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stamp duty on a co production agreement

(Querist) 08 July 2009 This query is : Resolved 
What is amount of stamp duty payable on a co-production agreement for a film to be executed in Bombay?
Harinarayan R. Tripathi (Expert) 08 July 2009
Dear Nehal,

As per Article 5 of Schedule-I of the Bombay Stamp Act, 1958 as applicable in the state of Maharashtra

"Agreement or its records or memorandum of an agreement"

If any agreement is not coming in the descriptions of the aforesaid Article 5 the as per its exemption the Document/Instrument shall be amenable of stamp Duty of Rs.100/-
Nehal (Querist) 08 July 2009
Will it not be covered under the artcle 5(h)(A)(iv) -agreement for creation of obligation, right or interest and having monetary value? STamp duty-o.1%

The agreement creates obligations, rights and interest in the film to be produced and its revenues.

Nehal
Harinarayan R. Tripathi (Expert) 13 July 2009
First of all thanks for reference of 5(h)(A)iv), you may go with that Article and can pay stamp duty as mentioned under the Bombay Stamp Act, 1958 (the Act). In addition I want to may your attention on the amendment taken place in Article 5 and 6 of the Act by virtue of "the Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009" and accordingly the stamp duty on the instrument under Article 5(h)(A)(iv) shall be as under:-

(iv) creation of any obligation, right or interest and having monetary value, but not covered under any other article,-

a) if the amount agreed does not exceed rupees ten lakhs;

One rupees for every rupees 1,000 or part thereof on the amount agreed in the contract subject to minimum of rupees 100.

(b) in any other case.

Two rupees for every rupees 1,000 or part thereof on the amount agreed in the contract.

Nehal (Querist) 14 July 2009
Thanks Mr. Tripathi but the agreement was already franked at that time at 0.1% as I was unaware of this amendment. Can you please let me know where could I get the amendments for stamp duty for my reference. Cause I had searched that day for amendments but was unable to find them.

Nehal
Harinarayan R. Tripathi (Expert) 20 July 2009
Dear Shri Nehalbhai

As per your request I shall try to attach the file on this site, and then you may download the file for your information as well as for your records.
Harinarayan R. Tripathi (Expert) 21 July 2009
Dear Shri Nehalbhai

I have shared file named as "Maharashtra Tax Laws (Levy, Amendment and Validation) Act, 2009", you may download for your information and records.


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