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The Indian Stamp (Bihar Amendment) Act, 2013 Keyword(s)

The Indian Stamp (Bihar Amendment) Act, 2013 was enacted to amend the Indian Stamp Act, 1899 in order to prevent undervaluation of property in instruments chargeable with stamp duty in the state of Bihar. The Act introduced a number of changes, including:

• Requiring registering officers to refer instruments of conveyance, exchange, gift, partition or settlement to the Collector for determination of the proper market value of the property if they are satisfied that the market value has been set forth at a lower rate than the Guideline Register of Estimated Minimum Value.
• Increasing the penalty for false or fraudulent valuation of property in an instrument from Rs. 100 to Rs. 5,000.
• Empowering the Collector to impound any instrument which he believes has been undervalued.

The Act also made a number of other changes, such as:

• Clarifying the definition of “market value” for the purposes of stamp duty.
• Providing for the refund of stamp duty in certain cases.
• Amending the provisions relating to the registration of instruments.

The Indian Stamp (Bihar Amendment) Act, 2013 came into force on May 3, 2013.

Market Value

The Act does provide for the preparation of a Guideline Register of Estimated Minimum Value, which is a list of the estimated minimum market values of properties in different areas. The registering officer may refer to this register to determine the market value of a property if he is satisfied that the market value has been set forth at a lower rate than the Guideline Register.

Ultimately, the determination of market value is a matter of fact that will be decided by the court in case of a dispute.

Here are some factors that may be considered in determining the market value of a property:

• The location of the property
• The size of the property
• The condition of the property
• The amenities and facilities available in the area
• The demand for property in the area
• The recent sale prices of similar properties in the area

It is important to note that the market value of a property can fluctuate over time, so it is important to get an updated valuation before entering into any transaction.

What are the cases to apply for the refund?

The Indian Stamp (Bihar Amendment) Act, 2013 provides for the refund of stamp duty in certain cases. These cases are as follows:

• Where the instrument is subsequently cancelled or becomes void.
• Where the instrument is executed in error.
• Where the stamp duty paid is in excess of the amount actually required.
• Where the stamp duty is paid on a provisional basis and the final amount is subsequently determined to be lower.
• Where the stamp duty is paid on an instrument that is subsequently lost or destroyed.

The refund of stamp duty is made by the Collector of Stamps. The applicant for the refund must submit an application in the prescribed form, along with the original instrument and the receipt for the stamp duty paid. The Collector will then make an order on the application, either granting or refusing the refund.

The application for refund of stamp duty must be made within three years from the date of payment of the stamp duty.

Here are some additional things to keep in mind regarding the refund of stamp duty:

• The refund will be made only if the applicant can provide documentary evidence to support his or her claim.
• The refund may be subject to a deduction of a certain percentage, as determined by the Collector.
• The refund will not be made if the applicant has already been convicted of an offence under the Indian Stamp Act, 1899.

Stamp Duties in Bihar

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