Definition Of Family As Per Indian Stamp Act

Explanation for the purpose of this article family means father mother husband wife brother sister son daughter and includes grand father grand mother grand child adoptive father or mother adopted son or daughter.

Definition of family as per indian stamp act. Non liability for loss of instruments sent under section 38 47. As per stamp fee act definition of family is. Kaji manish k. The legal implications of a family settlement from the perspective of general law the transfer of property act the registration act the income tax act etc has been explained in a succinct manner.

Provided that it shall not apply to 2 the territories which immediately before the 1st november 1956 were comprised in part b states excluding the state of jammu and kashmir except to the extent to which the provisions of this act relate to rates of stamp duty in respect of the documents specified in entry 91 of. The indian stamp act 1899 43. These amendments were first proposed under the finance act of 2019 and the indian stamp collection of stamp duty through stock exchanges clearing corporations and depositories rules 2019 rules. 1 it extends to the whole of india except the state of jammu and kashmir.

Indian stamp act 1899. The indian stamp act levies stamp duty on the instrument not on transactions and this fact has been upheld by many courts since the finance act aims to levy stamp duty on securities issued sold transferred etc through electronic means therefore the issue of the matter was what will be the instrument in such cases on which the stamp duty will be levied and collected. Persons paying duty or penalty may recover same in certain cases 45. In this act unless there is something repugnant in the subject or context 1 banker includes a bank and any person acting as a banker.

17 soldier includes any person below the rank of non commissioned officer who is enrolled under the indian army act 1911 8 of 1911 18 19 26 stamp means any mark seal or endorsement by any agency or person duly authorised by the state government and includes an adhesive or impressed stamp for the purpose of duty. So with in the above relationship gift is executed then stamp duty payable is rupees one thousand only. The amendments to the indian stamp act 1899 act have come into effect from 1 july 2020. Prosecution for offence against stamp law 44.

Power of payer to stamp bills and promissory notes. Power to revenue authority to refund penalty or excess duty in certain cases 46. Can this be safely used for registration also.