( Author )
22 January 2013
I am from Surat and living temporarily in Mumbai and hence opened trading account with broker based on Mumbai.
My City(Trader City): Surat, Gujarat
My Broker City: Mumbai, Maharashtra
I have some doubts regarding Stamp Duty
1. Which state rules will get applied for Stamp Duty? Gujarat OR Maharashtra
2. My broker is saying that Trader's resident state rule would get applied and hence GUJARAT in my case. As per him Following is the Stamp Duty rules for CASH trades:
2.1 - Flat 1/- if turn over is less than 10,000/- including Buy/Sell
2.2 - 0.01% of turn over if turn over is equal or greater than 10,000/-.
But i am worried here and have information from other brokers that Stamp Duty is 0.01% of turn over irrespective of Turn Over.
Will you please help me resolve this issue? I am already fighting with my current broker on this matter.