Hello friends,
Please provide your valuable advices on the follwing notification.
NOTIFICATION – II
In exercise of the powers conferred by clause (a) of sub-section (1) of section 9 of the Indian Stamp Act, 1899 (Central Act II of 1899), the Governor of Andhra Pradesh hereby reduces the Stamp Duty payable in respect of sale deeds of Plant and Machinery (movable or immovable i.e., whether fastened to earth or severed) to 2% on the auction amount fetched due to sale of industrial units by the Official Liquidator appointed by the High Court / Recovery Officer appointed by the Debt Recovery Tribunal and the units disposed off by Implementation Secretariat of the Public Enterprises Department.
The above notification shall come into force with effect from
This is a GO from the Govt of AP reducing the stamp duty from 9% to 2% for sick industrial units. My client purchased a sick industry for 2.6 crores. Now when we asked the sub-registrar for adjudication of stamps and requested to apply the follwoing notification and reduce the stamp duty to 2%. The registrar rejected the plea and stated that the notification is only for plant and machinary not for the land. I gave a clarification that plant and machinary includes land. But the sub-registrar is not accepting my plea. Can you please give me a clarification whether land comes with in the perview of plant and machinery.
Please let me know if my client has to pay entire stmap duty for land and 2% for plant and machianry.
Any advice will be greatly appreciated and will be of great help.
Regards
Jeevan
