section 9(a) of stamp act


can any one explain about section 9(a) in detail.

pls tell  anyone having information regarding 9(a) in judgment

 
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Corporate Lawyer

Dear Sanjaj,

Government can reduce or remit whole or part of duties payable. Such reduction or remission can be in respect of whole or part of territories and also can be for particular class of persons. Government can also compound or consolidate duties in case of issue of shares or debentures by companies [section 9(1)]. ‘Government’ means Central Government in respect of stamp duties on bills of exchange, cheque, receipts etc. and ‘State Government’ in case of stamp duties on other documents [section 9(2)].


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thanks for reply . i know that  goverment can redue stamp duty using  power under setion 9(a)in public interest. but i want to know can any one get reduction in stamp duty for commerical loan agreement

 
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Corporate Lawyer

Dear Sanjaj,

Make sure when you put forward a query, its complete. You didn't state in your query what you stated later "but i want to know can any one get reduction in stamp duty for commerical loan agreement"

The Government can reduce or remit whole or part of duties payable. Such reduction or remission can be in respect of whole or part of territories and also can be for particular class of persons. The Government can also compound or consolidate duties in case of issue of shares or debentures by companies. Government means “Central Government” in respect of stamp duties on bills of exchange, cheque, receipts etc. and “State Government” in case of stamp duties on other documents.

Govt of Maharashtra in July, 2012 reduced stamp duty on loan agreements to 0.1 per cent from 0.25 per cent it had prescribed earlier.


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thanks fo reply ,

 but in case of  hypothecation loan  means article 6 2(a)  government of maharastra reduced  it from .5 percent  to .1percent

in year 2006 .pls tell  about which article ur talking,

the lines   The Government can reduce or remit .............. stamp duties on other documents.  are books also . but i want to know explation about these sentences.

 
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Corporate Lawyer

Dear Sanjaj,

The reduced stamp duty on loan agreements is as well applicable on Hypothecation as well.

Stamp duty on deposit of title deeds, mortgage of movables, pawn, pledge, and hypothecation deeds has also been reduced from 0.5 per cent to 0.1 per cent. On unsecured loans, the applicable rate of stamp duty has been reduced from 0.25 per cent to 0.1 per cent.

It is also proposed to give relief in registration fee for deposit of title deeds. The documents, which are currently charged at 1 per cent, would be charged at the rate of 0.1 per cent.


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yes . stamp duty on article 6 2(a) reduced to .1 in year 2006 , in year 2005 it was .5 . but some financial institues  making their agreements  by paying .1 percent stamp duty since year 1997.  there is a notification mudrank 1096/4485/CR -892M-1 dated 6 march 1997, which is in any bombay stamp act 1958 book. in this notification  government  reduced stamp duty on article 6 to  .1 percent  using section 9 a . actually this power used by government for public interest . so i want  detail explation about this power 9 (a).

 
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have you read this notifications . any explations?
 
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Corporate Lawyer

Thats a provision Mr. Sanjaj duly incorporated. Its on the basis of the provision the notifications come into picture. Notifications never over ride the provisions of law.


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can you tell how above circular is not applicable in general case

 
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