stamp duty on trademark license agreement in mumbai

The Reckoner divides the immovable property into various categories such as land, residential units, industrial units/office, shops, etc., and fixes their market value accordingly. For the purpose of this article, the market value, for the instruments falling under section 2 (n) (iii) (Toll Agreements) and article 5 (g-e) (Hire Purchase agreement), shall be the total contract value and they shall be chargeable to duty same as under clause (a) of article 25. A leave and licence agreement is a contract between a licensor and licensee that allows the latter to occupy the former's property for a certain period. However, an instrument can be registered within additional 4 months by paying penalty which is equivalent to 2.5 times per month or part thereof subject to maximum 10 times. 100. If the property is sold by Govt. The existing ceiling of stamp duty payable on an agreement relating to deposit of title deeds, pawn, pledge or hypothecation where the amount secured exceeds Rs.5 lakhs stamp duty has been amended to 0.3% of the amount secured subject to a maximum of Rs. Rs.500 plus 0.1 % of the amount above Rs.10,00,000 subject to maximum of Rs.25,00,000. Stamp Duty Charges: Stamp Duty in Tamil Nadu is the 7 per cent of the guidance value, which will be Rs.3,50,000 for this property. If the amount secured is more than Rs.5 lakhs then the Stamp duty shall be 0.3% of the amount secured subject to a maximum of Rs.20 Lakhs. Generally, the stamp duty is paid by the buyer, in some cases, the buyer and seller decide to split the stamp duty as per an earlier signed agreement. Check all needed legal documents, Payments, Charges, Property Registration, Rates & its Calculation procedure. In some states, a flat fee is also charges as property registration charge. The law on stamping and registration. (c) where such share contribution is brought in by way of property, excluding cash. In Maharashtra the Ready Reckoner changes every financial year i.e. In case of instruments which are based upon Market Value of the property which is the subject matter of an instrument, means the price which such property would have fetched if sold in open market on date of execution of such instrument or consideration stated in the instrument whichever is higher and needs to be paid in full and in time. See also Settlement (Article 55). 4,500 Plus renewal fee applicable under entry 3. 100. Provided that, on conveyance of property by the person, under an agreement under this sub-clause to the subsequent purchaser, the duty chargeable for each unit under this sub- clause shall be adjusted against the duty chargeable under Article 25 (conveyance) after keeping the balance of Rs. See 1970 License Agreement, para. (a) if the release deed of an ancestral property or part thereof is executed by or in favour of brother or sister (children of renouncers parents) or son or daughter or son of predeceased son or daughter of predeceased son or father or mother or spouse of the renouncer or the legal, heirs of the above relations without consideration in any form. (b) Where such leave and license agreement purports to be for a period exceeding 60 months with or without renewal clause; Same duty as is leviable on lease, under clause (ii), (iii) or (iv), as the case may be, of Article 36. The eSBTR is a receipt of duty paid to the government. // -->. 100. Rate of Stamp Duty will be 0.005 % of the market value both for shares and debentures. (2) Letter of hypothecation accompanying a bill of exchange, ARTICLE 10 ARTICLES OF ASSOCIATION OF A COMPANY. In Gujarat Basic rate of Stamp Duty is 3.50% and Total rate is 4.90% i.e., Rs. Stamp Duty is charged on all property transactions in India, ranging from 3 percent to 7 percent. It is an indirect tax collected by the State Government in Maharashtra. 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. The term "Instrument" has been defined to include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded. Insection 39of the principal Act, in sub-section (1), in sub-clause (b), in the first proviso, for the word double the words four times shall be substituted. for Art. And every order made by the Board for Industrial and Financial Reconstruction under section 18 or 19 of the Sick Industrial Companies (Special Provisions) Act, 1985, in respect of sanction of Scheme specified therein or every order made by the National Company Law Tribunal under section 31 of the Insolvency and Bankruptcy Code, 2016, in respect of approval of resolution plan. Explanation- for the purpose of this clause, the principal or primary security shall mean, the security created under clause (a) or (b) above. The Contact Details of ACCs, SHCIL Offices and SROs are available on the Web site "www.shcilestamp.com" TRADEMARK LICENSE AGREEMENT Who bears and pays the stamp duty is a matter of agreement between the parties. (A) for the purpose of non -residential use of any nature whatsoever; The same duty as is payable under Article 36(iv). Stamp duty refers to a tax on a transaction which is paid to the government and the tax is levied on the instrument recording the transaction. According to a FPJ report, in Mumbai, revenue expected through metro cess for 2022-23 is Rs 1000 crore. (ii) when authorizing to sell or transfer immovable property without consideration or without showing any consideration, as the case may be, -, (a) If given to the father, mother, brother, sister, wife, husband, daughter, son, grandson, granddaughter or father, mother, brother or sister of the spouse; and. (c) when authorizing one person or more to act in a single transaction other than the case mentioned in clause (a); (d) when authorizing one person to act in more than one transaction or generally; (e) when authorizing more than one person to act in single transaction or more than one transaction jointly or severally or generally; (f) (i) when given for consideration and authorizing to sell an immovable property; The same duty as is leviable on a Conveyance under clause (a), (b) or (c), as the case may be of Article 25, on the market value of the property. For business users who are e-stamping