The STAMP ACT, 1977 (1920 A. D.)
1[1. Name, extent and enforcement.(1) This Act may be called the
Stamp Act, 1977.
(2) It extends to the 2[whole of the Union territory of Jammu and
Kashmir]. It shall come into force on the 1st day of Baisakh, 1978].
3[1A. The provisions incorporated in the Act by virtue of the Jammu and
Kashmir Reorganization (Adaptation of State Laws) Fifth Order, 2020 shall
come into force on such date as the Government may, by notification in the
Official Gazette, appoint.]
In this Act, unless there is something repugnant in
the subject or context,—
1[(1) “allotment list” means a list containing details of allotment of
the securities intimated by the issuer to the depository under sub-section
(2) of section 8 of the Depositories Act, 1996 (22 of 1996) ;
(1A) “banker” includes a bank and any person acting as a banker ;]
defined by the Negotiable Instruments Act, and includes also a hundi,
and any other document entitling or purporting to entitle any person,
whether named therein or not, to payment by any other person of, or to
draw upon any other person for, any sum of money ;
(2) Bill of exchange.—‘‘bill of exchange’’ means a bill of exchange
as defined by the Negotiable Instruments Act, and in
Subject to the provisions of
this Act and the exemptions contained in Schedule I, the following
instruments shall be chargeable with duty of the amount indicated in that
Schedule as the proper duty therefor respectively, that is to say
(a) every instrument mentioned in that Schedule which, not having
been previously executed by any person, is executed in the
1[Union territory of Jammu and Kashmir] on or after the date on
which this Act comes into force ;
(b) every bill of exchange 2[*] 3[payable otherwise than on demand]
or promissory note drawn or made out of the 1[Union territory of Jammu and Kashmir] on or after that day and accepted or
paid, or presented for acceptance or payment, or endorsed,
transferred or
1[(1) Where in the case of any transaction, several instruments
are employed for completing the transaction, only the principal instrument
shall be chargeable with a duty prescribed for it in Schedule—I and
thereafter, each of the other instruments shall be chargeable with a duty of
one hundred rupees.]
(2) The parties may determine for themselves which of the
instruments so employed shall, for the purposes of sub-section (1), be
deemed to be the principal instrument :
Provided that the duty chargeable on the instrument so determined
shall be the highest duty which would be chargeable in respect of any of
the said instruments employed.
2[(3)Notwithstanding anything contained in sub-sections (1) and (2), in
the case of any issue, sale or transfer of sec
1[x x x x].
1[x x x x].
Any instrument
comprising or relating to several distinct matters shall be chargeable with
the aggregate amount of the duties with which separate instruments, each
comprising or relating to one of such matters, would be chargeable under
this Act.
Subject to the provisions of the last preceding section, an instrument so
framed as to come within two or more of the descriptions 1[given] in
Schedule I, shall, where the duties chargeable thereunder are different, be
chargeable only with the highest of such duties :
Provided that nothing in this Act contained shall render chargeable
with duty 2[exceeding one hundred rupees] a counterpart or duplicate of
any instrument chargeable with duty and in respect of which the proper
duty has been paid.
1[6A. Securities dealt in depository not liable to stamp-duty.––
Notwithstanding anything contained in this Act or any other law for the time
being in force,—
(a) an issuer, by the issue of securities to one or more depositories,
shall in respect of such issue, be chargeable with duty on the total amount of securities issued by it and such securities need not be
stamped,
(b) the transfer of registered ownership of securities from person to a
depository or from a depository to a beneficial owner shall not be
liable to duty.
Explanation.–– For the purpose of this section, the expression “beneficial
ownership” shall have the same meaning as assigned to it in
the clause (a) of sub-section (1) of section 2 of the
Depositories Act, 1996 (22 of 1996).]
Omitted.
Omitted.
1[The 2[Government
of the Union territory of Jammu and Kashmir], if satisfied that it is
necessary to do so in the public interest, may, by rule or order published
in the 3[Official Gazette],—
(a) reduce or remit, whether prospectively or retrospectively,
in the whole or any part of the 4[Union territory of Jammu and
Kashmir], the duties with which any instruments or any
particular class of instruments, or any of the instruments
belonging to such class, or any instruments when executed by
or in favour of any particular class of persons, or by or in
favour of any members of such class, are chargeable, and
5[(b) provide for the composition or consolidation of duties of
policies of insurance and on issues by any incorporated
company or other body corporate, or on transfers where t
(1) Notwithstanding anything contained in this Act,
(a) when the sale of any securities, whether delivery based or otherwise,
is made through a stock exchange, the stamp duty on each such
sale in the clearance list shall be collected on behalf of the
Government of Union territory of Jammu and Kashmir by the stock
exchange or a clearing corporation authorised by it, from its buyer
on the market value of such securities at the time of settlement of
transaction in securities of such buyer, in such manner as the Central
Government may, by rules, provide ;
(b) when any transfer of securities for a consideration, whether delivery
based or otherwise, is made by a depository otherwise than on the
basis of any transaction referred to in clause (a), the stamp-duty
Notwithstanding anything
contained in this Act,—
(a) When any issue of securities is made by an issuer otherwise than
through a stock exchange or depository, the stamp-duty on each
such issue shall be payable by the issuer, at the place where its
registered office is located, on the total market value of the
securities so issued at the rate specified in Schedule 1;
(b) When any sale or transfer or reissue of securities for consideration
is made otherwise than through a stock exchange or depository,
the stamp-duty on each such sale or transfer or reissue shall be
payable by the seller or transferor or issuer, as the case may be, on
the consideration amount specified in such instrument at the rate
specified in Schedule 1.]
