Partnership deed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2012 Dears
very important
in maharashtra Minimum stamp duty is rs.500 for Partnership deed. but My freind made partnership deed on stamp Rs.200 he also get SSI no. PAN No. Bank A/C No.everywhere he submited tha deed.

what is effect of making the deed on stamp paper of rs200 instead of rs.500
what is way to ammend it
Please guide
thanking you

Sumti Bhadani

Sumti Bhadani (Expert)
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13 May 2012 Provision of Indian Stamp Act:
If nonpayment or deficient payment of stamp duty is by accident,mistake or urgent necessity, the person can himself produce the document to Collector of Stamps within one year for payment of the proper stamp duty. In such a case, the Collector of Stamps may receive the amount and endorse the document that proper duty has been paid.
As per section 34 of Bombay Stamp Act, 1958, penalty is applicable @ 2% per month of the deficient portion of the stamp duty for every month or part thereof, from the date of execution of the instrument, subject to the maximum of 12 times the deficient portion of the duty.

Sumti Bhadani

Sumti Bhadani (Expert)
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13 May 2012 If nonpayment
or deficient payment of stamp duty is by accident,
mistake or urgent necessity, the person can himself produce
the document to Collector of Stamps within one year for
payment of the proper stamp duty. In such a case, the
Collector of Stamps may receive the amount and endorse
the document that proper duty has been paid.

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