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

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1 [25. How transfer in consideration of debt or subject to futurepayments, etc. to be charged.where any property is transferred to any person(a) in consideration, wholly or in part, of any debt due, tohim; or(b) subject either certainly or contingently to the payment ortransfer (to him or any other person) of any money stock,whether being or constituting a charge or encumbranceupon the property or not;such debt, money or stock, shall be deemed to be the whole orpart, as the case may be, of the consideration in respect whereofthe transfer is chargeable with ad valorem duty:Provided that, nothing in this section shall apply to any suchcertificate of sale as is mentioned in Article 16 of Schedule I.Explanation . – Where property is sold and sale is subject to amortgage or other encumbrance, any unpaid mortgage money ofmoney charged, together with the interest (if any) due on thesame, shall be deemed to be a part of the consideration for thesale, whether or not the purchaser expressly undertakes with theseller to pay the same or indemnify the seller if the seller has topay the same:_________________________1. Section 25 was substituted for the original by Mah. 27 of 1985, s.13, (w.e.f. 10.12.1985).Provided that, where any property subject to a mortgage is transferred to themortgage, he shall be entitled to deduct from the duty payable on the transfer the amountof any duty already paid in respect of the mortgage.Illustrations1. A owes B Rs. 1,000. A sells a property to B, the consideration of the property beingRs. 500 and the release of the previous debt of Rs. 1,000. Stamp duty is payable on Rs.1,500.2. A sells a property to B for Rs. 500. The property is subject to a mortgage to C for Rs.1,000 and unpaid interest of Rs. 200. The sale is subject to the mortgage, Stamp duty ispayable on Rs. 1,700.3. A mortgages a house of the value of Rs. 10,000 to B for Rs. 5,000. B afterwards buysthe house from A. Stamp duty is payable on Rs. 10,000 less the amount of stamp dutyalready paid for the mortgage.]
26. Valuation in case of annuity, etc. ,Where an instrument is executed to secure the payment of an annuity or other sumpayable periodically or where the consideration for a conveyance is an annuity or othersum payable periodically, the amount secured by such instrument or the considerationfor such conveyance, as the case may be, shall, for the purposes of this Act, be deemed tobe, -(a) where the sum is payable for a definite period so that the total amount to be paid canbe previously ascertained, such total amount;(b) where the sum is payable in perpetuity or for an indefinite time not terminable withany life in being at the date of such instrument or conveyance, the total amount which,according to the terms of such instrument or conveyance, will or may be payable duringthe period of twenty years calculated from the date on which the first payment becomesdue;(c) where the sum is payable for an indefinite time terminable with any life in being atthe date of such instrument or conveyance, the maximum amount which will or may bepayable as aforesaid during the period of twelve years calculated from the date on whichthe first payment becomes due.27. Stamp where value of subject-matter is indeterminate.Where the amount of value of the subject-matter of any instrument chargeable with advalorem duty cannot be, or in the case of an instrument executed before thecommencement of this Act, could not have been ascertained at the date of its executionor, first execution, nothing shall be claimable under such instrument more than thehighest amount or value for which, if stated in an instrument of the same description, thestamp actually used would, at the date of such execution, 1 [have been sufficient, and theinstrument shall be deemed to be insufficiently stamped as respects the excess amountand the provisions of section 34 shall accordingly apply in relation to the admission ofthe instrument in evidence:Provided that, for the purpose of application to section 34 to such an instrument, itshall be sufficient if the deficiency in the duty is paid, and thereupon no penalty shall belevied :]2 [Provided further that] in the case of the lease of a mine in which royalty or a share ofthe produce is received as the rent or part of the rent, it shall be sufficient to haveestimated such royalty or the value of such share, for the purpose of stamp duty, -(a) when the lease has been granted by or on behalf of the Government at such amount orvalue as the Collector may, having regard to all the circumstances of the case, haveestimated as likely to be payable by way of royalty or share to the Government under thelease, or(b) when the lease has been granted by any other person, at 3 [fifty thousand rupees] ayear,and the whole amount of such royalty or share, whatever it may be, shall be claimableunder such lease:___________________________1. These words were substituted for the words "have been sufficient" by Mah. 27 of 1985, s. 14 (a) (w.e.f 10.12.1985).2. These words were substituted for the words "provided that" by Mah. 27 of 1985. s. 14 (b) (w.e! 10.12.1985).3. Substituted for the words "twenty-thousand rupees" by Mah. 17 of 1993, s. 33 (w.e.f 1.5.1993).
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 16: and the value of in question may be
Page 17 and 18: considering the correspondence that
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 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
Page 67 and 68: 1 [(4) Without prejudice to the pro
Page 69: 1 [59A. No prosecution und~ section

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

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