Stamp Paper: Bihar

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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

DocumentExplanationStamp Duty Rate
Acknowledgement of a debtA written acknowledgment of owing a debt.0.5% of the amount acknowledged
Administration BondA bond filed by administrators of an estate.0.5% of the value of the property
Adoption DeedLegal document formalizing the adoption of a person.0.5% of the value of the property
AffidavitA written statement of facts sworn to be true.Click Here to get details
Agreement or Memorandum of an AgreementA contract between parties outlining terms and conditions.0.5%
Agreement related to deposit of Title-Deeds, Pawn or PledgeDocument related to the deposit or pledge of assets.0.5%
Appointment in Execution of PowerDocument appointing someone to execute a power.Rs. 15
Appraisement or ValuationDocument relating to the appraisal or valuation of property.Rs. 5
Apprenticeship DeedAgreement outlining terms of an apprenticeship.Rs. 5
Articles of Association of a CompanyDocument detailing regulations for a company’s operation.Rs. 25
Articles of ClerkshipDocument related to a clerk’s articles of training.Rs. 250
AwardLegal decision or judgment by an arbitrator.0.5% of the amount awarded
Bill of ExchangeWritten order to pay a certain amount to a specific party.Nil
BondAgreement with specified financial obligations.0.5% of the amount secured by the bond
Bottomry BondBond related to maritime law, involving ship and cargo.0.5% of the amount secured by the bond
CancellationDocument cancelling a previous agreement or transaction.Rs. 5
Certificate of SaleDocument certifying the sale of property.Rs. 5 on Every Rs. 500
Certificate or Other DocumentGeneral term for various types of certificates.Rupee 1
Charter PartyAgreement for hiring a whole or part of a ship.Rupee 1
Composition DeedAgreement settling terms of debt repayment.0.5% of the amount agreed upon
ConveyanceTransfer of property ownership.6% of the value of the property
Conveyance in the nature of part performanceConveyance showing partial transfer.3% of the value of the property
Copy or extractDuplicate copy or extract of a document.Rupee 1
Counterpart or duplicateDuplicate or counterpart of an original document.Rupee 1
Customs BondBond related to customs duties or taxes.Rs. 5
DebentureDocument evidencing a loan or debt.Rs. 3.75 on every Rs. 500
DivorceLegal dissolution of a marriage.Rupee 1
Entry as an advocate, vakil, or attorney on the roll of any high courtEnrolment as a legal practitioner.Rs. 500 (Advocate/Vakil), Rs. 250 (Attorney)
Exchange of PropertyTransfer of property through exchange.6% of the value of the property
Further ChargeAdditional charge on an existing mortgage.0.5% of the amount secured by the charge
GiftTransfer of property as a gift.Nil
Indemnity BondBond ensuring compensation for loss or damage.0.5% of the amount secured by the bond
LeaseLegal agreement for property use.1% of the annual rent, Click here to get more detai
Letter of allotment of sharesLetter 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 LicenseDocument granting a license for certain actions.Rs. 10
Memorandum of association of a companyLegal document outlining company’s constitution.Rs. 40
Mortgage DeedDocument related to mortgage of property.6% of the value of the property
Mortgage of a cropMortgage of agricultural produce or crop.0.5% of the value of the crop
Notarial ActAct performed by a notary public, often involving oaths.Rupee 1
Note or MemorandumWritten note or memorandum of a transaction.Rs. 10
Order for the payment of moneyOfficial order for the payment of a certain amount.Rupee 1
PartitionDocument related to the partition of property.6% of the value of the property
Partnership DeedAgreement outlining terms of partnership.Rs. 10
Dissolution of PartnershipDocument regarding the dissolution of a partnership.Rs. 5
Power of AttorneyAuthorization to act on someone’s behalf.Rupee 1 apart from attorney to sell any immovable property
Protest of Bill or NoteFormal declaration of dishonor of a negotiable instrument.Rupee 1
ReceiptDocument acknowledging the receipt of money or goods.Rupee 1
Reconveyance of Mortgaged PropertyTransfer of mortgaged property back to the owner.Rs. 10
ReleaseDocument releasing someone from a claim or obligation.Rs. 10
Security BondBond providing security against a certain event.0.5% of the amount secured by the bond
Surrender of LeaseDocument surrendering a lease agreement.

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Frequently Asked Questions

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