26 November 2009
I want the calculation for stamp duty for immovable property(Land) for f.y.2005-06.Sale consideration being 9 lacs as on 27-03-06 what will be stamp duty? Assessee has paid the total stamp duty of Rs.75600. what is the calculation? Please give answer urgently. and also give reference for book or site for confirmationn.thanks in advance!!!!!!!!
27 November 2009
Stamp duty on transfer of immovable property is governed by the respective state stamp laws.
You may please refer to the Stamp Act as applicable to your state. Transfer of immovable property is carried out by a transfer / sale deed, which is called as an "conveyance" in legal parlance. In the annexure to the stamp act, there would be a table which would contain the stamp duty rates as applicable to various documents (known as instruments in stamp duty law). There would be a head of "Conveyance" under which transfer of immovable property would be covered and besides it, the rates of stamp duty would be provided.
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