stamp duty on trademark license agreement in mumbai

Section 35 of List 1 of the Bombay Stamp Act states that the stamp duty on the compensation loan was 500/- (five hundred rupees). Proof of Title: 5; (b) where the instrument relates to the partition of agricultural land, the rate of duty applicable shall be Rs. The Reckoner divides the immovable property into various categories such as land, residential units, industrial units/office, shops, etc., and fixes their market value accordingly. { 100. 0.2%. 9.16 Designated Revenue Officers empowered to call for all Registers and relevant Books of Transactions in respect of payment of stamp duty: Including diskette, magnetic cartridge tape, CD-ROM etc. However, when a property is considered, the stamp duty is charged on the present agreement value or market value, whichever is high. The Ready Reckoner is also available online on the IGR website. Stamp Duty is payable under Section 3 of The Maharashtra Stamp Act. or by any other system of payment as may be notified by the state government in this behalf, in respect of such instruments, as may be specified in the notification passing through their system or related to their functioning of which registration is not compulsory. } This tax is applicable to various types of papers, including property sale agreements, leave and license agreements, gift deeds, and mortgage deeds. Rate of Stamp Duty will be 0.005 % of the market value both for shares and debentures. the Stamp Duty payable under Article 25(b) of Schedule 1 of the Bombay Stamp Act, 1958. VALUATION, See Appraisement (Article 8). Explanation II-For the purposes of this Article ,any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. 0.1 % of the amount agreed in the contract subject to minimum of Rs.100. The Union Government notified Part I of Chapter IV of the Finance Act, 2019 and promulgated the Indian Stamp (Collection of Stamp- Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019.The Amendment seeks to: address the stamp duty regime recognising the technological changes in the field of financial securities, which today are primarily, done electronically through the stock exchange or through authorized clearing corporations and the depositories; and, provide for a centralized collection mechanism under which the stamp duty is to be collected at one place by one agency (i.e. 25,00,000. 0.3% of the amount secured by such deed subject to maximum of Rs. Control Act, 1999. Stamp Duty is payable in full and is to be paid on the deadline. By Notification dated 8th February 2019, the Government of Maharashtra has introduced levy of additional stamp duty for instruments of sale, gift and usufructuary mortgage, in the form of Metro Cess. Stamp Duty charges vary from one state to another and may depend on gender, municipal areas or income groups within the state too. Further it has to be paid on time to avoid penalty. This type of agreement is used to allow a licensee to use a licensor's property for commercial or personal use for the duration of the contract. See also Letter of Allotment of Shares (Article 37); Explanation. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. A document which is not stamped, though required to be stamped or is a under stamped, is not by that reason, invalid as between the parties. Here is how are two charges he needs to pay to register this property. Insection 52A of the principalAct, (a) in sub-section (1), for the words one lakh the words five lakhs shall be substituted; (b) in sub-section (2), for the words ten lakhs at both the places where they occur, the words twenty lakhs shall be substituted. Stamp duty is ten per cent rupee (0.1%) on the market value corresponding to the amount of the consideration. 1-5-1994, the date of issue of the stamp paper must not be more than 6 months older than the date of the transaction. 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. MSFPhover = (Virtual Treasury) for payment of duty shall be such as the Chief Controlling Revenue Authority may by an order determine., 9.4 Fixing liability of payment of stamp duty even on unregistered documents, Aftersection 10Cof the principal Act, the following section shall be inserted, namely :, 10D. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). In case of exchange, it is to be paid by the parties in equal shares and in case of partition, by the parties in proportion to their respective shares. The Stamp Duty is calculated as per Schedule-I of The Maharashtra Stamp Act. (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations without consideration in any form. through the stock exchanges or clearing corporations authorized by the stock exchange or by the depositories) on one instrument, In order to provide more funds at the disposal of the taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, the rates of. Stamp Duty to be paid on the market value of the shares and debentures. on the refundable security deposit or money advanced or to be advanced, by whatever name called. (iv) for a period exceeding 29 years , or in perpetuity, or does not purport for any definite period, or for lease for a period exceeding 29 years, with a renewal clause contingent or otherwise. Recently Maharashtra Government has allowed online registration of first sale agreement of developers approved by the Stamp duty and Registration Authorities. The acceptance of on-line payment of Maharashtra State's Taxes through the internet portals of various banks have been developed, without having any implication on the existing procedure of the executive and accounting agencies of the Department. 5 (a) to (g) adhesive under section 11, for Art. This tax is referred to as stamp duty. // -->. In Maharashtra, stamp duty charges on the market value of the property or on the agreement value . function MSFPpreload(img) 0.1% of the value of the shares ,scrip or stock. 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. For business users who are e-stamping their documents, you must register for an e-Stamping Account ID via the IRAS e-Stamping portal. e.B. STAMPS TO BE USED -- Adhesive Stamp, Rule 13 (f) or Non-Judicial Stamp, Rule 6. Areas for the allotment of residential premises (4), 12.1MAJOR ARTICLES AS PER SCHEDULE I OF THE MAHARASHTRA STAMP ACT, (1) A debt written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book (other than a bankers pass book) or on a separate piece of paper when such book or paper is left in the creditors possession ,and the amount or value of such debt-. (ii) an amount equal to 0.7 %, of the aggregate of the market value of the shares issued or allotted in exchange or otherwise and the amount of consideration paid, for such amalgamation, whichever is higher: Provided further that, in case of reconstruction or demerger the duty chargeable shall not exceed, -, (i) an amount equal to 5 % of the true market value of the immovable property located within the State of Maharashtra transferred by the Demerging Company to the Resulting company; or. Factoring Agreement. e-Registration of Leave and License Agreement. 