THE BOMBAY STAMP ACT, 1958 - Igrmaharashtra.gov.in

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letter of credit, policy of insurance, transfer of share, debenture, proxy andreceipt;2 [(la) “instrument of gift” includes, where the gift is of any movable 3 [orimmovable] property but has not been made in writing, any instrument recordingwhether by way of declaration or otherwise the making or acceptance of such oralgift;]________________1. Sub – clauses were interested by Mah. 20 of 1994, s.2, (w.e.f. 28.21994)2. Clause (la) was interested by Mah, 31 of 1962, s.23. These words were inserted by Mah. 13 of 1974, s.2 (w.e.f. 1.5.1974)(m)“instrument of partition” means any instrument whereby co-owners of anyproperty divide or agree to divide such property in severally and includes –(i) a final order for effecting a partition passed by any revenue authority orany civil court,(ii) an award by an arbitration directing a partition, and(iii) when any partition is effected without executing any such instrument, anyinstrument or instruments signed by the co-owners and recording, whetherby way of declaring of such partition or otherwise, the terms of suchpartition amongst the co-owners.(n) “lease” means a lease of immovable 1[or movable (or both)] property, andincludes also, --(i) a patta;(ii) a Kabulayat, or other undertaking in writing not being a counterpart of alease to cultivate, occupy or pay or deliver rent for immovable property.(iii) Any instrument by which tolls of any description are let;(iv) Any writing on an application for a lease intended to signify that theapplication is granted;2 [(v) a decree or final order of any Civil Court in respect of a lease :provided that, where subsequently an instrument of lease is executed in pursuanceof such decree or order, the stamp duty, if any, already paid and recovered onsuch decree or order shall be adjusted towards the total duty leviable on suchinstruments;]______________________1. This words are added by Mah. 17 of 1993, s.28(b) (i), (w.e.f. 1.5.1993)2. clauses (v) was added by Mah. 17 of 1993, s.28(b) (i), (w.e.f. 1.5.1993)Agreement of LeaseIn (1994) 2 SCC 497 in the case of State of Maharashtra and Others v. Atur India Pvt.Ltd.Court considered what is and agreement to lease. The Supreme Court in that matter was
considering the correspondence that had ensued between the Collector of Bombay andthe Promoter Atur India Pvt. Ltd. For giving on lease one of the plots at Nariman Point. Itmay be pointed out that most of the plots at Nariman Point and Cuffe Parade are allottedby the Government of Maharashtra to various persons by way of correspondence whereinit is provided that ultimately lease will be executed by the Government in favour of cooperativesociety or the Promoter of the land building. Pending execution of such lease,the Government generally gives a licence to the Promoter or proposed lessee to enterupon the land ultimately to be given on lease for the purpose of putting up theconstruction. In this particular case Atur India Pvt. Ltd. Had in the correspondencespecifically pointed out that they wanted the land for the benefit of a co-operative society.The government had laid down certain condition and Condition No.13 stipulated that thelicensee will be put in possession of the plot on his executing the agreement to lease. Thelicensee was debarred from transferring assigning or encumbering or parting with hisinterest or benefit under the agreement to lease. Even the notice inviting offers providedthat the licensee will be put in possession of the plot on his executing the agreement tolease which will be prepared by the Government Solicitor. It appears that in NarimanPoint and Cuffe Parade area the Government has not executed any agreement to lease orlease and only correspondence is exchanged. After considering the facts the SupremeCourt held that on facts it was an agreement to lease and not a lease; a contract for a leaseis to be distinguished from a lease because a lease is actually a conveyance shall beentered into at a future date; that an agreement to lease not creating a present demise isnot a lease and that Atur India Pvt. Ltd. Had sought to assign the benefit of suchagreement to lease (without demise but with licence) in favour of Basant Co-operativeHousing Society. According to the Supreme Court in law the benefit of such a contractcan be assigned and that Division Bench of the Bombay High Court was right in holdingthat the demand of the Superintendent of Stamps for the stamp duty (as it was lease ) onsuch an agreement to lease was not proper.Rent note containing undertaking to pay rent is lease. 1985-MH-L-J-973instrument construed as having clause of reserved rent as absent in liable under article 36(b) 1979-MH-L-J-172=AIR -179-Bom-140 and say that stamp is not payable ontransaction but is on instrument.Stamp Duty on Agreement for Sale of Flat between Promoter and Flat Purchaser1. In Appeal No. 395 of 1991 in Writ Petition No. 3693 of 1990while disposing of the said Appeal and several other writ petitionsthe Division Bench of Bombay High Court has given a Judgementdated 13 th February, 1992. In all the matters the common questionof law according to the Bombay High Court was in respect ofStamp duty payable under Article 25 of Schedule I of the BombayStamp Act. 1958 on agreement for sale of flat by Builder in favourof Flat Purchaser under Section 4 of the Maharashtra OwnershipFlats Act, 1963 and the Maharashtra Apartment Ownership FlatsAct, 1970.2. As observed by the Court, the Court wanted to decide whether thedocument i.e.Exhibit A, is and ‘agreement of sale’ or ‘agreementto sell’ a document conveying the right title and interest in the falt
Page 2 and 3: Constitutional Position -Law relate
Page 4 and 5: to values of property especially in
Page 6 and 7: If the documents creates an obligat
Page 8: Notification - Addition Officers fo
Page 11 and 12: Agreements entered into before 10 t
Page 13 and 14: 3. The Court was constructed severa
Page 15: and the value of in question may be
Page 19 and 20: eferred to in Section 47A and Rules
Page 21 and 22: includes an instrument by which a p
Page 23 and 24: 5. Instrument relating to several d
Page 26 and 27: (d)with Securities and Exchange Boa
Page 28 and 29: 2. These words were substituted for
Page 30 and 31: 3 [Provided that the clearance list
Page 32 and 33: 1 [25. How transfer in consideratio
Page 34 and 35: Provided also that, where proceedin
Page 36 and 37: (E) -Duty by whom payable30 . Dutie
Page 39 and 40: Subjective satisfaction to be on ob
Page 41 and 42: 1 [(2) (a) If any officer registeri
Page 43 and 44: 1 [Provided further that, in respec
Page 45 and 46: NotesThe section applies to eight t
Page 47 and 48: he thinks just and proper; and the
Page 49 and 50: instrument from the party and, afte
Page 51 and 52: Government or where it bears the ce
Page 53 and 54: 37. Instruments impounded how dealt
Page 55 and 56: Subjective satisfaction to be on ob
Page 57 and 58: executed, some other person was bou
Page 59 and 60: (a) the stamp on any paper inadvert
Page 61 and 62: 50. Allowance for misused stamps.(1
Page 63 and 64: (2) The Chief Controlling Revenue A
Page 65 and 66: Under sub-section (2) if the Collec
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1 [(4) Without prejudice to the pro
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1 [59A. No prosecution und~ section
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