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Suhasdarshan (Associate)     09 January 2011

Stamp Paper Value

Hi
If a person "A" is lending Rupees Ten Lakhs to "B" in cash, then what is the value of the stamp paper on which the agreement has to be signed? The transaction happens in Bangalore.



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 1 Replies

anil kumar (service)     09 January 2011

Stamp duty on Agreement is Rs. 200/- when executed in the State of Karnataka (Ref.: Art. 5 (j)} irrespective of the amount of loan. Please keep in mind the provisions of Income Tax Act (S.269SS & 269T) which contains restrictions against taking or accepting loan or deposit amount in cash above Rs.20000/- otherwise than by account payee cheque or draft.


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