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;. Stamp duty in Mumbai depends on a lot of factors. Leave and license agreements must be stamped in Maharashtra, with a stamp tax cost of 0.25 percent of the entire rent for the duration. HIRING AGREEMENT or agreement for service, see Agreement (Article 5). . In section 70 of the principal Act, sub-section (2) shall be deleted. The same duty as is leviable under clause (a), (b) or (c) of Article 25 on the amount of Consideration. 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. Mumbai. 68. In Case Duty Exceeding Re. Who bears and pays the stamp duty is a matter of agreement between the parties. (4) The project proponent or the Purchaser of any unit which availed the reduction under this Order shall not be entitled for concession or remission of stamp duty as per any other order or policy. 9.3 E-payment through Government Receipt Accounting System (GRAS): Virtual Treasury, Insection 10of the principal Act, after sub-section (3), the following sub-section shall be inserted, namely :, (3A) The procedure to regulate the use of e-payment, through Government Receipt Accounting System (G.R.A.S.) As per Article 53 of Indian Stamp Act, 1899, RECEIPT for any money or other property the amount or value of which exceeds Rs. Explanation(1) For the purposes of this Order, unit means, a residential unit. 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. Mudrank-2020/C.R.136/M-1 (Policy) issued by Revenue and Forest Department dated 29.08.2020 wherein the Stamp Duty chargeable under Article 25(b) of Schedule I of Maharashtra Stamp Act, 1958 on the instrument of Conveyance or Agreement to Sell of any immovable property in Mumbai City and Mumbai Suburban was reduced by Three percent (3%) for the period starting from 1st September, 2020 and ending on 31st December, 2020 and by Two percent (2%) for the period starting from 1st January, 2021 and ending on 31st March, 2021. (c) when authorizing one person or more to act in a single transaction other than the case mentioned in clause (a); (d) when authorizing one person to act in more than one transaction or generally; (e) when authorizing more than one person to act in single transaction or more than one transaction jointly or severally or generally; (f) (i) when given for consideration and authorizing to sell an immovable property; 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. (a) If accompanied by articles of association under section 26 of the Companies Act, 1956, (I of 1956). No. 100/- equal to or exceeding Rs. The licensor is responsible for registering the leave and license agreement with the government; non-registration of a leave & license agreement also leaves the licensor responsible for a monetary fine or incarceration, in addition to the possibility of pushing the premises into litigation. 100/-. From 1st January 2021, people were to pay a 3% stamp duty on the property value. The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 25 % of the market value of the property. Explanation I. STAMPS TO BE USED -- Adhesive Stamp (Section 11). 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 . B If the agreement claims to be for a period of more t Stamp duty is payable on license agreements and the rate of stamp duty payable varies in each State. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. Using this site anyone like importer, supplier, transporter and agent can pay Octroi tax online to the Municipal Corporation of Greater Mumbai. 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 one hundred . 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or every confirmation issued by the Central Government under section 233 (3) of the Companies Act, 2013, in respect of amalgamation, merger, demerger, arrangement or reconstruction of the companies ( including subsidiaries of parent company ); and every order made by the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies and every order made by the Board for Industrial and Financial Reconstruction under section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of Scheme specified therein or every order made by the National Company Law Tribunal under section 31 of the Insolvency and Bankruptcy Code, 2016, in respect of approval of resolution plan. Stamp Duty on lease agreement in Maharashtra 2. --For the purpose of this article more persons than one when belonging to the same firm shall be deemed to be one person. 5 4.5 The stamp papers must be in the name of one of the parties to the transaction. (A) for the purpose of non-residential use of any nature whatsoever; Rs. 100/- shall be charged. (a) in sub-section (1),- (i) after the word sale, the word lease, shall be inserted ; (ii) after the words development agreement, where it occurs for the second time, the word lease, shall be inserted ; (b) in the marginal note, after the word sale, the word lease, shall be inserted. Controller of Stamps ,Mumbai/Designated Officers. (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.. 10.1 Deletion of requirement to round off duty amount. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper under Rule 11. 9.11 Deficient portion of stamp duty : amount of maximum penalty increased. Patents The Patents Act does not contain any restrictions on the assignment of a licence. It cannot be in the name of the Consultants, Solicitors, Chartered Accountant or Lawyer of the parties. 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. By Order dated 1st March 2019, the Government of Maharashtra had introduced Amnesty Scheme for certain type of documents. Any officer not below the rank of Collector having sufficient reason to believe that, it is necessary to inspect or call for any registers, books, records including a diskette, magnetic cartridge tape, CD-ROM or any other computer readable media or any electronic record mentioned under clause (t) of sub-section (1) of section 2 of the Information Technology Act, 2000, papers, documents, instruments or proceedings which may lead to the discovery of any fraud or omission in relation to any duty, shall, at all reasonable times may himself or through any officer authorised by him in this behalf, who shall be not below the rank of Gazetted GroupB officer or Sub-Registrar, Grade-I appointed under the Registration Act, 1908 or Inspector of Stamps, enter in any premises and inspect the same in the custody of any person, office, firm or any other entity and take such notes and extracts as he may deem necessary, without payment of any fee or charge, and if necessary, seize and impound only the chargeable documents as per the provisions of section 33 . as they are worded or drafted. Further, any public officer can impound such improperly stamped instruments if it comes to his notice. // -->