Ishwar Dayal Sharma (Self employed) (47 Points)
02 April 2012Hi everyone,
Can someone share his/her views on applicability of stamp duty on issue of duplicate share certificates? Suppose one is a listed company. It needs to issue duplicate share certificates based on various requests of its shareholders. Whether on such duplicate share certificates it needs to affix stamps?
Sonam Bidasaria
(CA)
(770 Points)
Replied 02 April 2012
no, stamp duty need not to be paid on issue of duplicate share certificate.
Neha Gupta
(PCS)
(377 Points)
Replied 02 April 2012
There is no need to pay stamp duty on duplicate share certificate, only need to mention on the duplicate share certificate has "issued in lieu of share certificate no.____".
Ishwar Dayal Sharma
(Self employed)
(47 Points)
Replied 02 April 2012
Thanks for your replies. Can you support your view with some legal backing, reference etc.
khushboo
(CA)
(27 Points)
Replied 02 April 2012
HI..Can anyone please let me know by when & at what rate is the stamp duty on buy sell of shares (demat), needs to be paid/deposited/submitted?? kindly reply on khushboo.sh @ gmail.com
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 02 April 2012
Dear Sir,
Stamp duty may be payable on duplicate share certificates also. Pl check Stamp Act of the concerned State.
For example---For the State of Maharashtra you may refer Entry No.27 of Schedule-I to Bombay Stamp Act 1958 according to which duty is payable as under:
"COUNTERPART OR DUPLICATE of any instrument chargeable with duty and in respect of which the proper duty has been paid :
The same duty as is payable on the original, subject to a maximum of rupees one hundred."
In this regard other states stamp laws may also contain provisions for double duty.
I think you should go for some proper legal opinion.
Regards
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 03 April 2012
As stamps were affixed on the original share certificate accordingly on issuance of Duplicate share certificate stamp duty is required to be paid...
Yes, Stamp duty is payable in case of duplicate share certificates. As per Rajasthan Stamp Act that is applicable in my case. It says -
Counterpart or duplicate on any
instrument chargeable with duty and
in respect of which the proper duty
has been paid, --
(a) if the duty with which the original
The same duty as is
instrument is chargeable does not payable on the original
exceed three rupees;
(b) in any other case. Ten rupees.
Neha Jain
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 16 April 2012
So we can say that nothing is conclusive in company law. Before going ahead it is better to do some homework like Google search, Discuss the matter within your professional circle etc.
Finally you may also go for some expert advice.
Regards
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 16 April 2012
| Originally posted by : Neha Jain | ||
 |
Knowledge sharing is just like brushing teeth daily, it has to be regular, constant and daily exercise since it keeps on changing day by day so we have to stay updated, informed and well versed. |
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Absolutely true words....no doubt...
Ishwar Dayal Sharma
(Self employed)
(47 Points)
Replied 17 April 2012
Thanks for your inputs. Just one more question.. whether affixation of revenue stamp(s) on duplicate share certificates would suffice the requirement?
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