Whether in the case of public or private company, Revenue Stamp Duty, on reissue of share certificates after receipt of request of split from the share holder, is required to be paid again ?
Please explain.
Regards
Neha
Ankur Garg
(Company Secretary and Compliance Officer)
(114783 Points)
Replied 13 June 2009
Yes. It is required to be paid again.
Regards
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17858 Points)
Replied 15 June 2009
And it is required to be paid @ Re.1/- for each Rs.1,000/- including premium (i.e. issue price)
Dear Ankur Sir,
IT IS MENTIONED IN THE RAJASHTAN STAMP ACT 1998: Stamp Duty on Certificate or other document, exercising the right or title of the holder thereof or any other person, either to any shares, scrip or stock or any incorporated company or other body corporate or to become proprietor of shares, scrip or stock in or of any such company or body is : One rupee for every one thousand rupees or a part thereof, of the face value, of the Shares,Scrip or Stock.
Please Clarify whether stamp duty is paid on face value of shares or inclusive of premium amount ?
Ajay Mishra
(Company Secretary)
(74342 Points)
Replied 15 June 2009
Dear Ms. Neha
If u read Stamp Act, it generally says one rupees for every one thousand or part thereof of the value of the share, it means share price will also include dividend or discount for duty payment.
Regards
Dear Ajay Sir,
Please Check Rajasthan Stamp act 1998 in this regard on this link :
https://india.gov.in/allimpfrms/allacts/2146.pdf
Page 93 point no. 18
Kind Regards/ Neha
ACS_RR
(Service)
(58 Points)
Replied 15 June 2009
Bombay Stamp Act clearly says that the stamp duty is required to be paid on the value of the Shares and this includes Premium. But the Rajasthan act only mentions that the Stamp Duty is applicable only on face value and if the Rajasthan Act is aplicable to you..then u consider the same for Stamping purposes.
vivek
(CS)
(751 Points)
Replied 28 May 2010
Payment of revenue is the subject matter of state list therefore payment must be mde as per the state act. Item no. 18 talks about face value of Shares/scrip/stock.
Regards,
Vivek
CA Seema Pasari
(Audit Associates)
(21 Points)
Replied 13 January 2011
hi friends.
I want to know why it is required to pay stamp duty again on spliting of share certificate since i have already paid at the time of issue and under which provision of Bombay Stamp Act, it is required to pay stamp duty on re-issue of share certificate at the time of spliting of share certificates.
regards,
seema
ars
(CS)
(445 Points)
Replied 14 January 2011
I have seen splitted certificates mentioning " stamp duty paid on original cert. no. ***** "
request to clarify and tell where it has been mentioned for payment of stamp duty on the splitted share certificates. what could be the case of consolidation of certificates?
CAclubindia