1[10. Duties how to be paid. ––(1) Except as otherwise expressly
provided in this Act, all duties with which the instruments are chargeable shall be paid, and such payment shall be indicated on such instruments, by
means of stamps,––
(a) in accordance with the provisions herein contained ; or
(b) when no such provision is applicable thereto, as the 2[Government
of the Union territory of Jammu and Kashmir] may by rules prescribe.
(2) The rules as mentioned in clause (b) of sub-section (1) may, among
other matters, regulate––
(a) in the case of any or all kinds of instruments, the description of stamps
which may be used ;
(b) in the case
1[11. Use of adhesive stamps.–– The following instruments may be
stamped with adhesive stamps, namely :––
(a) acknowledgement (article 1) ;
(b) articles of association (article 10) ;
(c) certificates (article 16) ;
(d) delivery order in respect of goods (article 23) ;
(e) letter of allotment of shares (article 30) ;
(f) letter of credit (article 31) ;
(g) notarial act (article 37) ;
(h) note or memorandum (article 38) ;
(1) (a) Whoever affixes any
adhesive stamp to any instrument chargeable with duty which has been
executed by any person shall, when affixing such stamp, cancel the same
so that it cannot be used again ; and
(b) whoever executes any instrument on any paper bearing an
adhesive stamp shall, at the time of execution, unless such stamp has been
already cancelled in manner aforesaid, cancel the same so that it cannot
be used again.
(2) Any instrument bearing an adhesive stamp which has not been
cancelled so that it cannot be used again, shall, so far as such stamp is
concerned, be deemed to be unstamped.
(3) The person required by sub-section (1) to cancel an adhesive
stamp may cancel it by writing on or across the stamp his name or initials
or the name or initials of his form wi
Every instrument written upon paper stamped with an impressed stamp
shall be written in such manner that the stamp may appear on the face of
the instrument and cannot be used for or applied to any other instrument.
Where a stamp duty payable in respect of an instrument is made of
two or more papers stamped with impressed stamp, the instrument shall be
written in such manner that some part of the writing shall, as far as
possible, appear on each such paper so as to leave as few blank sheets
as possible. Each blank sheet shall be dated and signed and shown as part
of the instrument.
1[Explanation 1:–– Where two or more sheets of paper stamped with impressed
stamps are used to make up the amount of duty chargeable
in respect of any instrument, either a portion of such
instrument shall be written on each sheet so used or the
sheet on which no such portion is written shall be signed
by the executant or the executants, as
No second
instrument chargeable with duty shall be written upon a piece of stamped
paper upon which an instrument chargeable with duty has already been
written :
Provided that nothing in this section shall prevent any endorsement
which is duly stamped or is not chargeable with duty being made upon
any instrument for the purpose of transferring any right created or
evidenced thereby, or of acknowledging the receipt of any money or
goods the payment or delivery of which is secured thereby.
1[14-A. Alterations in instruments how to be charged.–– Where due to
material alterations made in an instrument by a party, with or without the consent
of other parties, the character of the instrument is materially or substantially
altered, then such instrument shall require a fresh stamp duty according to its
altered character.
Explanation:––For the purpose of this section, a material alteration is one
which varies the rights, liabilities or legal position of the parties
as ascertained by the instrument in its original state or otherwise
varies the legal effect of the instrument as originally executed.]
1[15. Instruments deemed not duly stamped.–– Every instrument in
contravention of sections 13, 14 or 14-A shall be deemed to be not duly
stamped.]
Where the duty with which an instrument is
chargeable, or its exemption from duty, depends in any manner upon the
duty actually paid in respect of another instrument, the payment of such
last mentioned duty shall, if application is made in writing to the
Collector for that purpose, and on production of both the instruments, be
denoted upon such first-mentioned instrument, by endorsement under the
hand of the Collector or in such other manner (if any) as 1[the Government
of the Union territory of Jammu and Kashmir] may by rule prescribe.
All instruments chargeable with duty and executed by any
person in the 1[Union territory of Jammu and Kashmir] shall be stamped
before or at the time of execution 2[or immediately thereafter].
(1) Every instrument
chargeable with duty executed only out of the 1[Union territory of Jammu
and Kashmir], and not being a bill of exchange 2[*] or promissory note,
may be stamped within three months after it has been first received in the
1[Union territory of Jammu and Kashmir].
(2) Where any such instrument cannot, with reference to the
description of stamp prescribed therefor, be duly stamped by a private
person, it may be taken within the said period of three months to the
Collector, who shall stamp the same, in such manner as 3[the Government
of the Union territory of Jammu and Kashmir] may by rule prescribe, with
a stamp of such value as the person so taking such instrument may require
and pay for.
