Regarding stamp duty

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2012 Dear All,

A partnership firm business is takeover by the private company. i have made a deed to takeover the business
my query is - whether stamp duty/registration is required or it can be waived. the pvt co is already formed and it is taking over the business
the deed is executed in Mumbai

Jiten Gupta

Jiten Gupta (Expert)
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03 January 2012 As per my view stamp duty depends upon the kinds of assets being transferred.

If Immovable assets are being transferred then Stamp Duty shall be payable but if Movable property are being transferred, no stamp duty shall be paid.

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2012 But acc to Bombay Stamp Act, Schedule 1 - Clause 25 relating to Conveyance Deed states that stamp due is payable on movables too rate is for every 500 - 15 rupees is applicable

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Jiten Gupta

Jiten Gupta (Expert)
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03 January 2012 that is what u will have to check ur state law as stamp duty is a state matter..