Memorandum Of Agreement Stamp

Stamp duty may cover up to two rupees per thousand rupees of the monetary value indicated in the agreement. An agreement having the character of a BTA falls directly within the scope of Paragraph 5(h)(A) of the BS Act. Despite the general nature of the description set out in Article 5(h)(A), the BS Act maintained a residual provision under Article 5(h)(B), which imposes a stamp duty of INR Hundred (100) only for agreements which are not otherwise provided. Since Article 5(h)(A) describes the act in more detail, a BTA carried out in the State of Maharashtra must be duly affixed in accordance with Article 5(h)(A) and not Article 5(h)(b). The only discrepancy in an unsamped agreement is to present an unsampled agreement in court as evidence. § 35 of the Stamps Act renders a document that does not bear the required stamp duty inadmissible by the courts. However, this provision has certain exceptions and does not totally deny the rights of the parties to enforce such an unsampled agreement. Under this section, an unsamped agreement may be authorized in court, under which the tax on the stamp of the deficit is accompanied by the penalty, that is, the amount of the deficit penalty, which may vary from state to state, is paid. In case of payment of a deficit and a penalty, the contract is considered fully sealed. Section 32 provides for the right to allow a person who has doubts as to the stamp duty levied on an instrument to obtain the tax significantly fixed by the collector.

The section authorizes the collector to determine the tax on an instrument that has been brought to him, whether it is already stamped or not, and whether it is executed or not. The power conferred on the collector is to be exercised subject to section 32, that is to say within the time prescribed by the collector. The Indian Registration Act provides for the registration of documents, which records the contents of the document. Registration is required to obtain evidence and titles. There are certain agreements mentioned in section 17 of the Indian Registration Act, which must be registered compulsorily and therefore cannot be concluded without stamp paper. Some of them generally vary from state to state with respect to the state`s obligation. Nevertheless, there is a general pattern that is followed. For example, let`s take a look at the stamp tax levied by the Karnataka state government. Beyond the above documents, the Karnataka state government collects stamp taxes: Memorandum of Understanding (MoU), also known in India as the Letter of Intent, is only a way for two parties to make a decision. A Memorandum of Understanding or MOU agreement is concluded when the parties have agreed on the conclusion of a contract, but the formalities (e.g. B general terms and conditions) of the contract have yet to be negotiated. .

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