The first holder in the 1[Union territory of Jammu and
Kashmir] of any bill of exchange 2[*] 5payable otherwise than on demand
or promissory note drawn or made out of the 1[Union territory of Jammu
and Kashmir] shall, before he presents the same for acceptance or payment,
or endorses, transfers otherwise negotiates the same in the 1[Union territory
of Jammu and Kashmir], affix thereto the proper stamp and cancel the same
:
Provided that,—
(a) if, at the time any such bill of exchange 2[*] or note comes into
the hands of any holder thereof in the 1[Union territory of
Jammu and Kashmir], the proper adhesive stamp is affixed
thereto and cancelled in manner prescribed by section 12 and
such holder has no reason to believe that such
1[20. Conversion of amount expressed in foreign currency.–– When
an instrument is chargeable with ad valorem duty in respect of any money
expressed in any currency other than that of 2[India,] such duty shall be
calculated on the value of such money in the currency of 2[India]
according to the rate of exchange prevailing in India on the day of the
date of the instrument 3[x x x].
Where an
instrument is chargeable with ad valorem duty in respect of any stock or
of any marketable or other security, such duty shall be calculated on the
1[the market of such stock or security] :
2[Provided that the market value for calculating the stamp-duty shall be,
in the case of, ––
(i) options in any securities, the premium paid by the buyer ;
(ii) repo on corporate bonds, interest paid by the borrower ; and
(iii) swap, only the first leg of the cash flow.]
Where an instrument contains a statement of current rate of exchange, or
average price, as the case may require, and is stamped in accordance with
such statement, it shall, so far as regards the subject-matter of such
statement, be presumed, until the contrary is proved, to be duly stamped.
Where interest is expressly
made payable by the terms of an instrument, such instrument shall not be
chargeable with duty higher than that with which it would have been
chargeable had no mention of interest been made therein.
1[23-A. Certain instruments connected with mortgages of marketable
securities to be chargeable as agreements. ––(1) Where an instrument
(not being a promissory note or bill of exchange)––
(a) is given upon the occasion of the deposit of any marketable
security by way of security for money advanced or to be
advanced by way of loan, or for an existing or future debt, or
(b) makes redeemable or qualifies a duly stamped transfer, intended
as a security, of any marketable security, it shall be chargeable
with duty as if it were an agreement or memorandum of an
agreement chargeable with duty under Article No. 5 (c) of
Schedule I.]
Where any property is transferred to any
person in consideration, wholly or in part, of any debt due to him, or
subject either certainly or contingently to the payment or transfer of any
money or stock, where being or constituting a charge or incumbrances
upon the property or not, such debt, money or stock is to be deemed the
whole or part, as the case may be, of the consideration in respect whereof
the transfer is chargeable with ad valorem duty :
Provided that nothing in this section shall apply to any such
certificate of sale as is mentioned in 1[Article No. 16] of Schedule I.
Explanation.––In the case of a sale of property subject to a mortgage or other
incumbrance, any unpaid mortgage money or money charged,
together with the interest (if any) due on the same, shall be
deemed to be part of the consideration for the sale :
Where an instrument is
executed to secure the payment of an annuity or other sum payable
periodically, or where the consideration for a conveyance is an annuity or
other sum payable periodically, the amount secured by such instrument or
the consideration for such conveyance, as the case may be, shall, for the
purposes of this Act, be deemed to be,—
(a) where the sum is payable for a definite period so that the total
amount to be paid can be previously ascertained-such total
amount ;
(b) where the sum is payable in perpetuity or for an indefinite time
not terminable with any life in being at the date of such
instrument or conveyance—the total amount which, according to
the terms of such instrument or conveyance, will or may be
payable during the period of ten years calculated from the date
on which the first payment becomes due ; an
Where
the amount or value of the subject-matter of any instrument chargeable with
ad valorem duty cannot be, or (in the case of an instrument executed before
the commencement of this Act) could not have been ascertained at the date
of its execution or first execution, nothing shall be claimable under such
instrument more than the highest amount of value for which, if stated in an
instrument of the same description, the stamp actually used would, at the
date of such execution, have been sufficient :
Provided that, in the case of the lease of a mine in which royalty or
a share of the produce is received as the rent or part of the rent, it 1[shall be subject to the provisions of section 26-A, sufficient] to have estimated
such royalty or the value of such share, for the purpose of stamp-duty,—
1[26-A. Special provision to re-assess stamp duty on instruments of mining leases.––Where an instrument of a mining lease is made chargeable with
duty under section 26 or on the basis of dead rent set forth in the instrument at
the time of its execution, the Collector may suo motu, within five years from
the date of registration of the instrument of lease, call for and examine the
instrument for the purpose of satisfying himself as to the correctness of the
amount or value of the royalty or share of produce estimated and the duty paid
thereon and if, after such examination he finds that the amount or value of the
royalty or share of produce received is more than the amount or value on the
basis of which stamp duty was paid at the time of execution of the lease, he
shall re-assess the amount or value of the royalty or share and the duty payable
thereon in respect of the lease taking into account the amount or value of
royalty or share ac
1[27. Facts affecting duty to be set forth in instrument. ––(1) The
consideration, if any, the market value and all other facts affecting the chargeability of any instrument with duty, or the amount of duty with
which it is chargeable, shall be fully and truly set forth therein.
