stamp duty on trademark license agreement in mumbai

Design transfer agreement and 3. The Haryana State Government has decided to cut stamp duty on loan agreements to just 100. Contain all the terms and conditions governing the rights and obligations of the parties. bodies or local authorities e.g. (ii) If relating to the purchase of one or more units in any scheme or project by a person from a developer: Same duty as is leviable under clause (a), (b) or (c), as the case may be, of Article 25 on the market value of the unit. According to a FPJ report, in Mumbai, revenue expected through metro cess for 2022-23 is Rs 1000 crore. Stamp Duty charges vary from one state to another and may depend on gender, municipal areas or income groups within the state too. . 10.2 Amendment in Article 1 of Schedule I, In SCHEDULE I of the principal Act , in Article 1, in clause (1),-, exceeds rupees 10,000 but is less than rupees 10,00,000; and, 11.1Amendment of SCHEDULE I appended to Maharashtra Stamp Act. Explanation I. The same charges apply if you purchase a resale flat in Mumbai. Stamp Duty Consultant & Registration of all types of Documents; Registration of Firm, Property, Brand, Logo, Trademark; Leave & License Agreement (Online Registration) Notice of Intimation . Further it has to be paid on time to avoid penalty. if(MSFPhover) { MSFPnav4n=MSFPpreload("../_derived/next_cmp_Profile110_next.gif"); MSFPnav4h=MSFPpreload("../_derived/next_cmp_Profile110_next_a.gif"); } 9.12 Voluntary disclosure of fact of instrument not duly stamped. 2.2 The stamp papers must be in the name of one of the parties to the transaction. To avail of this facility the taxpayer is required to have a net-banking account with any of the banks listed by the government on the website. Stamp duty is the transactional tax, which plays a key role in the transactions made on a property. Vipra Chadha Vipra is a full-time content writer and a part-time Netflix addict. Such instruments can be admissible in evidence on payment of the requisite amount of duty and a penalty @ 2% per month on the deficient amount of duty calculated from the date of execution. 1-5-1994, the stamp papers must be in the name of one of the parties to the transaction. - For the purposes of this Article, the value of shares, scrip or stock includes the amount of premium, if any. 9.8 Simplication of procedure for filing Appeal before Addl. 1983). This tax is referred to as stamp duty. LETTER OF ALLOTMENT OF SHARES in any company or proposed company, or in respect of any loan to be raised by any company or proposed company. You will have to pay Stamp duty while registering a property as it is mandatory under Section 3 of the Indian Stamp Act, 1899. The levy of stamp duty is a state subject and thus the rates of stamp duty vary from state . (2) a letter, article, document, parcel, package or consignment, of any nature or description whatsoever or by whatever name called, given by a person, courier company, firm or body of persons whether incorporated or unincorporated to the sender of such letter, article, document, parcel, package or consignment. To use this stamp duty calculator, follow this simple step: Step 1: Visit the stamp duty online calculator page. In case of sale, transfer or reissue; 1. Any party to an instrument can also. The two leading decisions on this definition are those of the Supreme Court in the case of. 50,00,000. 1. In case of instruments which are based upon Market Value of the property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on date of execution of such instrument or consideration stated in the instrument whichever is higher and needs to be paid in full and in time. In Case Duty Exceeding Re. (g) when given to a promoter or developer by whatever name called, for construction on, development of, or sale or transfer (in any manner whatsoever) of, any immovable property. E-payment is a mode of payment in addition to the conventional methods of payment offered by the Government of Maharashtra which is popularly known as GRAS(Government Receipt Accounting System). Rs. Explanation I. To be valid and enforceable, an assignment must: Be in writing. Trademark Agreement, 2. The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be, of Article 25, on the market value of the property which is the subject matter of the gift. --Where under clause (f), duty has been paid on the power of attorney, and a conveyance relating to that property is executed in pursuance of power of attorney between the executant of the power of attorney and the person in whose favour it is executed, the duty on conveyance shall be the duty calculated on the market value of the property reduced by duty paid on the power of attorney. In all other cases, it is to be paid by the person executing the instrument. STAMPS TO BE USED -- Non-Judicial Stamp Paper under Rule 6 or Impressed Label/Special Adhesive Stamp affixed by Proper Officer under Rule 11. Stamp duty on foreign currency loan agreements is generally capped at RM2,000. Stamp duty is chargeable on an instrument and not on a transaction. However, the maximum penalty cannot exceed four times the amount of duty involved i.e. : detection of frauds under Information Technology Act. 43 (b).The parties cannot rely on statements or conduct outside the License Agreement to establish any right or duty beyond or contrary to those expressly provided in or limited by the License Agreement. Stamp Duty The e-stamping Portal will be integrated with myTax Portal. Here is how are two charges he needs to pay to register this property. 