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Punjab Cabinet approves increase in Stamp Duty rates on 17 items - No change in rates for Property Registrations

Stamp DutyChandigarh, October 17, 2018 (Yes Punjab News)

Chandigarh, October 17: In a move to mobilise additional resources for the state, the Punjab Cabinet on Wednesday Singh approved an ordinance to amend Schedule 1-A of Indian Stamp Act, 1899, to enable increase in the stamp duty rates.

 

Stamp duty rates for 17 of the 65 items in Schedule 1-A stand to double following the amendment. The stamp duty on registration of property remains untouched.

 

The Cabinet found it essential to hike the stamp duty on 17 items in order to boost the revenue receipts of the state. Punjab currently raises Rs 50 crore from stamp duty, which would go up by Rs. 100-150 crores with the increase in rates.

 

The Cabinet, under the chairmanship of Chief Minister Captain Amarinder Singh, noted that the new rates were higher than those of neighbouring Haryana but found it imperative to increase the rates to generate the much-needed revenue for the state. The Cabinet also noted that the last revision in the rates was done in 2009.

 

The ordinance would now be sent to the Legal and Administrative Affairs Department for its finalization and later to Punjab Governor for its approval.

 

In another decision, the Cabinet gave its ex-post facto approval with regard to appointment of Controller Governor's Household, Punjab Raj Bhawan, allowing the post to be filled on contract basis in relaxation of rules that provided for direct appointment. The Cabinet also approved terms and conditions for the appointment done on contract basis.

 

The Cabinet granted its approval to Group-B Service Rules, 2018, of Punjab Financial Commissioners' Secretariat. Notably, the Personnel department, on the recommendations of the Fifth Pay Commission, had approved the inclusion of officials drawing a grade pay of Rs.3800/- to Rs. 4900/- in Group B Service. In view of this, the Financial Commissioners' Secretariat Group B Service Rules, 2018 have been framed so that necessary conditions for service of these official can be implemented.

 

There are 65 items in the Indian Stamp Act, 1899 on which stamp duty is levied; out of which stamp duty has been revised today in the Cabinet only on 17 following items.

 

 

Number And Name Of Entry In Schedule 1-A

Present rates

Proposed rates

2. Administration Bond including a bond given under section 6 of the Government Saving Bank Act, 1873, or Section 291, 375 and 376 of the Indian Succession Act, 1925

   

(a) Where the amount does not exceed Rs.1000

The same duty as Bond (No.15) for such amount.

No change

(b) in any other case

Fifty rupees

One Hundred rupees

3. Adoption Deed, that is to say, any instrument (other than a will), recording an adoption, or conferring or purporting to confer any authority to adopt. Advocate-see Entry as an Advocate (No.30)

Five Hundred rupees

One Thousand rupees

4. Affidavit, including an affirmation or declaration in the case of persons by law allowed to affirm or declare instead of sweeping.

Twenty Five rupees

Fifty rupees

5. Agreement or Memorandum of an Agreement

(a) if relating to sale of a bill of exchange.

(b) if relating to the sale of a Government Security or share in an incorporated company or other body corporate.

(c) if relating to the sale of immovable property

(d) if not otherwise provided for




Five Hundred rupees


Fifty rupees for every ten thousand or part thereof the value of the security or share


Two thousand rupees


Fifty rupees




One thousand rupees


One hundred for every ten thousand or part thereof the value of the security or share


Four thousand rupees


One hundred rupees

10. Article of Association of a Company

(a) when the authorized capital of the company does not exceed one lac; and

(b) in other case



Five thousand rupees




Ten thousand rupees



Ten thousand rupees




Twenty thousand rupees

15. Bond as defined by section 2(5), not being a Debenture (No.27), and not being otherwise Provided for by this act or by court fee act 1870 where the amount of value does not exceed 500

Where it exceeds 500 and does not exceed Rs 1000;

