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Discussion > Corporate Law >

stamp duty on LLP Agreement at Karnataka

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cs


[ Scorecard : 126]
Posted On 03 September 2010 at 16:56 Report Abuse

Dear Members

I am about to incorporate an LLP in karnataka, but i do have a confusion regarding two issues:

1) Amout of stamp duty payable if the total contribution is Rs. 2 Lacs

2) The manner of stamp duty payable.

my consideration

 

i feel the amout of stamp duty would be Rs. 200 as the Karnataka Stamp Act provide the stamp duty on shares or equitable would be Rs. 1 for every Rs. 1000 and part thereof. I am confursed because the i found the act from google and it might not be updated.

AND

Regarding manner of payment i feel i have to purchase the stamp paper of Rs. 200. Do the epayment of stamp duty as applicable in case of formation of company is also applicable to LLP as well.

pls advise

 

Regards

Manoj Kumar

Company Secretary


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Pradeep
Consultant


[ Scorecard : 50]
Posted On 07 October 2010 at 21:44

Hey Manoj,

Did you get a convincing reply for this ? See what I found:

For LLP; Stamp Duty applicable on Partnership firms would apply. (No second opinion on this) hence comparing with share capital would not help

1) As per Karnataka Stamp Act 1957 (wef from 2003; could not find if the same has changed in 2010; though there are news of reduction in stamp duty):

For Capital: [Re 1 to Rs 5000: SD of Rs 100/- ] and [For Capital of above Rs 5000: SD of Rs 1000/-]

2) So for your case it should be Rs 1000/- ; However from unconfirmed sources I have been told now that this has been reduced and applicable SD of Rs 500/-

3) In the official Kar Govt website it says Rs 100/- (Follow the link) http://karigr.org/registrationfees/regfee3136.htm#firm

Hence still a matter of confusion for me. On a safer side I might opt to go ahead with Rs 1000 to avoid understamping default.

Pls share your findings!

Thanks.





Pradeep
Consultant


[ Scorecard : 50]
Posted On 07 October 2010 at 21:51

Regarding the manner of payment: It should be Stamp Paper. However, pls try this link for e-payment of stamp duty.

http://karigr.org/actsrules/documentreg/EStamping.pdf

Cheers!

Pls do share your findings! Thanks.




manoj kumar
cs


[ Scorecard : 126]
Posted On 08 October 2010 at 10:10

thanks for the reply sir,

As i posted this querry on sep3, 2010 and i have already filed the agreement in Form3 on the stamp paper of the value of Rs. 200.

now pls guide me how to pay the balance amount of duty.

manoj



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