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anand das (service)     03 November 2010

stamp duty on promissory note?

what is the stamp duty on 'Promisssory note" ?

I think this is not covered under state stamp act but the central 'Indian Stamps Act" .

Pls guide.

Thanks in advance.



 6 Replies

RENISH RAO (ADVOCATE)     03 November 2010

you are right,

Rate of Stamp duty on Promissory Note is given at Article - 49 of Schedule - I to the Indian Stamps Act, 1899.

Renish Rao

Advocate

M. A. Khan (advocate)     03 November 2010

mr. Renish is correct, stamp duty for promissory note is covered Indian stamp act.

kranthi (retainer advocate)     03 November 2010

i think it is 25ps stamp, it is not available so we r stiking 1rupee revenue stamp, and to any amount it is used


(Guest)

all of them stated correct.

Pallavi (BAL.,LL.B.,)     27 November 2010

what if the promissory note is executed on an engrafted stamp paper issued by the State Government and no reveue stamp is affixed? Please let me know the authorities on the same.

m.s.viswanathan (lawyer)     18 July 2014

if revenue stamp is not affixed in the pro note  it will be not be accepted in the court as deficit stamp duty and recjected on the technial grounds we have to pay penalty for the deficit stamp duty and bring again for motion.  it is immeterial whether you typed the pro note in non-judicial stamp paper or in white paper it has no value.


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