Stamp on receipt

RAHUL KUMAR TAANK

( Author )
07 December 2010

CAN PARLIAMENT IMPOSE BY A LAW STAMP DUTY ON CHEQUES??

IN WAITING UR REPLY.........

Receipt.”

           “receipt” includes any note, memorandum or writing-

(a)   whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or

(b)   whereby any other moveable property is acknowledged to have been received in satisfaction of a debt, or

(c)   whereby any debt or demand, r any part of a debt or demand, is acknowledged to have been satisfied or discharged, or

(d)   which signifies or imports any such acknowledgement ;

and whether the same is or is not signed with the name of any person :

Instruments chargeable to stamp duty - Instrument includes every document by which any right or liability, is, or purported to be created, transferred, limited, extended, extinguished or recorded [section 2(17) of Indian Stamp Act]. Any instrument mentioned in Schedule I to Indian Stamp Act is chargeable to duty as prescribed in the schedule [section 3]. The list includes all usual instruments like affidavit, lease, memorandum and articles of company, bill of exchange, bond, mortgage, conveyance, receipt, debenture, share, insurance policy, partnership deed, proxy, shares etc. Thus, if an instrument is not listed in the schedule, no stamp duty is payable. ‘Instrument’ does not include ordinary letters. Similarly, an unsigned draft of an agreement is not an ‘instrument’.

Obligation to give receipt in certain cases - Any person receiving any money exceeding sum as may be prescribed, or any bill of exchange, cheque or promissory note for an amount exceeding sum as may be prescribed, or receiving in satisfaction or part satisfaction of a debt any moveable property exceeding sum as may be prescribed in value, shall, on demand by the person paying or delivering such money, bill, cheque, note or property, give a duly stamped receipt for the same.

[Any person receiving or taking credit for any premium or consideration for any renewal of any contract of fire insurance, shall, within one month after receiving or taking credit for such premium or consideration, give a duly stamped receipt for the same.].