Substitution of Schedule I

For Schedule I of the principal Act, the following Schedule shall be substituted, namely:— “THE SCHEDULE (See section 3)

Sl. No. Description of instrument Proper stamp duty

(1)

1. (2) (3)

1. ACKNOWLEDGEMENT of a debt exceeding five thousand rupees in amount or value, written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book (other than a Banker’s pass book) or on a separate piece of paper when such book or paper is left in the creditor’s possession:

Provided that such acknowledgement does not contain any promise to pay the debt or any stipulation to pay interest or to deliver any goods or other property, where the amount or value of such debt—

1. (a) exceeds five thousand rupees but does not exceed ten thousand rupees; Ten rupees.
2. (b) exceeds ten thousand rupees but is less than ten lakh rupees; and Thirty rupees.
3. (c) is ten lakh rupees and above. Fifty rupees.

2. ADMINISTRATION-BOND, including a bond given under the Government Savings Promotion Act, 1873 (5 of 1873), the Guardians and Wards Act, 1890 (8 of 1890), the Indian Succession Act, 1925 (39 of 1925) or the Administrator-Generals Act, 1963 (45 of 1963)––

1. (a) where the amount does not exceed two thousand rupees; Two hundred rupees.
2. (b) in any other case. Two hundred rupees.

Exemptions Affidavit or declaration in writing when made—

1. (a) as a condition of enrolment under the Indian Army Act, 1911 (8 of 1911) or the Indian Air Force Act, 1932 (14 of 1932);
2. (b) for the immediate purpose of being filed or used in any court or before the officer of any court; or Twenty rupees.
3. (c) for the sole purpose of enabling any person to receive any pension or charitable allowance.

5. AGREEMENT OR MEMORANDUM OF AGREEMENT.––

1. (a) if relating to the sale or a bill of exchange; Rupee one for every ten thousand rupees or part thereof.
2. (b) if relating to the purchase or sale of Government security or share in an incorporated company or other body corporate; Rupee one for every ten thousand rupees or part thereof of value of the share property.
3. (c) if relating to an agreement for the sale of an immovable property; Two per cent. of the market value of the immovable property, subject to a minimum of one hundred rupees and rounded up to the nearest hundred in its multiples thereof.
4. (d) if relating to giving authority or power to a promoter or a developer, by whatever name called, for construction on, development of or, sale or transfer (in any manner whatsoever) of, any immovable property; The same duty as is leviable on a conveyance under clause (b), or (c), as the case may be, of Article 22, on the market value of the property: Provided that, if the proper stamp duty is paid under clause (g) of Article 47 on a power of attorney executed between the same parties in respect of the same property then, the stamp duty under this Article shall be five hundred rupees.
5. (e) if not otherwise provided for. Two hundred rupees. Exemptions I. Agreement or memorandum of agreement—
6. (a) for or relating to the sale of goods or merchandise exclusively not being a NOTE of MEMORANDUM chargeable (No. 42);
7. (b) made in the form of tenders to the Central Government for or relating to any loan. II. Agreement to Lease (No. 33).

6. DEPOSIT OF THE TITLE DEEDS, PAWN, PLEDGE OR HYPOTHECATION, that is to say, any instrument evidencing an agreement relating to—

1. (1) The deposit of the title deeds or instrument constituting or being evidence of the title to any property whatever (other than a marketable security), where such deposit has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt—
   • (a) if the amount secured by such deed does not exceed five lakh rupees; 0.1 % of the amount secured by such deed subject to the minimum of one hundred rupees.
   • (b) in any other case. 0.2 % of the amount secured by such deed subject to the maximum of ten lakh rupees.
2. (2) The pawn, pledge or hypothecation of movable property, where such pawn, pledge or hypothecation has been made by way of security for their repayment of money advanced or to be advanced by way of loan or an existing or future debt—
   • (a) if the amount secured by such deed does not exceed five lakh rupees; 0.1 % of the amount secured by such deed subject to the minimum of one hundred rupees.
   • (b) in any other case. 0.2 % of the amount secured by such deed subject to the maximum of ten lakh rupees. Explanation I.—For the purposes of clause (1) of this Article, notwithstanding anything contained in any judgment, decree or order of any court or order of any authority, any letter, note, memorandum or writing relating to the deposit of title deeds whether written or made either before or at the time when or after the deposit of title deeds is effected, and whether it is in respect of the security for the first loan or any additional loan or loans taken subsequently, such letter, note, memorandum or writing shall, in the absence of any separate agreement or memorandum of agreement relating to deposit of such title deeds, be deemed to be an instrument evidencing an agreement relating to the deposit of title deeds. Explanation II.—For the purposes of this Article, any new instrument executed for additional loan or extension of previous loan shall be treated as a fresh instrument and chargeable with the duty to the extent of additional amount being secured or disbursed or sanctioned. Exemption Letter of hypothecation accompanying a bill of exchange.

