A farmer Society is availing Agriculture loan from a Financial institution, and under the State Stamp Act (Amendment) Stamp Duty is exempted for Agricultururist Loan. The loan is to be availed by mortgaging land and building situated in Urban area worth Rs.60 Lakhs, question is whether stamp duty is payable for the mortgage property in mortgage deed for sixty lakh. Can there be exemption over mortage deed for availing agriculturist loan? The exemption under the state Stamp Act (Amendment) reads as under: Exemption. (1) Instruments, executed by persons taking advances under the Land Improvement Loans act, 1883 (19 of 1883) or the Agicukturist Loan Act, 1884 (12 of 1884) or by their sureties as security for the repayment of such advances. Thanking you all in advance.