(2) In the case of instruments relating to immovable property chargeable
with an ad valorem duty on the market value of the property, and not on the
value set forth, the instrument shall fully and truly set forth the annual land
revenue, the annual rental or gross assets, as the case may be, the local rates,
municipal or other taxes, if any, to which such property is subject to and any
other particulars which may be prescribed by rules made under this Act.
(3) A registering officer appointed under section 6 of the 2[Registration
Act, 1
1[27-A. Fixation of market value guidelines.–– Subject to rules made, in
this behalf, the 2[Government of the Union territory of Jammu and Kashmir]
may fix and revise periodically the market value guidelines of lands, buildings
and various kinds of interests in immovable property situated in the 3[Union
territory of Jammu and Kashmir for the purpose of determining the duty
chargeable at the time of registration and for making reference to the Collector
under section 47-A, of instruments involving immovable properties.]
1[28. Direction as to duty in respect of certain conveyances. ––(1) Where
any property has been contracted to be sold for one consideration for the whole,
and is conveyed to the purchaser in separated parts by different instruments, the
consideration shall be apportioned in such manner as the parties think fit :
Provided that distinct market value of each separate part is set forth
in the conveyance relating thereto, and such conveyance shall be
chargeable with ad valorem duty in respect of such distinct market value
of each such part.
(2) Where property contracted to be purchased for one consideration
for the whole, by two or more persons jointly, or by any person for himself
and others, or wholly for others, is conveyed in parts by separate instruments
to the persons by or for whom the same was purchased, for distinct
Any person
receiving any money exceeding 1[one hundred rupees] in amount, or any
bill of exchange, cheque or promissory note for an amount exceeding 2[one hundred rupees,] or receiving in satisfaction or part satisfaction of
a debt any movable property exceeding 2[one hundred rupees] in value,
shall, on demand by the person paying or delivering such money, bill,
cheque, note or property, give a duly stamped receipt for the same.
Any person receiving or taking credit for any premium or
consideration for any renewal of any contract of fire insurance, shall,
within one month after receiving or taking credit for such premium or
consideration, give a duly stamped receipt for the same.
(1) When any instrument,
whether executed or not and whether previously stamped or not, is
brought to the Collector, and the person bringing it applies to have the
opinion of that office as to the duty (if any) with which it is chargeable,
and pays 1[a fee of one hundred rupees], the Collector shall determine the
duty (if any) with which, in his judgment, the instrument is chargeable.
(2) For this purpose the Collector may require to be furnished with
an abstract of the instrument, and also with such affidavit or other
evidence as he may deem necessary to prove that all the facts and
circumstances affecting the chargeability of the instrument with duty, or
the amount of the duty with which it is chargeable, are fully and truly set
forth therein, and may refuse to proceed up to any such application until
such abstract and evidence have been furnished accordingly.
(1) When an instrument brought to
the Collector under section 31, is, in his opinion, one of a description
chargeable with duty, and––
(a) the Collector determines that it is already fully stamped, or
(b) the duty determined by the Collector under section 31, or such
a sum as, with the duty already paid in respect of the
instrument, is equal to the duty so determined, has been paid,
the Collector shall certify by endorsement on such instrument that the full
duty (stating the amount) with which it is chargeable has been paid.
(2) When such instrument is, in his opinion, not chargeable with
duty, the Collector shall certify in manner aforesaid that such instrument
is not so chargeable.
(1) Every
person having by law or consent of parties authority to receive evidence,
and every person in charge of a public office, except 2[an officer of police
or any other officer empowered by law to investigate offences], before
whom any instrument, chargeable in his opinion, with duty, is produced or
comes in the performance of his functions, shall, if it appears to him that
such instrument is not duly stamped, impound the same.
(2) For that purpose every such person shall examine every instrument so
chargeable and so produced or coming before him in order to ascertain whether
it is stamped with a stamp of the value and description required by the law in
force in the 1[Union territory of Jammu and Kashmir] when such instrument
was executed or first executed :
Provided that––
Where any receipt
chargeable with a duty of 1[one rupee is tendered to or produced before any
officer unstamped in the course of the audit of any public account, such officer
may in his discretion instead, of impounding the instrument, require a duly
stamped receipt to be substituted thereof.
1[35. Instruments not duly stamped inadmissible in evidence, etc.–– No
instrument chargeable with duty shall be admitted in evidence for any purpose
by any person having by law or consent of parties authority to receive evidence,
or shall be acted upon, registered or authenticated by any such person or by any public officer, unless such instrument is duly stamped or if the instrument
is written on sheet of paper with impressed stamp, such stamp paper is
purchased in the name of one of the parties to the instrument :
Provided that—
(a) any such instrument shall, subject to all just exceptions, be admitted
in evidence on payment of the duty with which the same is
chargeable, or, in the case of an instrument, insufficiently stamped,
of the amount required to make up such duty, together with a penalty
equal to two per cent o
Where
an instrument has been admitted in evidence, such admission shall not,
except as provided in section 61, be called in question at any stage of the
same suit or proceeding on the ground that the instrument has not been
duly stamped.
