Stamp duty

Stamp Duty and Tax Implications in a Slump Sale

1.     Stamp Duty on Immovable Property in a Slump Sale Although individual values cannot be assigned to the various assets for purposes of the transaction in a slump sale, appropriate values have to be considered for purposes of stamp duties. Under the Indian Stamp Act, 1899, stamp duty is payable in relation to transfer of… Read More

Tags: Allahabad High CourtCapital GainImmovable propertyIndiaStamp dutyTaxValue Added TaxVAT

Section 271(1)(c) penalty not valid for not offering capital gains u/s 50C stamp duty value

CLR Editorial Notes: The assessee in question, had sold a property for a consideration of Rs. 2.50 crore. However, for the purpose of applicable stamp duty, the property was valued at Rs. 5.19 crore and the stamp duty was paid on that value. The assessee then offered capital gains on the basis that the sale consideration… Read More

Tags: AppealCapital GainCITCommonwealth Law ReportsConsiderationIncome taxRupeeStamp duty

Sanction of Scheme u/s 394 of Companies Act constitutes an “instrument” and “conveyance” within the meaning of the Stamp Act

CLR Editorial Notes: In the present case the aforementioned companies filed petitions before the High Court of Calcutta seeking exclusion of payment of stamp duty on transfer of properties pursuant to a sanction of Scheme under the Companies Act. The High Court of Calcutta has held that an order sanctioning a scheme of amalgamation or… Read More

Tags: Companies ActMaharashtraRuby SalesSANJIB BANERJEESchemeStamp dutySupreme CourtWest Bengal

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