on shares holding in joint name transfer to spouse
I have been informed by a company that stamp duty I chargeable for share transfer of spouse already shares are in joint name. Is it so? Since Deemat account of single person does not allow joint shareholdings it is necessary to make it single for joint holding by spouse in the single name. But it is not sale or transfer in literary sense than why stamp duty on market rates of shares is Levi able? Even if it is so it should be for 50% (half the value) of total market value as spouse is having 50% share in it. Will the authorities or a competent person clarify it? In my view there should not be any stamp duty on such transfers’. And if it is not the law such an amendment is a must in public interest.
In fact, in all family settlements under all tax laws there is no stamp duty, as no transfer of property actually takes place.
Further I suggest that all family (blood relations) transaction of transfers/settlement / and even sales if any including shares should be exempt from the provisions of Stamp Duty Act.
(Mahesh Kapasi)
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Happy new year 2014
www.caclubindia.com/homepage/maheshkapasi
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MAHESH KAPASI E-Mail: maheshkapasi49@gmail.com
Chartered Accountant Phone: 2686 8147
M. Com., LL.B., FCA, FCMA, FCS B-49, Gulmohar Park, Ex- Member-AMIMA, AMIBM, ACEA (London), MIIA (USA). New Delhi-110 049
Reference No. Dated: January 1, 2014
HAPPY NEW YEAR 2014
Year comes and year passes
Like people come and go
Time changes and passes
Life Continues despite people go
Nothing is static
Forget old and move with time passes
Let us hope the year 2014
Shall be a different peaceful year to go
More stability in politics and peace in life
Less corruption, less inflation
And Terrorism shall forever go
A dream for the year 2014
O Thou may come true
For rest of life to go!
MAHESH KAPASI