Discuss the instruments which are Chargeable with duty under section 3 of the Indian Stamp Act, 1889.
CS Executive · Jurisprudence, Interpretation and General Laws · PYQS · December 2021
Discuss the instruments which are Chargeable with duty under section 3 of the Indian Stamp Act, 1889.
Answer & Explanation:
Section 3 of the Indian Stamp Act, 1899 deal with instrument chargeable with duty. According to Section 3, 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 therefore respectively, Every instrument mentioned in that Schedule which, not having been previously executed by any person, is executed in India on or after the first day of July, 1899; Every bill of exchange payable otherwise than on demand or promissory note drawn or made out of India on or after that day and accepted or paid, or presented for acceptance or payment or endorsed, transferred or otherwise negotiated, in India; and Every instrument (other than a bill of exchange, or promissory note) mentioned in that Schedule, which, not having been previously executed by any person, is executed out of India on or after that day, relates to any property situate, or to any matter or thing done or to be done, in India and is received in India.
Topics: Indian Stamp Act
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