What is an “instrument” under the Act?

The term ‘Instrument’ refers to every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded, but does not include a bill of exchange, cheque, promissory note, bill of lading, letter of credit, policy of insurance, transfer of share, debenture, proxy and receipt.

What does “market value’’ refer to?

Market value, in relation to any property which is the subject matter of an instrument, is the price which such property would have fetched if sold in the open market on the date of execution of such instrument, or the consideration mentioned in the instrument, whichever is higher. The price which such property would have […]

When is stamp duty payable on an instrument in Maharashtra?

All instrument are liable to be stamped before or at the time of execution of instrument or immediately thereafter on the next working day following the date of execution, when executed in the State of Maharashtra . Any instrument executed outside the state is liable to duty only on receipt of such instrument in the […]

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