What is the object of Bombay Stamp Act?

STAMP DUTY INTRODUCTION: The Bombay Stamp Act, 1958 came into force on 16th Feb, 1959 and is applicable in the State of Maharashtra. The Act is intended to levy stamp duty on certain types of documents executed in the state or brought from outside for acting upon the same in the state.

Is Bombay Stamp Act Same as Maharashtra Stamp Act?

The Bombay Stamp Act, 1958 which came into force on 16th February 1969 (BSA) is the law for stamp duty within the State of Maharashtra. Constitution of India empowers both the Parliament and the State Legislature to make provisions and laws for stamp duty within its ambit.

What are the consequences of non stamping of documents which have to be stamped under the Maharashtra Stamp Act 1958?

As per the provision of Section 59, any person who, with the intention to evade the Stamp duty, executes or signs any instruments chargeable with stamp duty, without the same being duly stamped, shall on conviction, be punished with rigorous imprisonment for term which shall not be less than one month but which may be …

What is the stamp duty for shareholders agreement?

Article 62(a) of Schedule 1-A of the Delhi Stamp Act states the stamp duty for the transfer of shares in any incorporated company or any body corporate with or without consideration is seventy -five paise for every hundred rupees, the rate of the duty being 0.75% of the value of the share.

What was the Bombay Stamp Act of 1958?

THE BOMBAY STAMP ACT, 1958 [BOMBAY ACT No. ,LX OF 1958]1 This Act received the assent of the President on 4th June 1958, and assent was first published in the Bombay Government Gazette, Part IV, on the 11th June, 1958 An Act to consolidate and amend the law relating to stamps and stamp duties in the State of Bombay Amended by Bom. 95 of 1958.

How to get amnesty under Bombay Stamp Act?

For getting amnesty what is required is (a) to make an application with instrument in original with Xerox copies as required and with stamp affixed of 65 paise; (b) along with affidavit as prescribed in form as given. All details regarding location of property, ward number, number of storeys, year of construction.

Which is not chargeable under Indian Stamp Act?

All other instruments are either chargeable under the Indian Stamp Act (e.g., transfer of shares) or are not chargeable at all (i.e., if they are not specified under the Act as well as under the Indian Stamp Act). II.

Which is exempt from stamp duty in India?

Assignment of copyrights is exempt from stamp duty. In case of amalgamation/reconstruction of companies, the market value of the shares of transferee company is the value of shares on stock exchange on the “appointed day” mentioned in the scheme or else the date of the court’s order.