Stamp duty
This query is : Resolved
Hitesh Gaur
(Querist)
22 April 2013
Dear All,
On shares stamp duty is payable in the following events.
1. On increase of Authorised Share Capital (0.15%)
2. On allotment of shares (Re 1. For every thousand Rs. of consideration)
3. On issue of share certificates (Varies state to state and in Delhi, Maharshtra & Rajasthan it is Re 1. For every thousand Rs. of consideration)
4. On Transfer of shares (0.25%)
Firstly correct me on the above,
My First query is whether Stamp Duty is payable on both (Issue of shares and issue of Share Certificates)
My second query is, if it is payable on both, at which rate (Delhi Rate or UP Rate) it will be payable if we have our registered office in Delhi and we are issuing share certificates in the Board Meeting held in UP.
On shares stamp duty is payable in the following events.
1. On increase of Authorised Share Capital (0.15%)
2. On allotment of shares (Re 1. For every thousand Rs. of consideration)
3. On issue of share certificates (Varies state to state and in Delhi, Maharshtra & Rajasthan it is Re 1. For every thousand Rs. of consideration)
4. On Transfer of shares (0.25%)
Firstly correct me on the above,
My First query is whether Stamp Duty is payable on both (Issue of shares and issue of Share Certificates)
My second query is, if it is payable on both, at which rate (Delhi Rate or UP Rate) it will be payable if we have our registered office in Delhi and we are issuing share certificates in the Board Meeting held in UP.
Ajay Mishra
(Expert)
26 April 2013
Hi
Your above quoted Stamp duty is rate is correct.
Now come to your query:
1. Stamp duty is paid on issue of share certificate at a rate mentioned above and not on issue of share or allotment of shares.
2. The stamp duty will be paid in that state in which Board Meeting is held for allotment of shares.
Your above quoted Stamp duty is rate is correct.
Now come to your query:
1. Stamp duty is paid on issue of share certificate at a rate mentioned above and not on issue of share or allotment of shares.
2. The stamp duty will be paid in that state in which Board Meeting is held for allotment of shares.
Hitesh Gaur
(Querist)
26 April 2013
Dear Ajay Mishra Ji,
Thank you so much for ur reply, pls provide some more information on the below:
-if on issue of share certificate stamp duty is payable in the state in which document is executed than why we are receiving notices from Delhi(ROC) regarding payment of stamp duty
-what should we reply in respect of that notice.
-if we reply that meeting is held in other state and stamp duty is already paid as per the rates in that state, will they be satisfied.
Thank you so much for ur reply, pls provide some more information on the below:
-if on issue of share certificate stamp duty is payable in the state in which document is executed than why we are receiving notices from Delhi(ROC) regarding payment of stamp duty
-what should we reply in respect of that notice.
-if we reply that meeting is held in other state and stamp duty is already paid as per the rates in that state, will they be satisfied.
Hitesh Gaur
(Querist)
29 April 2013
Pls, Reply Ajay ji,
what should i do in respect of said notice?
what should i do in respect of said notice?
Ajay Mishra
(Expert)
29 April 2013
Hi
If your normal Board Meeting is hold in the state in which, where you have made allotment of shares then you can mentioned the same that your normal board meeting is hold in that state.
If you are not holding Board Meeting in state other than the state of Delhi, then you will give the reason why you have hold this Board Meeting in other state and give sufficient proof of it.
Generally the state of registered office will issue a notice for payment of stamp duty inits state, but if you prove that we generally hold Board Meeting or our Corporate office in other states where you have hold Board Meeting, then it will be sufficient reason to escape the payment od stamp duty from Dilhi.
If your normal Board Meeting is hold in the state in which, where you have made allotment of shares then you can mentioned the same that your normal board meeting is hold in that state.
If you are not holding Board Meeting in state other than the state of Delhi, then you will give the reason why you have hold this Board Meeting in other state and give sufficient proof of it.
Generally the state of registered office will issue a notice for payment of stamp duty inits state, but if you prove that we generally hold Board Meeting or our Corporate office in other states where you have hold Board Meeting, then it will be sufficient reason to escape the payment od stamp duty from Dilhi.
Hitesh Gaur
(Querist)
29 April 2013
Thanks a ton sir......
Ajay Mishra
(Expert)
29 April 2013
My Pleasure.........
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