100/- need to be paid as stamp Duty for Gujarat Property Registration. Sub : Levy of Stamp Duty on the Deeds of Agreements made prior to 10/12/1985 Reference : Your Letter No.BOM/5064/06 dated 03/08/2006 . Depending upon the Instrument, it may be based upon the Market Value, Area, or other various criteria. Stamp duty in Mumbai depends on a lot of factors. Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such agreement, records thereof or memorandum, as they apply to an instrument under that section: Provided further that, if the proper stamp duty is paid under clause (g) of article 48 on a power of attorney executed between the same parties in respect of the same property then, the stamp duty under this article shall be Rs. (1) The deposit of title deeds or instrument constituting or being evidence of the title to any property whatever (other than a marketable security), where such deposit has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt; (a) if the amount secured by such deed does not exceed Rs. Mudrank-2022/C.R.No.78/M-1 (Policy) issued by Revenue and Forest Department dated 01.04.2022 wherein the Government of Maharashtra had introduced Amnesty Scheme for certain type of documents. 1stApril, 2021. Application for renewal with surcharge/ restoration and renewal of a Trademarks under section 25 (3), 25 (4) for each class. Some states offer reduced stamp duty charges for female homebuyers. function MSFPpreload(img) Memorandum of any association nor formed for profit and registered under section 25 of the Companies Act, 1956, (I of 1956). After obtaining the Incorporation Certificate, the LLP agreement, duly signed by the partners of the LLP, must be filed within 30 days. The same duty as is leviable on a Conveyance under clause (a), (b) (c), as the case may be, of Article 25, on the market value of the property of the greatest value. 100. Enter the details and pay the duty through your Internet banking account. A.Hi, Stamp duty and Registration Charges differ from one state to another. Instrument of gift has been defined to include, where the gift is of any movable or immovable property but has not been made in writing, any instrument recording whether by way of declaration or otherwise the making or acceptance of such oral gift. Provided that, in case of instrument executed in favour of consortium of banks, the duty chargeable shall not exceed Rs.50,00,000/-, (2) The pawn, pledge, or hypothecation of movable property, where such pawn, pledge or hypothecation has been made by way of security for their repayment of money advanced or to be advanced by way of loan or an existing or future debt--, (3) The instrument falling under this article when executed as a collateral or auxiliary or additional security and where the proper duty has been paid on the Principal or Primary security under this article. STAMPS TO BE USED -- Special Adhesive Stamp with word Notarial (section 11) Rule 19(d). The term "Instrument" has been defined to include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded. In India there are 29 States and Stamp Duty varies in each State for ex: The Stamp Duty for Rent Agreement in Delhi is Rs. 30,00,000 is Rs. In Gujarat Basic rate of Stamp Duty is 3.50% and Total rate is 4.90% i.e., Rs. The instruments or the documents have to be read as they are i.e. In some states, a flat fee is also charges as property registration charge. However, same is not available in the case of Resale and other types of instruments. Circular w.e.f. Explanation for the purposes of this Article, not withstanding anything contained herein above, the highest duty on either of the property exchanged shall be chargeable. 9.18 Delegation of certain powers to CCRA : Addl. Further it has to be paid on time to avoid penalty. You can register as user on the portal and can avail services such as the registration for importer, goods, agent, transporter etc. As per the Order dated 31st March 2021 Government has introduced concessional stamp duty rate for Female homebuyers. 0.2% on share capital or increased share capital ,as the case may be subject to a maximum of Rs. 100. Certain departments, organisations, Institutions etc., to ensure payment of stamp duty 16 11. By an Order dated 31st March 2018 of Revenue and Forest Department, the stamp duty on the first instrument of transaction between the project Proponent/s and the Purchaser of any unit belonging to the beneficiary of Economically Weaker Section (EWS) of Lower Income Group (LIG) category for the allotment of residential premises located in the areas as approved under the Pradhan Mantri Awas Yojana- Housing for All (Urban) is fixed to the extent of Rs.1000/- subject to fulfilment of certain conditions. The stamp duty in Karnataka is set as follows: For properties costing INR 45 lakhs - 5% For properties between INR 21 lakhs to 45 lakhs - 3% For properties that are less than INR 20 lakhs - 2% Q2. Only authorised vendors can sell the stamps. (5) No refund shall be granted where stamp duty has already been paid by any project proponent or the Purchaser of any unit prior to the date of publication of this Order in the Maharashtra Government Gazette. 