01 December 2012
My Client has taken a loan Rs. 1 Crore( CC & BG) & Mortgage property Value Rs. 70 Lakhs in it. How Much Value of Stamp Paper Required on it.Bank has been demanding stamp of Rs 1 Lakh
02 December 2012
Stamping is required based on the amount of loan so bank is correct. Generally stamp duty requirement is 1% on loan amount. So bank is correct.
03 December 2012
Once the bank itself have informed you about the amount of Stamp Papers/Duty so there remains nothing to ask. It is a case of either do or exit.
However, above reply is very much correct and perfect.
CAclubindia
