- Research/Scholar Paper name – “Stamp Duty and Arbitration Award”
- Author: Hansika Sharma
- Institution: Chanderprabhu Jain College of Higher Studies and School of Law, Guru Gobind Sigh Indraprastha University
- Affiliation: Centre for Study of Dispute Resolution
- Date of Publication: 16/01/2021
A stamp duty is a tax which government imposes on the legal documents those are required to record certain type of transaction. Government impose stamp duty on various documents, such as documents related to sale and transfer of property, real estate, patent, copyright, securities, arbitral award etc. A penalty can be ordered by the Executive Magistrate if the payment of stamp duty is not made.
In Indian stamp duties are regulated by the Indian Stamp Act 1899. The primary object of the act is to be to impose duty on the instrument, although the act does not look forward to regulate the transaction between the parties. If any party to the suit produces any document in court, it can be accepted as evidence subjected to some limitations-
If the document does not requires stamp duty and registration, it can be admitted as evidence; but if the document requires stamp duty or/and registration it will only be accepted as evidence if it is stamped duty or/and registered duly as Indian Stamp Act and, Indian Registration Act respectively.
Section30 of the act says that a person receiving any money more than twenty rupees, or any bill of exchange, cheque or promissory note for an amount exceeding twenty rupees, or receiving in satisfaction or part satisfaction of a debt any moveable property exceeding twenty rupees in value, to, on demand by the person paying or delivering such money bill, cheque, note or property, give a duly stamped receipt for the same.