100/- equal to or exceeding Rs. It is imposed by states and therefore, the rates will vary from one state to another. 5 (h) impressed stamp under Rule 6, ARTICLE 6 AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE, OR HYPOTHECATION, AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE, OR HYPOTHECATION, that is to say, any instrument evidencing an agreement relating to--. (a) Where the leave and license agreement purports to be for a term not exceeding 60 months with or without renewal clause. It does not include the instrument or document/s executed between the original purchaser from the project Proponent/s and the subsequent purchaser of a residential unit located in the said area. (i) If the amount secured by such deed does not exceed Rs.5,00,000, 0.1% of the amount secured by such deed , subject to minimum of Rs.100, 0.3% of the amount secured by such deed , subject to maximum of twenty lakh rupees. 9.17 Punishment for prevention or obstruction to entry of Officer exercising powers u/s. (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). Who bears and pays the stamp duty is a matter of agreement between the parties. Provided further that, when proper stamp duty is paid under clause (g- a) of article 5 on an agreement, or records thereof or memorandum of an agreement executed between the same parties and in respect of the same property, the duty chargeable under this clause shall be Rs. Earlier it was charged under article 25(b) which amounted to 5% on Market Value of the premises. Stamp duty refers to a tax on a transaction which is paid to the government and the tax is levied on the instrument recording the transaction. (i) where the Trust is made for a religious or charitable purpose; 2% of a sum equal to the amount settled or market value of the property settled. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. It may be noted that now adjudication is compulsory in all cases where an instrument is required to be adjudicated as per Ready Reckoner before registration as the Registrar of Sub-Assurances insists upon the same. Provided that, on conveyance of property by the person, under an agreement under this sub-clause to the subsequent purchaser, the duty chargeable for each unit under this sub- clause shall be adjusted against the duty chargeable under Article 25 (conveyance) after keeping the balance of Rs. if(MSFPhover) { MSFPnav7n=MSFPpreload("../_derived/up_cmp_Profile110_up.gif"); MSFPnav7h=MSFPpreload("../_derived/up_cmp_Profile110_up_a.gif"); } 100, if such transfer or assignment is made within a period of 1 year from the date of the agreement. Aftersection 68of the principal Act, the following section shall be inserted, namely : 68A. You can log into the website of the authorized bank, click the link for payment of stamp duty/registration fees. Registration charges in Mumbai for a property worth Rs. 0.2 % of the amount agreed in the contract. 50. Stamp Duty to be paid to the state where registered office of the company is situated. Controller of Stamps, Mumbai. 2. The leave and license agreements should be stamped with a stamp duty charge of 0.25% of the total rent for the period. 9.6 Deficient portion of stamp duty : amount of maximum penalty increased. Stamp Duty on Rental Agreement. The Act is a fiscal measure enacted to secure revenue for the State from certain classes of instruments. Forsection 68of the principal Act, the following section shall be substituted, namely : 68. Usc of adhesive stamps. (3) It shall be the duty of the proper officer so authorized under sub-section (2) to make an endorsement on the instruments after defacing the challan, as follows : Stamp duty of Rs. The existing ceiling of stamp duty payable on an agreement relating to deposit of title deeds, pawn, pledge or hypothecation where the amount secured exceeds Rs.5 lakhs stamp duty has been amended to 0.3% of the amount secured subject to a maximum of Rs. For charging stamp duty, the instrument is not to be treated by the name it bears but by the substance or real nature of the transaction recorded therein. Any person can apply to the Collector of Stamps for adjudication of the stamp duty payable on the instrument. The normal stamp duty to be paid is as per clause 5 (c) of schedule 1-A of the Indian Stamp Act applicable to Delhi i.e. 2 % of the, amount or the market value of the separated share or shares of the property. In section 70 of the principal Act, sub-section (2) shall be deleted. In cases of Bonds, Release, Settlement, it is to be paid by the person making or drawing the instrument. The purchaser has to enter into an agreement