I have incorporated an LLP in November 2018 with capital contribution as Rs. 50,000. My queries are:
1) What is the stamp duty payable in Karnataka for executing the LLP agreement? Is it Rs. 2,500 or can I execute on Rs. 200 e-stamp? 2) What should be the "description of document" in the e-Stamp paper? 3) Should I be mentioning the capital contribution in the field of "consideration price" in the e-Stamp?
22 November 2018
stamp duty has to be as per the total contribution.
Description is LLP Agreement
While a lot of online portals refer minimum stamp duty as Rs 2500, I believe you should check with a local notary as Karnataka government website prescribes lower amount of Rs 1000 (refer https://www.karnataka.gov.in/karigr/Pages/Stamp-and-fee.aspx)
CAclubindia
