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regarding stamp duty

(Querist) 02 June 2009 This query is : Resolved 
i have taken housing loan of rs. 10 lakhs,
now i have to do equitable mortgage on the same, for the purpose please tell me the rate of stamp duty to be paid for the registration of equitable mortgage deed.
plz reply me soon, i am in trouble.
thanking you
warm regards
vikas jain
B.B.R.Goud. (Expert) 02 June 2009
Three per centum of the value of the security subject to a maximum of rupees one hundred, as per the stamps act, as far as i know.
A V Vishal (Expert) 02 June 2009
Dear Vikas,

Different states have different rates, please clarify where are you from or the property located.
Manish Singh (Expert) 02 June 2009
there is no stamp duty on equitable mortgage. some states have imposed duty on memorandum of entry
Mr.Manish viewed very right.
Shyam Ji Srivastava (Expert) 02 June 2009
DearMr. Vikash,

I am not agree with the views of Dear Manish and Rakhievery banks has right to take stamps on equitable mortgage as per law of Stamps act.
Manish Singh (Expert) 02 June 2009
Dear All,
I am extremely sorry for providing wrong information. yes equitable mortgages are liable to stamp duty.
A V Vishal (Expert) 03 June 2009
Dear Shyamji,

A correction to your statement" A right arises out of statute" and the banks do not derive any right to collect stamp duty, in fact it is under the Stamps Act, responsibility arises to stamp the document properly more over, if the stamp duty is not paid properly, the document cannot be admitted as evidence in the court of law.
Y V Vishweshwar Rao (Expert) 03 June 2009
1- The Memorandum of Equitable Mortgage is to be registered with SRO

2- Stamp Duty 0.5 % ( Half Percentage ) of the Loan Amount ( In Adhra Pradesh )
Swami Sadashiva Brahmendra Sar (Expert) 03 June 2009
Mr. Rao is right.
Divyesh Gandhi (Expert) 04 June 2009
as per gujarat act 0.25% stamp duty of Loan amount for equitable mortgage.
Harinarayan R. Tripathi (Expert) 15 June 2009
Dear Mr. Vikash,

As per your Query, I state that-
> Firstly, you have not mentioned that the property situate in which state.

> Secondly, As per Bombay Stamp Act, 1958 as adapted by the State of Gujarat the duty shall be:-

0.25% of the loan amount with the maximum cap of Rs.1,00,000

Accordingly, If you want to execute Equitable Mortgage (EM) for the sum of Rs.10 Lakh than the duty shall be leviable on the EM is Rs.2500/-

I hope this will meet with your requisitions.

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