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Stamp duty

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(Querist)
27 August 2014 If a sole proprietary firm is converted into a company and all the conditions of section 47 of income tax are met..
then at the time of transfer of land and building held by the firm to the company, is any kind of STAMP DUTY attracted..If yes, then how much in %..

Thanks in advance
Mukul aggarwal
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
27 August 2014 sir,
according to me if all the condition of clause xiv of sec 47 is fulfilled , and takeover agreement is filed with ROC, than there is no need of any kind of stamp duty,.
becoz it is not a transfer as per sec 47 itself.
also pls refer to clause e of sec 49 (1), where cost of acquisition to the new company has been taken at cost to the previous owner.
stamp duty is required if make a sale deed ,otherwise it is not required
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Rupesh Jain

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Rupesh Jain (Expert)
27 August 2014 you can see the state stamp duty act for that due to every state have its own stamp duty act.
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