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Mode of payment of stamp duty on transfer of shares

Page no : 2

(Guest)
Originally posted by : SkDash

Hello All

 

it is very much possible and we are following the practice pf paying share transfer duty by franking. In Karnataka, physical stamp is banned and i dont think this will be a violation in case you pay by franking. Anyway it is going to State Govt revenue

What about state of rajasthan ?


(Guest)
Originally posted by : Manoj Kumar Yadav

Hi,

 

PAYMENT OF STAMP DUTY BY GETTING THE INSTRUMENT FRANKED BY THE BANK AUTHORIZED FOR THIS PURPOSE IS ALSO POSSIBLE IRRESPECTIVE OF THE AMOUNT OF STAMP DUTY AND WHETHER THE INSTRUMENT IS SHARE TRANSFER FORM OR SHARE CERTIFICATE.

 

REGARDS

CS MANOJ YADAV

 

 

THE INSTRUMENT IS SHARE TRANSFER FORM 7B.

Ravi Sankar Devarakonda (Service) (25 Points)
Replied 30 April 2012

In major cities, like Bangalore, you can send the required amount by way of RTGS / Cheque to the regisonal stock exchange, and you can get the share transfer deed embossed for the same.

they will charge some amount of ( say Rs. 1500 ) for service charges

D Ravi Sankar


(Guest)

Thanks all for your inputs.

 

Thank you very much for active involvement in query for the benefit of all of us.  smiley

Ankit Jain (DP MANAGER) (24 Points)
Replied 21 May 2012

Hi Miss neha,

 

You are asking about mode of payment of stamp duty on transfer of shares,you also said that the amount of stamp duty is in lacs in your case I have an better idea for you, you can dematerialised your share first and thn transfer to the transferee's Demat account.So that you dont have to pay any stamp duty because stamp duty is free in electronic transfer of shares,you can also convert them in to physical form after transfer if needed.

 

Thank you

regards,

Ankit Jain

1 Like

akshaya dhaundiyal (trainee ) (25 Points)
Replied 21 June 2012

hi all,
i wanted to ask if there is any provision in the delhi stamp duty act regarding the mode of payment of the stamp duty in case of transfer of shares ..  if no any specific provision that explains how it is to be paid ??

p.s. the company is not listed so dematerialization can not be done ..

 

 


(Guest)

 

Use of adhesive stamps
 
The following instruments may be stamped with adhesive stamps, namely,--
(a) instruments chargeable with a duty not exceeding twenty paise except parts of bills of exchange payable otherwise than on demand and drawn in sets;
(b) bills of exchange drawn or made out of India and promissory notes so drawn or made;
(c) entry as an advocate on the roll of a High Court,
(d) notarial acts; and
(e) transfers by endorsement of shares in any incorporated company or other body corporate.
 
Pls visit this link. Point no 11.
 
With Regards,
 
Neha
 
 

akshaya dhaundiyal (trainee ) (25 Points)
Replied 22 June 2012

thank you so much neha ..!!  


(Guest)

Dear Akshaya,

 

You are always welcome.

 

Regards.

Krishna Neelamraju (Chartered Accountant) (38 Points)
Replied 26 June 2012

In Mumbai, the BOI Sharholding Limited - https://www.boislindia.com/ - is the sole agent for franking of share transfer deed. They are available in Fort, Rotunda Building, Stock Exchange. This is applicable to even Private Limited Companies

 

For specifc States, if you are approaching Banks or any Franking agents for stamping the Share Transfer Deed, please ensure that the Bank or Franking agent has licence for 'Share Transfer Deed' category. Otherwise, even if you pay the stamp duty (under general contract category), the same may be disallowed.

1 Like

(Guest)

Thank you for sharing and updating us Krishna Neelamraju jee.

 

Regards

Krishna Neelamraju (Chartered Accountant) (38 Points)
Replied 27 June 2012

Welcome Neha Jee! I searched all over internet and made a lot of calls for getting  information about adhesive stamps in Mumbai. Purely by chance, I came to know of BOI, so I thought it will be useful for everyone (atleast mumbai dwellers) to know about it...

1 Like

Nidhi Salampuria (Company Secretary & Complaince Officer)   (48 Points)
Replied 28 June 2012

In mumbai, mostly everyone follows the frankin option, available at BOI in the BSE building.. also even though your company is not listed/ unlisted public co/pvt co, still dematerialized is allowed.

Kishan Shah (Intern I) (29 Points)
Replied 25 September 2012

Neha, I have not gone through the entire thread - If the transaction has not yet materialised, you can try exploring the transfer of shares in dematerialised/ electronic form.  The stamp duty impact may reduce/ become nil.


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