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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
| Document | Explanation | Stamp Duty Rate |
|---|---|---|
| Acknowledgement of a debt | A written acknowledgment of owing a debt. | 0.5% of the amount acknowledged |
| Administration Bond | A bond filed by administrators of an estate. | 0.5% of the value of the property |
| Adoption Deed | Legal document formalizing the adoption of a person. | 0.5% of the value of the property |
| Affidavit | A written statement of facts sworn to be true. | Click Here to get details |
| Agreement or Memorandum of an Agreement | A contract between parties outlining terms and conditions. | 0.5% |
| Agreement related to deposit of Title-Deeds, Pawn or Pledge | Document related to the deposit or pledge of assets. | 0.5% |
| 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. | 0.5% of the amount awarded |
| Bill of Exchange | Written order to pay a certain amount to a specific party. | Nil |
| Bond | Agreement with specified financial obligations. | 0.5% of the amount secured by the bond |
| Bottomry Bond | Bond related to maritime law, involving ship and cargo. | 0.5% of the amount secured by the bond |
| 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. | 0.5% of the amount agreed upon |
| Conveyance | Transfer of property ownership. | 6% of the value of the property |
| Conveyance in the nature of part performance | Conveyance showing partial transfer. | 3% of the value of the property |
| 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. | 6% of the value of the property |
| Further Charge | Additional charge on an existing mortgage. | 0.5% of the amount secured by the charge |
| Gift | Transfer of property as a gift. | Nil |
| Indemnity Bond | Bond ensuring compensation for loss or damage. | 0.5% of the amount secured by the bond |
| Lease | Legal agreement for property use. | 1% of the annual rent, Click here to get more detai |
| 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. | 6% of the value of the property |
| Mortgage of a crop | Mortgage of agricultural produce or crop. | 0.5% of the value of the crop |
| 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. | 6% of the value of the property |
| 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. | 0.5% of the amount secured by the bond |
| Surrender of Lease | Document surrendering a lease agreement. |
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