1[The
Government of the Union territory of Jammu and Kashmir] may make
rules providing that, where an instrument bears a stamp of sufficient
amount but of improper description, it may, on payment of the duty with
which the same is chargeable, be certified to be duly stamped, and any
instrument so certified shall then be deemed to have been duly stamped as
from the date of its execution.
(1) When the person
impounding an instrument under section 33 has by law or consent of
parties authority to receive evidence and admits such instrument in
evidence upon payment of a penalty as provided by section 35 or of duty
as provided by section 37, he shall send to the Collector an authenticated
copy of such instrument, together with a certificate in writing, stating the
amount of duty and penalty levied in respect thereof, and shall send such
amount to the Collector, or to such person as he may appoint in this
behalf.
(2) In every other case, the person so impounding an instruments
shall send in original to the Collector.
1[39. Collector’s power to refund penalty. ––(1) When a copy of an instrument has been impounded only because it has been written in contravention of section 13 or section 14 or section 14-A, the Collector may refund the
whole penalty so paid.]
1[40. Collector’s power to stamp instruments impounded. ––(1) When
the Collector impounds any instrument under section 33, or receives any
instrument sent to him under sub-section (2) of section 38, he shall adopt the
following procedure :––
(a) when any instrument so impounded or received by the Collector
relates to a transaction of immovable property and on which the
stamp duty is chargeable on the basis of market value of the subject
matter property, the Collector shall for the purpose of assessing
proper stamp duty payable thereon, determine the market value of
such property by following the procedure as prescribed by rules
made by the *[State Government] in this behalf ;
(b) if he is of opinion that such instrument is duly stamp
If any instrument
chargeable with duty and not duly stamped, not being an instrument
chargeable with a duty of 1[one rupee] only or a bill of exchange or promissory note, 2[or acknowledgement], is produced by any person of
his own motion before the Collector within one year from the date of its
execution or first execution, and such person brings to the notice of the
Collector the fact that such instrument is not only duly stamped and
offers to pay to the Collector the amount of the proper duty, or the amount
required to make up the same, and the Collector is satisfied that the
omission to duly stamp such instrument has been occasioned by accident,
mistake or urgent necessity, he may, instead of proceeding under sections
33 and 40, receive such amount and proceed as next hereinafter
prescribed.
(1) When the duty and penalty (if any) leviable in
respect of any instrument have been paid under section 35, section 40 or section
41, the person admitting such instrument in evidence or the Collector, as the
case may be, shall certify by endorsement thereon that the proper duty or, as
the case may be, the proper duty and penalty (stating the amount of each)
have been levied in respect thereof, and the name and residence of the person
paying them.
(2) 1[Subject to the provisions of Chapter VI, every instrument so
endorsed] shall thereupon be admissible in evidence, and may be
registered and acted upon and authenticated as if it had been duly
stamped, and shall be delivered on his application in this behalf to the
person from whose possession it came into the hands of the officer
impounding it, or as such person may direct :
The taking of
proceedings or the payment of a penalty under this Chapter in respect of any instrument shall not bar the prosecution of any person who appears to
have committed an offence against the Stamps-law in respect of such
instrument :
Provided that no such prosecution shall be instituted in the case of
any instrument in respect of which such a penalty has been paid, unless
it appears to the Collector that the offence was committed with an
intention of evading payment of the proper duty.
(1) When any duty or penalty has been paid under section 35,
section 37, section 40 or section 41, by any person in respect of an
instrument, and, by agreement or under the provisions of section 29 or any
other enactment in force at the time such instrument was executed, some
other person was bound to bear the expense of providing the proper stamp
for such instrument, the first-mentioned person shall be entitled to recover
from such other person the amount of the duty or penalty so paid.
(2) For the purpose of such recovery any certificate granted in
respect of such instrument under this Act shall be conclusive evidence of
the matters therein certified.
(3) Such amount may, if the Court thinks fit, be included in any
order as to costs in any suit or proceeding to-which such persons are
parties and in which such instrument has been
1[45. Power of Commissioner of Stamps to refund penalty or excess
duty in certain cases. ––(1) Where any penalty is paid under section 35
or section 40, the Commissioner of Stamps may, upon application in
writing made within one year from the date of the payment, refund such
penalty wholly or in part.
(2) Where, in the opinion of the Commissioner of Stamps, stamp duty in
excess of that which is legally chargeable has been charged and paid under
section 35 or section 40 or section 47-A, such authority may, upon application
in writing made within one year of the order charging the same, or six months
from the date of order allowing the refund, whichever is later, refund the
excess.]
(1) If
any instrument sent to the Collector under section 38, sub-section (2), is lost, destroyed or damaged during transmission, the person sending the
same shall not be liable for such loss, destruction or damage.
(2) When any instrument is about to be so sent, the person from
whose possession it came into the hands of the person impounding the
same, may require a copy thereof to be made at the expense of such first
mentioned person and authenticated by the person impounding such
instrument.
