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The Indian Stamp (Punjab Amendment) Act, 2013 Act 56 of 2013 amended the Indian Stamp Act, 1899, in its application to the State of Punjab. The amendment increased the stamp duty payable on certain instruments, including:
The amendment also exempted from stamp duty certain instruments, including:
This clause exempts from stamp duty instruments executed for the sale or transfer of built-up space of the units or land or lease instruments concerning the units inside the project area, where the entire project has been developed and the occupancy certificate has been issued by the competent authority.
This means that if you are buying a flat in a residential project in Punjab, you will not have to pay stamp duty on the sale deed if the entire project has been developed and the occupancy certificate has been issued.
The occupancy certificate is a document issued by the competent authority (usually the municipality or the development authority) that certifies that the building is fit for occupation.
The exemption from stamp duty is intended to promote the development of real estate projects in Punjab. It is also intended to benefit homebuyers by reducing the cost of buying a property.
Here are some examples of instruments that are exempted from stamp duty under this clause:
It is important to note that the exemption from stamp duty is only applicable if the entire project has been developed and the occupancy certificate has been issued. If the project is not yet completed, or if the occupancy certificate has not been issued, then stamp duty will be payable on the instrument.
|Acknowledgement of a debt||A written acknowledgment of owing a debt.||Rupee 1|
|Administration Bond||A bond filed by administrators of an estate.||Rs. 5|
|Adoption Deed||Legal document formalizing the adoption of a person.||Rs. 10|
|Affidavit||A written statement of facts sworn to be true.||Rs. 1|
|Agreement or Memorandum of an Agreement||A contract between parties outlining terms and conditions.||Rs. 10|
|Agreement related to deposit of Title-Deeds, Pawn or Pledge||Document related to the deposit or pledge of assets.||Rs. 5|
|Appointment in Execution of Power||Document appointing someone to execute a power.||Rs. 15|
|Appraisement or Valuation||Document relating to the appraisal or valuation of property.||Rs. 5|
|Apprenticeship Deed||Agreement outlining terms of an apprenticeship.||Rs. 5|
|Articles of Association of a Company||Document detailing regulations for a company’s operation.||Rs. 25|
|Articles of Clerkship||Document related to a clerk’s articles of training.||Rs. 250|
|Award||Legal decision or judgment by an arbitrator.||Rs. 5|
|Bill of Exchange||Written order to pay a certain amount to a specific party.||Rs. 5|
|Bond||Agreement with specified financial obligations.||Rs. 2.5 on every Rs. 500|
|Bottomry Bond||Bond related to maritime law, involving ship and cargo.||Rs. 2.5 on every Rs. 500|
|Cancellation||Document cancelling a previous agreement or transaction.||Rs. 5|
|Certificate of Sale||Document certifying the sale of property.||Rs. 5 on Every Rs. 500|
|Certificate or Other Document||General term for various types of certificates.||Rupee 1|
|Charter Party||Agreement for hiring a whole or part of a ship.||Rupee 1|
|Composition Deed||Agreement settling terms of debt repayment.||Rs. 10|
|Conveyance||Transfer of property ownership.||Rs. 5 on Every Rs. 500|
|Conveyance in the nature of part performance||Conveyance showing partial transfer.||90% of (Rs. 5 on Every Rs. 500)|
|Copy or extract||Duplicate copy or extract of a document.||Rupee 1|
|Counterpart or duplicate||Duplicate or counterpart of an original document.||Rupee 1|
|Customs Bond||Bond related to customs duties or taxes.||Rs. 5|
|Debenture||Document evidencing a loan or debt.||Rs. 3.75 on every Rs. 500|
|Divorce||Legal dissolution of a marriage.||Rupee 1|
|Entry as an advocate, vakil, or attorney on the roll of any high court||Enrolment as a legal practitioner.||Rs. 500 (Advocate/Vakil), Rs. 250 (Attorney)|
|Exchange of Property||Transfer of property through exchange.||Rs. 5 on Every Rs. 500|
|Further Charge||Additional charge on an existing mortgage.||Rs. 5 on Every Rs. 500|
|Gift||Transfer of property as a gift.||Rs. 5 on Every Rs. 500|
|Indemnity Bond||Bond ensuring compensation for loss or damage.||Rs. 5|
|Lease||Legal agreement for property use.||Explained Here|
|Letter of allotment of shares||Letter confirming allocation of shares in a company.||Rupee 1|
|Letter of Credit (Letter of Guarantee)||Financial instrument to ensure payment to a third party.||Rupee 1|
|Letter of License||Document granting a license for certain actions.||Rs. 10|
|Memorandum of association of a company||Legal document outlining company’s constitution.||Rs. 40|
|Mortgage Deed||Document related to mortgage of property.||NA|
|Mortgage of a crop||Mortgage of agricultural produce or crop.||NA|
|Notarial Act||Act performed by a notary public, often involving oaths.||Rupee 1|
|Note or Memorandum||Written note or memorandum of a transaction.||Rs. 10|
|Order for the payment of money||Official order for the payment of a certain amount.||Rupee 1|
|Partition||Document related to the partition of property.||NA|
|Partnership Deed||Agreement outlining terms of partnership.||Rs. 10|
|Dissolution of Partnership||Document regarding the dissolution of a partnership.||Rs. 5|
|Power of Attorney||Authorization to act on someone’s behalf.||Rupee 1 apart from attorney to sell any immovable property|
|Protest of Bill or Note||Formal declaration of dishonor of a negotiable instrument.||Rupee 1|
|Receipt||Document acknowledging the receipt of money or goods.||Rupee 1|
|Reconveyance of Mortgaged Property||Transfer of mortgaged property back to the owner.||Rs. 10|
|Release||Document releasing someone from a claim or obligation.||Rs. 10|
|Security Bond||Bond providing security against a certain event.||Rs. 5|
|Surrender of Lease||Document surrendering a lease agreement.||Rs. 5|
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