And for every Rs. 500 or part thereof in excess of Rs. 1000







Twenty Rupees


Forty Rupees


Twenty rupees







Forty Rupees


Eighty rupees


Forty rupees

17. Cancellation - instrument of (including any instrument by which any instrument previously executed is canceled) , if attested and not otherwise provided for, see also release  (No 55). Revocation of Settlement (No 58 B), surrender of lease (No 61), Revocation of Trust (No 64 B)

Three Hundred rupees

Six hundred rupees

26. Custom Bonds –

a) Where the amount does not exceed Rs. 1000


b) in any other case


The same duty as Bond (No. 15 for such amount)


Forty rupees


No change



Eighty rupees

36. Letter of Allotment of Shares

Fifteen rupees

Thirty rupees

39. Memorandum of Association of a company;

a) if accompanied by articles of association under section 26, 27 and 28 of the Companies Act, 1956;

b) if not so accompanied



Five thousand rupees




Ten thousand rupees



Ten thousand rupees




Twenty thousand rupees

42. Notarial Act:-

That is to say, any instrument, endorsement, note, attestation certificate or entry not being a protest (No. 50) made or signed by a notary public in the execution of the duties of his office, or by any other person, lawfully acting as a notary public


Forty Five rupees


Ninety rupees

46. Partnership –A-instrument of –

b) in any other case


B)- Dissolution of Pawn or pledge-see agreement relating to deposit of title deeds, pawn of pledge (No. 6)



One thousand rupees



Fifty rupees



Two thousand rupees



One hundred rupees

48 power  of Attorney as defined by section 2(21), not being a proxy (entry No. 52)

(a)When executed for the sole purpose of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such document;

(b) When required in suits or proceedings under Presidency Small Cause Courts Act 1882

(c) When authoritising one person or more to act in a single transaction other than the case mentioned in clause (a);

(d) When authorising not more than five persons to act jointly and severally in more than one thousand or generally;

(e) When authorising more than five but not more than ten persons to act jointly and severally in more than one transaction or generally;

(g) In any other case





Five hundred rupees









Five hundred rupees




One thousand rupees





One thousand rupees





Two thousand rupees





Three hundred fifty rupees





One Thousand rupees








One Thousand rupees





Two thousand rupees





Two thousand rupees




Four thousand rupees






Seven hundred rupees

57. Security-Bond or Mortgage Deed, executed by way of security for the due execution of any office, or to account for money or other property received by virtue thereof, or executed by a surety to secure the due performance of a contract (or the due discharge of liability)-

(a) when the amount secured does not exceed Rs.1000/-

(b) in any other case













The same duty as Bond (No.15) for the amount secured

Forty rupees













No Change



Eighty rupees

58. Settlement-

A- Instrument of (including a deed of dower)




B-Revocation of


The same duty as Bond (No.15) for a sum equal to the amount or value of property settled as set  forth in such settlement.


The same duty as Bond (No.15) for a sum equal to the amount or value of the property concerned as set forth in the instrument of revocation but not exceeding sixty rupees.



One-and-a-half time the duty payable on a mortgage deed with possession (No.40(a)) for the amount equal to the nominal amount of the shares specified in the warrant.


No Change






The same duty as Bond (No.15) for a sum equal to the amount or value of the property concerned as set forth in the instrument of revocation but not exceeding one hundred twenty rupees.


Three time the duty payable on a mortgage deed with possession (No.40(a)) for the amount equal to the nominal amount of the shares specified in the warrant.

64. Trust-

A-Declaration of-  of, or concerning, any property when made by any writing not being a Will






B- Revocation of-or, or concerning, any property when made by any instrument other than a Will


The same duty as Bond (No.15) for a sum equal to the amount or value of the property concerned as set forth in the instrument of revocation but not exceeding ninety rupees.



The same duty as Bond (No.15) for a sum equal to the amount or value of the property concerned as set forth in the instrument, but not exceeding sixty rupees.


The same duty as Bond (No.15) for a sum equal to the amount or value of the property concerned as set forth in the instrument of revocation but not exceeding one hundred eighty rupees.


The same duty as Bond (No.15) for a sum equal to the amount or value of the property concerned as set forth in the instrument, but not exceeding one hundred twenty rupees.

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