5.2 In addition, any public servant may seize these mislabeled instruments if they find out. These seized instruments are to be sent to the collector, who then determines the amount of tax and, if necessary, the penalty to be paid. Each part to an instrument can also submit suo moto an evaluation instrument by the collector u/s 31. Anyone who, by law or with the permission of the party, gets evidence, and anyone for? the public office before which each instrument accused of stamp duty is produced or enters into the performance of its duties. If it seems to him that this instrument is not properly stamped, he confiscates the same thing, that the instrument is not legally valid. This accumulated document must be forwarded to the stamp collector for the collection of the deficit tax, in addition to a penalty of 4% per month. Section 5, point h), on adhesive pads or stamp paper. If this is not the case, at the time of possession or in accordance with Article 25 (d) of Calendar I of the Bombay Stamp Act, 1958 at the time of transport. If the transfer or sale agreement was executed prior to 12.10.1985, the section 5, point h tax (stamp duty) of the Bombay Stamp Act was applicable, 1958 was not treated as a section and the tax assortment provision was not applicable on that date. It should be noted, however, that once you continue the assistance, you can pay the full tax (stamp duty) on this (current) market price of your property, as set out in the rules. Before the 04-08-1980, it was on the agreement value. After the 4.08.1980, it was by market value (to be decided).
Before and until 10.12.1985, it was optional. After 10.12.85, it was in line with market value or Ready Reckoner. Same obligation as on the articles 10 – 500 – 0.5% of the market value above 10 lakhs. The maximum fee is 25 Lakhs 4.5 Stamp papers must be in the name of one of the persons involved in the transaction. They cannot be in the name of the accountant or counsel for the parties. The physical transfer of ownership is not considered valid in the eyes of the law. To validate such a real estate transaction, the buyer must pay stamp duty, as proof of the purchase has been provided. Stamp duty is therefore the tax paid by the state at the time of the real estate transaction and has the transfer certificate properly kept in court. There are some electronic agreements, such as . B Click Wrap, in which the execution is not carried out by the customer. Click-wrap agreements are agreements in which the customer accepts the terms of the contract by clicking “OK” or “I agree” or similar terms. In the case of such e-agreements, while the agreement can be said by the author (by imputation), there is no signature of the customer, which means that such an agreement is not executed.
In the absence of enforcement, these agreements do not need to be stamped. However, another view can be inferred that, in such click-wrap agreements, an acknowledgement of receipt of the electronic data set is received by the customer.