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    CL Notes

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    The Indian Stamp Act of 1899 defines stamps and outlines the powers of the government regarding stamp duties. It states that stamp duties can be paid through adhesive stamps or impressed stamps. Adhesive stamps can be used for certain documents like bills of exchange, while impressed stamps are embossed or printed on paper. The Act also specifies that the person drawing or executing a legal instrument is generally responsible for paying the stamp duty.

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    CL Notes

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    16 views4 pages
    The Indian Stamp Act of 1899 defines stamps and outlines the powers of the government regarding stamp duties. It states that stamp duties can be paid through adhesive stamps or impressed stamps. Adhesive stamps can be used for certain documents like bills of exchange, while impressed stamps are embossed or printed on paper. The Act also specifies that the person drawing or executing a legal instrument is generally responsible for paying the stamp duty.

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    The Indian Stamp Act of 1899 defines stamps and outlines the powers of the government regarding stamp duties. It states that stamp duties can be paid through adhesive stamps or impressed stamps. Adhesive stamps can be used for certain documents like bills of exchange, while impressed stamps are embossed or printed on paper. The Act also specifies that the person drawing or executing a legal instrument is generally responsible for paying the stamp duty.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views4 pages

    CL Notes

    Uploaded by

    intextu585
    The Indian Stamp Act of 1899 defines stamps and outlines the powers of the government regarding stamp duties. It states that stamp duties can be paid through adhesive stamps or impressed stamps. Adhesive stamps can be used for certain documents like bills of exchange, while impressed stamps are embossed or printed on paper. The Act also specifies that the person drawing or executing a legal instrument is generally responsible for paying the stamp duty.

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    Indian Stamp Act, 1899

    Stamp (Sec-2) according


    “Stamp” means any mark, seal or endorsement by any agency
    or person duly authorized by the State Government. It
    includes an adhesive or impressed stamp for the purposes of
    duty chargeable under this Act.

    Power of Government
    1. Parliament can make law in respect of Stamp Duty.
    2. It can prescribe rates of stamp duty.
    3. The stamp duty rates prescribed by Parliament in respect
    of bill of exchange, transfer of shares etc. will prevail all
    over India.
    4. In case of States, the rates prescribed by individual States
    will prevail in those States.
    However, other stamp duty rates prescribed by Parliament
    in Indian Stamp Act, 1899 (e.g. stamp duty on agreements,
    articles of association of a company, partnership deed,
    lease deed, mortgage, power of attorney, security bond
    etc.) are valid only for Union territories.

    Method of payment of Stamp Duty


    (Sec-10)
    The payment of stamp duty can be made by :
    1. Adhesive stamps or
    2. Impressed stamps

    Payment by Adhesive stamps (Sec-11,12)


    Following instruments can be stamped with adhesive stamps :
     Bill of exchange and promissory notes
     Instrument relating to entry as advocate or attorney in High Court
     Transfer of shares of company

    Cancellation of Adhesive Stamp:


    The adhesive stamps affixed to an instrument must be cancelled
    by the person affixing the stamp, so that these cannot be used
    again.
    If the person affixing the stamp does not cancel them, it can be
    cancelled at the time of execution by person executing the
    instrument.

    Impressed stamps (Sec-13,14,15)


    ‘Impressed Stamp’ means stamp that is impressed on the paper by
    mechanical means (e.g. stamp papers).
    It includes:
     Labels affixed and impressed by the proper officer and
     Stamps embossed or engraved on stamp paper
     Instrument written upon the stamp paper with an impressed
    stamp be such that the stamp may appear on the face of
    instrument and cannot be used or applied to any other
    instrument.
     Only one instrument chargeable to duty shall be written on a
     stamp paper.
    Who is liable to pay stamp duty?

    (Sec-29
    In case of bonds, bill of exchange, debentures, promissory
    note, mortgage deed and settlement:
    Stamp duty is payable by the person drawing, making or
    executing the instrument.
    In case of insurance:
    Stamp duty is payable by person issuing the insurance policy,
    i.e. by the insurance company.
    The Limitation Act, 1963
    “Period of limitation” means the period of limitation
    prescribed for any suit, appeal or application by the Schedule,
    and “prescribed period” means the period of limitation
    computed in accordance with the provisions of this Act.

    Acts Giving Rise To Fresh Period Of


    Limitation (Sec 18,19)
    In these two cases the period of limitation will be computed as if
    the starting point is the happening of the instances.
     Where before the expiration of the prescribed period for a suit
    in
    respect of any property or right, an acknowledgement of
    liability in
    such respect has been made in writing signed by the party
    against
    whom such right is claimed, or by any person through whom he
    derives his liability, a fresh period of limitation shall be
    computed
    from the time when the acknowledgement was so signed.
     Where payment on account of a debt or of interest on a legacy
    is
    made before expiration of the prescribed period by the person
    liable to pay the debt or by his agent duly authorised in this
    behalf, a fresh period of limitation shall be computed from the
    time when the payment was made.

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