Exemptions

1. (a) Appraisement or valuation made for the information of one party only, and not being in any manner obligatory between the parties either by agreement or operation of law for the time being in force;
2. (b) Appraisement of crops for the purpose of ascertaining the amount to be given to a landlord as rent.

9. APPRENTICESHIP DEED, including every writing relating to the service or tuition of any apprentice, clerk or servant placed with any master to learn any profession, trade or employment, not being ARTICLES OF CLERKSHIP (No. 11). One hundred rupees.

Exemption Instrument of apprenticeship executed by a Magistrate under the Apprentices Act, 1961 (52 of 1961) or by which a person is apprenticed by, or at the charge of any public charity.

10. ARTICLES OF ASSOCIATION OF A COMPANY.—When the Company has no share capital or nominal share capital or increased share capital. 0.2% on share or increased share capital, as the case may be, subject to a maximum of fifty lakh rupees.

Exemption Articles of any association not formed for profit and registered under section 8 of the Companies Act, 2013 (18 of 2013). See MEMORANDUM OF ASSOCIATION OF A COMPANY (No. 38).

11. ARTICLES OF CLERKSHIP or contract whereby any person first becomes bound to serve as a clerk in order to his admission as an attorney in any High Court. Three hundred rupees.

1. (i) ASSIGNMENT. See CONVEYANCE (No. 22), TRANSFER (No. 62), TRANSFER OF LEASE (No. 63), as the case may be;
2. (ii) ATTORNEY. See POWER OF ATTORNEY (No. 47);
3. (iii) AUTHORITY TO ADOPT. See ADOPTION DEED (No. 3).

Exemption Bond when executed by any person for the purpose of guaranteeing that the local income derived from private subscriptions or a charitable dispensary or hospital or any other object of public utility shall not be less than a specified sum per mensem.

Any instrument previously executed is cancelled, if attested and not otherwise provided for.

1. (b) or (c), as the case may be, of Article 22 on the market value of the property.

On the true market value of the property, which is the subject matter of conveyance—

