revenue stamp on share certificates

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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2010 when and of what amount of revenue stamps are needed to be affixed on share certificates.

Rasesh

Rasesh (Expert)

19 February 2010 Rate of stamp duty would depend on the state stamp act in which the shares are issued. In Gujarat it is Re. 1 for every Rs. 1000 of market value.

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2010 Thanks for the answer. But that still left a part of teh question unresolved which was when the revenue stamps needed to be affixed that is at the time of allotment is it necessary .

Also I want to ask whether stamp duty will be paid according to the Board Meetings held or according to the situation of Registered Office. Also tell me whether it is teh consolidated duty to be paid or the revenue stamps would suffice.

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2010 As well, I think the rated will prevail either as per the Board Meetings held or according to the situation of Registered Office and not just on the basis of the place where the shares are issued.

Kindly clarify the same if you are sure about the same.

Rasesh

Rasesh (Expert)

22 February 2010 The place where the shares are issued means the place where the Board meeting was held for approving allotment of shares.

Revenue stamps may be affixed onthe individual share certificates or consolidated stamp duty may be paid on one sample share certificate (either by way of affixing revenue stamps or getting the share certificate franked by the necessary amount). The share certificates issued to the shareholders should in such case mention that consolidated stamp duty has been paid on _____ (date).

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