When any bill of exchange 1[or] promissory note 1[*]
chargeable with the duty of 2[ten rupees] is presented for payment
unstamped, the person to whom it is so presented may affix there to the
necessary adhesive stamp, and, upon cancelling the same in manner
hereinbefore provided, may pay the sum payable upon such bill or note,
1[*] and may charge the duty against the person who ought to have paid
the same, or deduct it from the sum payable as aforesaid, and such bill,
1[or] note, 1[or] note 1[*] shall, so far as respects the duty, be deemed good
and valid :
Provided that nothing herein contained shall relieve any person from
any penalty or proceeding to which he may be liable in relation to such
bill 1[or] note 1[*].
1[47-A. Instruments undervalued how to be dealt with. ––(1) If the
registering officer appointed under section 6 of the 2[Registration Act, 1908
(16 of 1908)], while registering any instrument, on which stamp duty is
chargeable on the market value of the subject matter property, finds that the
market value of the said property as set forth in such instrument is less than
the market value guidelines referred to in section 27-A, he shall, before
registering such instrument refer the same to the Collector for determination
of market value of such property and the proper duty payable thereon.
(2) Where the market value as set forth in the instrument is not less than
the market value guidelines referred to in section 27-A but the Registering
Officer has reason to believe that the market value has not been truly set forth
in the instrument, he shall register such instrument
1[48. Recovery of duties and penalties. ––(1) All duties, penalties and
other sums required to be paid under this chapter shall be recoverable as an
arrear of land revenue from the property of the person from whom the same
are due.
(2) All duties, penalties and other sums required to be paid under this
chapter shall be a charge on the property which is the subject matter of the
instrument :
Provided that the provisions of sub-section (2) shall be deemed to apply
to cases which are pending recovery and to proceedings under sub-section (1)
which have already been initiated.
(3) Notwithstanding anything contained in the 2[Registration Act, 1908
(16 of 1908)], a note of such charge and its extinguishment shall be made in
the indices prescribed therein and
Subject to such rules as may
be made by 1[the Government of the Union territory of Jammu and
Kashmir] as to the evidence to be required, or the enquiry to be made, the
Collector may, on application made within the period prescribed in
section 50 and if he is satisfied as to the facts, make allowance for stamps
spoiled in the cases hereinafter mentioned, namely :—
(a) the stamp on any paper inadvertently and undesignedly spoiled,
obliterated or by error in writing or any other means rendered
unfit for the purpose intended before any instrument written
therein is executed by any person ;
(b) the stamp on any document which is written out wholly or in
part, but which is not signed or executed by any party thereto ;
(c) in the case of bills of exchage 2[*]
The
application for relief under section 49 shall be made within the following periods, that is to say,––
(1) in the cases mentioned in clause (d) (5) within two months of
the date of the instrument ;
(2) in the case of a stamped paper on which no instrument has
been executed by any of the parties thereto within six months
after the stamp has been spoiled ;
(3) in the case of a stamped paper in which an instrument has
been executed by any of the parties thereto, within six months
after the date of the instrument, or if it is not dated, within six
months after the execution thereof by the person by whom it
was first or alone executed :
Provided that,—
(a) whe
The 1[Commissioner of Stamps] or the Collector if
empowered by the 1[Commissioner of Stamps] in this behalf may, without
limit of time, make allowance for stamped papers used for printed forms
of instruments by any banker or by any incorporated company or other
body corporate, if for any sufficient reason such forms have ceased to be
required by the said banker, company or body corporate ; provided that
such authority is satisfied that the duty in respect of such stamped papers
has been duly paid.
(a) When any person has
inadvertently used, for an instrument chargeable with duty, a stamp of a
description other than that prescribed for such instrument by the rules made under this Act, or a stamp of greater value than was necessary, or
has inadvertently used and stamp for an instrument not chargeable with
any duty, or
(b) when any stamp used for an instrument has been inadvertently
rendered useless under section 15, owing to such instrument having been
written in contravention of the provisions of section 13 ;
the Collector may, on application made within six months after the date of
the instrument, or, if it is not dated, within six months after the execution
thereof by the person by whom it was first or alone executed, and upon
the instrument, if chargeable with duty, being re-stamped with the proper
duty, cancel and allow a
In
any case in which allowance is made for spoiled or misused stamps, the
Collector may give in lieu thereof––
(a) other stamps of the same description and value ; or
(b) if required and he thinks fit, stamps of any other description to
the same amount in value ; or
(c) at his discretion, the same value in money, deduction 1[fifteen
paise] for each rupee or fraction of a rupee.
When any person
is possessed of a stamp or stamps which have not been spoiled or
rendered unfit or useless for the purpose intended, but for which he has
no immediate use, the Collector shall repay to such person the value of
such stamp or stamps in money, deducting 1[fifteen paise] for each rupee
or portion of a rupee, upon such person delivering up the same to be
cancelled, and proving to the Collector’s satisfaction––
(a) that such stamp or stamps were purchased by such person with
a bonafide intention to use them ; and
(b) that he has paid the full price thereof ; and
(c) that they were so purchased within the period of six months
next preceding the date on which they were so delivered :
Provided that
1[54-A. Omitted.]
