Legal Question in Banking Law in India
Stamp duty on balance confirmation in agriculture loans
The state of Uttarakhand has
exempted all agricultural advances
from stamp duty to the extent of
Rs.3 lacs.In order to comply
limitation act banks take balance
confirmation from borrowers within
3 years of advance.Pl advise on the
following points-
1. Whether stamp duty exemption
will be admissible on balance
confirmation in view of exemption of
stamp duty on agriculture advances
too.
2. Is it compulsory to take stamp
duty in the form of non judicial
stamp paper only
5 Answers from Attorneys
Re: Stamp duty on balance confirmation in agriculture loans
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Re: Stamp duty on balance confirmation in agriculture loans
1. Yes.
2. Yes.
Re: Stamp duty on balance confirmation in agriculture loans
yes it wll be accordingly.
Re: Stamp duty on balance confirmation in agriculture loans
yes
Re: Stamp duty on balance confirmation in agriculture loans
strictly speaking balance confirmation being an acknowledgment of debt does not at all require stamp if one goes by the definition of "Acknowledgment of Debt" in the Schedule to Stamp Act. There is also a judgment of Bombay High Court on that matter. In view of the exemption from stamp duty also, it is not necessary to stamp it. Acknowledgment of debt is taken on 1 Re. revenue stamp and not on nJS paper.
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