Payment of Stamp Duty
This query is : Resolved
03 February 2011
Hi everyone,
I'm posting a query for the first time in CAclubindia and after pondering over this question for quite some time, I was hoping someone amongst you could help me with the following...
Now, I'm aware that a company whose shares are transferred, need not pay Stamp Duty on them. It is the transferor or the transferee who pays it (as per mutual agreement). I have also checked the Indian Stamp Act, section 29.
However my query is that, is there any section in the Companies Act, 1956 which states this? The section need not specifically mention Stamp Duty.
I'm posting a query for the first time in CAclubindia and after pondering over this question for quite some time, I was hoping someone amongst you could help me with the following...
Now, I'm aware that a company whose shares are transferred, need not pay Stamp Duty on them. It is the transferor or the transferee who pays it (as per mutual agreement). I have also checked the Indian Stamp Act, section 29.
However my query is that, is there any section in the Companies Act, 1956 which states this? The section need not specifically mention Stamp Duty.
03 February 2011
Section 108(1) of the Companies Act,1956 contains words "duly stamped" which alone will suffice.
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03 February 2011
Thank you sir for devoting your valuable time to respond to my query.
But you see, I too went through section 108, which deals with non-registration of transfer of shares by the company, in case they are not duly stamped.
My question though, relates to the step before registration i.e, at the time of payment of stamp duty itself, and that whether any section of the Companies Act, 1956 states that A COMPANY need not pay any stamp duty at the time of transfer.
But you see, I too went through section 108, which deals with non-registration of transfer of shares by the company, in case they are not duly stamped.
My question though, relates to the step before registration i.e, at the time of payment of stamp duty itself, and that whether any section of the Companies Act, 1956 states that A COMPANY need not pay any stamp duty at the time of transfer.
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