When any duly
stamped debenture is renewed by the issue of a new debenture in the same
terms, the Collector shall, upon application made within one month,
repay to the person issuing such debenture, the value of the stamp on the
original or on the new debenture, whichever shall be less :
Provided that the original debenture is produced before the Collector
and cancelled by him in such manner as 1[the Government of the Union
territory of Jammu and Kashmir may direct.
Explanation:––A debenture shall be deemed to be renewed in the same
terms within the meaning of this section notwithstanding
the following changes :—
(a) the issue of two or more debentures in place of one original
debenture, the total amount secured being the same ;
(b) the issue
(1) The powers exercisable by a Collector under Chapter IV
and Chapter V and under clause (a) of the first proviso to section 26 shall
in all cases be subject to the control of the 1[Commissioner of Stamps].
(2) If any Collector, acting under section 31, section 40, or section
41, feels doubt as to the amount of duty with which any instrument is
chargeable, he may draw up a statement of the case, and refer it, with his
own opinion thereon, for the decision of the 2]Commissioner of Stamps].
(3) 3[Such authority after giving a reasonable opportunity of being
heard to the parties concerned, shall consider] the case and send a copy
of its decision to the Collector, who shall, proceed to assess and charge
the duty (if any) in conformity with such decision.
1[57. Revision of certain decisions of Collector regarding sufficiency
of stamps. ––(1) When as a result of mistake or otherwise any instrument
is charged with less duty than leviable thereon or is held not chargeable
with duty, as the case may be, by the Collector, the Commissioner of
Stamps except where the matter is pending before an appellate authority
under this Act, may require the concerned party to produce before him the
instrument and after giving a reasonable opportunity of being heard to the
party, examine such instrument whether any duty is chargeable, or any
duty is less levied thereon, and order the recovery of the deficit duty, if
any, from the concerned party. An endorsement shall thereafter be made
on the instrument after payment of such deficit duty.
(2) On failure to produce the original instrument by the party, the
Commissioner of Stamps shall proceed under t
158. Omitted.
159. Omitted.
160. Omitted.
(1) When any Court in the exercise of its civil or revenue
jurisdiction or any Criminal Court in any proceeding under 1[Chapter IX
or Part D of Chapter X of the Code of Criminal Procedure, 1973 (2 of
1974)] makes any order admitting any instrument in evidence as duly
stamped or as not requiring a stamp or upon payment of duty and a penalty under section 35, the Court to which appeals lie from, or
reference are made by, such first mentioned Court may, of its own motion
or on the application of the Collector, take such order into consideration.
(2) If such Court, after such consideration, is of opinion that such
instrument should not have been admitted in evidence without the
payment of duty and penalty under section 35, or without the payment of
a higher duty and penalty than those paid, it may record a declaration to
that effect, and determine the amount of duty with which such
1[62. Penalty for executing etc. instrument not duly stamped. ––(1) Any
person who, with the intention to evade the duty, executes or signs otherwise
than as a witness any instrument chargeable with duty without the same being
duly stamped shall be punished with imprisonment for a term which shall not
be less than one month but which may extend to six months or with fine which
may extend to ten thousand rupees or with both :
Provided that when any penalty has been paid in respect of any instrument
under section 35, section 40 or section 61, the amount of such penalty shall be
allowed in reduction of the fine (if any) subsequently imposed under this section
in respect of the same instrument upon the person who paid such penalty.
(2) If a security as defined under clause (h) of section 2 of the Securities
Contract (Regulat
1[62A. Penalty for failure to comply with provisions of Section 9A. ––
(1) Any person who,––
(a) being required under sub-section (1) of section 9A to collect duty,
fails to collect the same, or
(b) being required under sub-section (4) of section 9A to transfer the
duty to the Government of Union territory of Jammu and Kashmir
within fifteen days of the expiry of the time specified therein, fails
to transfer within such time,
shall be punishable with fine which shall not be less than one lakh rupees, but
which may extend upto one per cent, of the collection or transfer so defaulted.
(2) Any person who,––
<
Any person
required by section 12 to cancel an adhesive stamp, and failing to cancel
such stamp in manner prescribed by that section, shall be punishable with
fine which may extend to 1[ten thousand rupees.]
Any person who, with intent to defraud the 1[Government of the Union
territory of Jammu and Kashmir],—
(a) executes any instrument in which all the facts and circumstances
required by section 27 to be set forth in such instrument are not
fully and truly set forth ; or
(b) being employed or concerned in or about the preparation of
any instrument, neglects or omits fully and truly to set forth
therein all such facts and circumstances ; or
(c) does any other act calculated to deprive the 1[Government of
the Union territory of Jammu and Kashmir] of any duty or
penalty under this Act ;
2[shall be punishable with imprisonment for a term which shall not be less
than six months but which may extend to three years or with a fine w
1[64-A. Recovery of amount of deficit stamp duty. ––(1) Where any person
chargeable to duty under this Act is convicted of an offence under section 64
in respect of any instrument, the Court convicting such person shall in addition
to executing the punishment which may be imposed for such offence recover
and pay to the Collector amount of duty, if any due under this Act from such
person in respect of the instrument, and the Collector shall thereupon certify
by endorsement on the instrument that proper duty with which it is chargeable
has been paid :
Provided that if such person has paid any amount towards the duty
chargeable under this Act in respect of the instrument in relation to which he
has been convicted under this section, the Court shall recover only the difference
to make up the amount of such chargeable duty.