with the seller of the flat and the stamp duty is computed as per the agreement value . Recently Maharashtra Government has allowed online registration of first sale agreement of developers approved by the Stamp duty and Registration Authorities. AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. The Penalty on the instruments mentioned in the Appendix is reduced to ten percent of total penalty on the deficient portion of the duty for the period commencing from 1. in sub-clause (c), in column (1) ,the word and shall be deleted; for sub-clause (d) ,the following sub-clauses shall be substituted ,namely:-, AGREEMENT OR ITS RECORDS OR MEMORANDUM OF AN AGREEMENT, AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN, PLEDGE OR HYPOTHECATION, CLEARANCE LIST FOR HOUSE OF STOCK EXCHANGE, CLEARANCE LIST FOR HOUSE OF COTTON ASSOCIATION, CLEARANCE LIST FOR HOUSE OF A BULLION ASSOCIATION, CLEARANCE LIST FOR HOUSE OF OIL SEED ASSOCIATION, CLEARANCE LIST RELATING TO TRANSACTIONS FOR THE PURCHASE OR SALE OF OIL SEEDS SUBMITTED TO THE CLEARING HOUSE OF A OIL SEED ASSOCIATION. (parseInt(navigator.appVersion) >= 4 ))); GIFT, Instrument of --not being a Settlement (Article 55) or Will or Transfer (Article 59). However, the heading Other Stamp Duty covers electronic share trading (CREST), Stamp Duty on financial cards and Stamp Duty levies. on the market value shall be substituted; (ii) the words whichever is less shall be deleted. In Mumbai, three per cent of prevailing ready reckoner rates has to be paid as stamp duty on gift deeds. So, if someone is transferring his property to their children, spouse or siblings though a deed of gift, they have to pay three per cent of the deal value as stamp duty. VALUATION, See Appraisement (Article 8). Nothing is legal that adopts a method in effecting a transaction so as to reduce or lessen the liability of stamp duty. The same duty as a conveyance under clause (a), (b), or (c), as the case may be, of Article 25, for a sum equal to the amount settled or the market value of the property settled. Stamp Duty is payable in full and is to be paid on the deadline. The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. See also Settlement (Article 55). COMPOSTION DEED, that is to say, any instrument executed by a debtor whereby he conveys his property for the benefit of his creditors or whereby payment of a composition or dividend on their debts is secured to the creditors, or whereby provision is made for the continuance of the debtor's business under the supervision of inspectors or under letters of license for the benefit of his creditors. 10.1 Deletion of requirement to round off duty amount. (c) if relating to both movable and immovable property. Stamp Duty to be paid on the market value of the shares and debentures. (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods or other mercantile document or title to goods; (d) of securities of the Central Government, STAMPS TO BE USED -- Non - Judicial Stamp Paper, Rule 6 or Impressed Label/Special Adhesive Stamp [see Rules 10 & 11. according to the share capital of the company ,subject to minimum of Rs.1,000 and maximum of Rs.50,00,000. (2) Any such individual, institution, organization, company or a body responsible to furnish the information under sub-section (1) fails to furnish the same within the specified time, the Chief Controlling Revenue Authority or any other officer authorised by him in this behalf, direct such defaulter to pay by way of penalty, a sum not less than rupees five hundred but which may extend to rupees ten thousand for each failure.. Just like the Stamp Duty, the registration charges in Mumbai are also set by the Maharashtra Government. Insection 30of the principal Act, (a) in clause (f), the word and shall be deleted ; (b) after clause (f), the following clause shall be inserted, namely : (f-a) in case of instruments of works contract as provided in Article 63 of SCHEDULE I, by the person receiving the contract;. The same duty as is payable under clauses (a) and (b). every order made by the High Court u/s. LETTER OF GUARANTEE,SeeAgreement (Article 5). LEASE, including under lease or sub-lease and any agreement to let or sublet or any renewal of lease--, The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25, on 10 % of the market value of the property, (ii) for a period exceeding 5 years but not exceeding 10 years, with a renewal clause contingent or otherwise. 0.3% of the amount secured by such deed subject to maximum of Rs. 100+50=150 And just to be sure that something is not left out. Provided always that,-- (a) when an instrument of partition containing an agreement to divide property in severalty is executed and a partition is effected in pursuance of such agreement, the duty chargeable upon the instrument effecting such partition shall be reduced by the amount of duty paid in respect of the first instrument, but shall not be less than Rs. You can pay stamp duty online via an electronic secured bank treasury receipt (eSBTR)-an online payment service. Stamp duty must be paid by affixing non-judicial stamps to the document. // -->