1. (a) if relating to movable property; Two per cent. of the market value of the property or consideration whichever is higher.
2. (b) if relating to immovable property—
   • (i) purchased by a female; Four per cent. of the market value of the property or consideration whichever is higher.
   • (ii) purchased jointly by female and male; Five per cent. of the market value of the property or consideration whichever is higher.
   • (iii) in any other case. Six per cent. of the market value of the property or consideration whichever is higher.
3. (c) if relating to both movable and immovable property; The same duty as is payable under clauses (a) and (b).
4. (d) so far as it relates to the scheme, for reconstruction of the company or companies involving merger or the amalgamation of any two or more companies by an order of the National Company Law Tribunal under section 232 of the Companies Act, 2013 (18 of 2013) or for amalgamation or dissolution of Banking Companies by an order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 (10 of 1949). Two per cent. of the aggregate of the market value of the shares issued or allotted in exchange or otherwise and the amount of consideration paid for such amalgamation: Provided that, the amount of duty chargeable under this clause shall not exceed an amount equal to two per cent. of the true market value: Provided further that, the amount of duty chargeable under this clause shall not exceed—
   • (i) an amount equal to two per cent. of the true market value of the immovable property located within the Union territory of Andaman and Nicobar Islands the transferor company; or
   • (ii) an amount equal to two per cent. of the aggregate of the market value of the shares issued or allotted in exchange or otherwise and the amount of consideration paid, for such amalgamation, whichever is higher: Provided also that, in case of reconstruction or demerger the duty chargeable shall not exceed—
   • (i) an amount equal to two per cent. of the true market value of the immovable property located within the Union territory of Andaman and Nicobar Islands transferred by the Demerging Company to the Resulting Company; or
   • (ii) an amount equal to 0.6 % of the aggregate of the market value of the shares issued or allotted to the Resulting Company and the amount of consideration paid for such demerger, whichever is higher. Exemption Assignment of copyright under the Copyright Act, 1957 (14 of 1957). Explanation I.—For the purposes of this Article, where in the case of agreement to sell an immovable property, the possession of any immovable property is transferred or agreed to be transferred to the purchaser before the execution, or at the time of execution, or after the execution of such agreement, then such agreement to sell shall be deemed to be a conveyance and stamp duty thereon shall be leviable accordingly: Provided that, where subsequently a conveyance is executed in pursuance of such agreement of sale, the stamp duty, if any already paid and recovered on the agreement of sale which is deemed to be a conveyance, shall be adjusted towards the total duty leviable on the conveyance: Provided further that, where proper stamp duty is paid on a registered agreement to sell an immovable property, treating it as a deemed conveyance and subsequently a conveyance deed is executed without any modification then such a conveyance shall be treated as other instrument under section 4 and the duty of one hundred rupees shall be charged. Explanation II.—For the purposes of clause (d), the market value of shares—
5. (a) in relation to the transferee company, whose shares are listed and quoted for trading on a stock exchange, means the market value of shares as on the appointed day mentioned in the scheme of amalgamation or when appointed day is not so fixed, the date of order of the National Company Law Tribunal or, the order of the Reserve Bank of India;
6. (b) in relation to the transferee company, whose shares are not listed or listed but not quoted for trading on a stock exchange, means the market value of the share issued or allotted with reference to the market value of the shares of the transferor company;
7. (c) where the transferee company and transferor company, whose shares are not listed or listed but not quoted for trading on stock exchange means the face value of the share issued or allotted with reference to the face value of share of the transferee company.

23. COPY OR EXTRACT certified to be a true copy or extract, by or by order of any public officer under section 75 of the Bharatiya Sakshya Adhiniyam, 2023 (47 of 2023), and not chargeable under the law for the time being in force relating to court-fees. Ten rupees.

Exemptions

1. (a) copy of any paper which a public officer is expressly required by law to make or furnish for record in any public office or for a public purpose;
2. (b) copy of, or extract from, any register relating to births, baptisms, naming, dedications, marriages, divorces, deaths or burials;
3. (c) copy of any instrument the original of which is not chargeable to duty.

DEPOSIT OF TITLE-DEED. See Agreement relating to deposit of Title Deeds, Pawn or Pledge (No. 6). DISSOLUTION OF PARTNERSHIP.

1. (b) or (c), as the case may be, of Article 22, on the market value of the property of the greatest value.

30. FURTHER CHARGE—Instrument of, that is to say, any instrument imposing a further charge on mortgaged property—

1. (a) when the original mortgage is one of the descriptions referred to in clause (a) of Article 39 (that is, with possession); The same duty as is leviable on a conveyance under clause (a),
2. (b) or (c), as the case may be, of Article 22, for the amount of the further charge secured by such instrument.
3. (b) when such mortgage is one of the descriptions referred to in clause (b) of Article 39 (that is, without possession)—
   • (i) if at the time of execution of the instrument of further charge possession of the property is given, under such instrument; The same duty as is leviable on a conveyance under clause (a),
4. (b) or (c), as the case may be, of Article 22, for the total amount of the charge (including the original mortgage and any further charge already made) less the duty already paid on such original mortgage and further charge.
   • (ii) if possession is not so given. 0.5% of the amount of further charge secured by such instrument subject to minimum of one hundred rupees and the maximum of ten lakh rupees.

31. GIFT.—Instrument of, not being a SETTLEMENT (No. 58) or WILL or TRANSFER (No. 62). The same duty as is leviable on a conveyance under clause (a),

1. (b) or (c), as the case may be, of Article 22, on the market value of the property which is the subject matter of the gift: Provided that, if the property is gifted to a family member being the husband, wife, brother or sister of the donor or any lineal ascendant or descendant of the donor, then the amount of duty chargeable shall be at the rate of 1.5% on the market value of the property which is the subject matter of the gift: Provided further that, if residential and agricultural property is gifted to husband, wife, son, daughter, grandson, granddaughter, wife of deceased son, the amount of duty chargeable shall be two hundred rupees. HIRING AGREEMENT or agreement for service. See Agreement (No. 5).