(
Any person who,—
(a) being required under section 30 to give a receipt, refuses or
neglects to give the same ; or
(b) with intent to defraud the 1[Government of the Union territory
of Jammu and Kashmir] of any duty, upon a payment of money
or delivery of property exceeding 2[five thousand rupees] in
amount or value, gives a receipt for an amount or value not
exceeding 2[five thousand rupees], or separates, or divides the
money or property paid or delivered ;
shall be punishable with fine which may extend to 3[five times the amount
of stamp duty or one thousand rupees, whichever is higher].
Any person who,—
(a) receives, to takes credit for, any premium or consideration for
any contract of insurance and does not, within one month
after receiving, or taking credit for, such premium or
consideration, make out and execute a duly stamped policy of
such insurance ; or
(b) makes, executes or delivers out any policy which is not duly
stamped, or pays or allows in account, or agrees to pay or
allow in account, any money upon, or in respect of, any such
policy ;
shall be punishable with fine which may extend to 1[two thousand rupees].
167. Omitted.
Any person who,—
(a) with intent to defraud the 1[Government of the Union territory
of Jammu and Kashmir] of duty, draws, makes or issues any
bill of exchange or promissory note bearing a date subsequent
to that on which such bill or note is actually drawn or made ;
or
(b) knowing that such bill or note has been so post-dated,
endorses, transfers presents for acceptance or payment, or
accepts, pays or receives payment of, such bill or note, or in
any manner negotiates the same ; or
(c) with the like intent, practises or is concerned in any act,
contrivance or device not specially provided for by this Act or
any other law for the time being in force ;
shall be punishable with fine which may extend to 2[five thousand rupees.]
(a) Any person appointed to sell stamps who
disobeys any rule made under section 74 ; and
(b) any person not so appointed who sells or offers for sale any
stamp (other than a 1[two rupees and one rupee] adhesive stamps) ;
shall be punishable with imprisonment for a term which may extend to six
months, or with fine which may extend to 2[ten thousand rupees], or with
both.
(1) No prosecution
in respect of any offence punishable under this Act or the law relating to
stamps heretofore in force shall be instituted without the sanction of the
Collector or such other officer as 1[the Government of the Union territory of Jammu and Kashmir] generally, or the Collector specially, authorises in
that behalf.
(2) The 1[Government of the Union territory of Jammu and Kashmir]
or any officer generally or specially authorised by it in this behalf, may
stay any such prosecution or compound any such offence.
(3) the amount of any such composition shall be recoverable in the
manner provided by section 48.
171. Omitted.
Every such offence committed in respect of any
instrument may be tried in any district in which such instrument is found
as well as in any district in which such offence might be tried under the
1[Code of Criminal Procedure, 1973 (2 of 1974)] for the time being in
force.
1[73. Books, etc. to be open to inspection.–– Every public officer
having in his custody any registers, books, records (electronic or
otherwise), papers, documents or proceedings, the inspection whereof may
tend to secure any duty, prove or lead to the discovery of any fraud or
omission in relation to any duty, shall, at all reasonable times permit any
person authorised in writing by the Collector to inspect for such purpose
the registers, books, papers, documents, records (electronic or otherwise)
and proceedings and to take such notes and extracts as he may deem
necessary, without fee or charge and, if necessary, to seize and impound
them under section 33.
(1) The
Collector may, for the purpose of this Act, require any trading member of any
stock exchange or any association as defined in clause (a) of section 2 of the
Forward Contract (Regulation) Act, 1952 (Central Act) or any organization,
institute, company or association or any person liable to pay duty under any
article of the Schedule–I, to submit a statement or return or to furnish any information in respect of any transaction within such period as may be
prescribed by rules.
(2) Where any trading member, organization, institute, company or
association or any other person fails to submit a statement or return or
information as required under sub-section (1) within the prescribed time, the
Collector may, without prejudice to any other action which is liable to be taken
against such person under any other provisions of this Act, after giving an
opportunity of being heard, impose on such
(1) The 1[Government of the Union territory
of Jammu and Kashmir] may, by notification in the 2[Official Gazette], make
rules to carry out generally the purposes of this Act, and such rules may provide
that a breach thereof shall, on conviction, be punished with fine not exceeding
five thousand rupees.
(2) Without prejudice to the generality of the powers conferred by subsection (1), such rules may regulate, or provide for, all or any of the following
matters, namely: ––
(a) the supply, sale and use of stamps and stamped papers;
(b) the persons by whom alone such sale is to be conducted;
1[The Government of the Union
territory of Jammu and Kashmir] may by notification in the 2[Official
Gazette] delegate 3[all or any of the powers vested in it 4[under subsection (3) of section 33, section 45, sub-section (1) of section 56, subsections (1) and (2) of section 70 and section 74] to such officer or
authority as may be specified in the notification.
Nothing in this Act contained shall
be deemed to affect the duties chargeable under any enactment for the
time being in force relating to court fees.
177-A. Omitted.
178. Omitted.
79. Omitted.
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