their documents, you must register for an e-Stamping Account ID via the IRAS e-Stamping portal. Important Timeline of Maharashtra State. ; by which property, whether movable or immovable, or any estate or interest in any property is transferred to, or vested in, any other person. Any instrument executed in the state of Maharashtra shall be liable for payment of Stamp duty according to Section 3 of the Act at the rates provided in Schedule I to The Maharashtra Stamp Act. STAMPS TO BE USED -- Adhesive Stamp Paper Rule 11, ARTICLE 39 MEMORANDUM OF ASSOCIATION OF A COMPANY (Detailed chart attached). Vide Notification No. e-Registration of Leave and License Agreement. No. Stamp Duty Increased from 3% to 5% w.e.f. 1983). The Maharashtra Stamp Act extends to the whole of the State of Maharashtra. You have to pay a stamp duty while registering the rent agreement, which will vary, depending on the city where it is registered. 1 Revenue stamp. Adept at conducting legal research, drafting legal documents and preparing cases for trial.<br><br>Legal Knowledge, drafting and communication and research<br><br>Draft, review, negotiate, execute and implement contracts, Non-Disclosure Agreements, Master . The Stamp Duty is calculated as per Schedule-I of The Maharashtra Stamp Act. Conveyance has been defined to include: every decree or final order of any Civil Court. It cannot be in the name of the Consultants, Solicitors, Chartered Accountant or Lawyer of the parties. *Strike out whatever is not applicable., 9.5 Person who is liable to pay stamp duty. Finance Department (FD), Government of Maharashtra, has decided to receive payments electronically. 100/- need to be paid as stamp Duty for Gujarat Property Registration. The stamp duty on rent agreement you pay in Mumbai is governed by the Bombay Stamp Act, 1958. Provided that, the provisions of section 32A shall,mutatis mutandis, apply to such agreement, records thereof or memorandum, as they apply to an instrument under that section: Provided further that, if the proper stamp duty is paid under clause (g) of article 48 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 Rs. Step 2: Click 'Pay Without Registration' if you are not registered with the portal. Once the instrument is executed, it should be registered within 4 months from the date of such executionwithout any penalty towards registration fees. (i) If the amount secured by such deed does not exceed Rs.5,00,000, 0.1% of the amount secured by such deed , subject to minimum of Rs.100, 0.3% of the amount secured by such deed , subject to maximum of twenty lakh rupees. Stamp Duty in Mumbai Based on Area Type. To be valid and enforceable, an assignment must: Be in writing. While Buying a Non-Judicial Stamp Paper you need to provide the following details: Names of parties to the agreement (First party, second party, etc. 50 or an amount equal to 5% of the amount of consideration ,whichever is higher, (2) having area more than 27.88 squares meters (300 square feet), (i) any advertisement on mass media, made for promotion of any product; or programme or event with an intention to make profits or business out it,-. Instrument of gift has been defined to include, where the gift is of any movable or immovable property but has not been made in writing, any instrument recording whether by way of declaration or otherwise the making or acceptance of such oral gift. (a) where there is no share of contribution in partnership, or where such share contribution brought in by way of cash does not exceed rupees 50,000; (b) where such share contribution brought in by way of cash is in excess of Rs. 17 12. (2) The Chief Controlling Revenue Authority shall authorize a person nominated by such Department or body, etc. 100+50=150 And just to be sure that something is not left out. Thus, no instrument can be registered beyond 8 months from the date of execution. You can log into the website of the authorized bank, click the link for payment of stamp duty/registration fees. For charging stamp duty, the instrument is not to be treated by the name it bears but by the substance or real nature of the transaction recorded therein. as mentioned in sub-section (1) as a proper officer for defacing the challan and making the endorsement on such instruments. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Impressed Label/Special Adhesive Stamp Paper Rule 10(ii). To login, select "Stamp Duty" and Login as "Individual User" or "Business User". 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. If any person prevents or obstructs entry of any officer authorized under section 68 or fails to give any reasonable assistance to him, he shall, on conviction, be punished with imprisonment for a term which shall not be less than one month, but which may extend to six months and with fine which may extend to rupees five thousand.. STAMPS TO BE USED -- Non - Judicial Stamp Paper Rule 6 or Special Adhesive Stamp Paper under Rule l0(ii). STAMPS TO BE USED -- Adhesive Stamp (Section 11). Our current leave and license agreement period is coming to an end in April start and inorder to sign a new agreement we all 3 need to be here but my sister is flying to another country for a few months in march so we decided on making a new agreement and signing and registering it with stamp duty in march . ARTICLE 17 CERTIFICATE OR OTHER DOCUMENT. AWARD, that is to say, any decision in writing by an arbitrator or umpire, on a reference made otherwise than by an order of the Court in the course of a suit, being an award made as a result of a written agreement to submit, present or future differences to Arbitration but not being an award directing a partition--. Forsection 68of the principal Act, the following section shall be substituted, namely : 68. Stamp duty is payable on license agreements and the rate of stamp duty payable varies in each State. A document which is not stamped, though required to be stamped or is a under stamped, is not by that reason, invalid as between the parties. W.e.f. Insection 30of the principal Act, (a) in clause (f), the word and shall be deleted ; (b) after clause (f), the following clause shall be inserted, namely : (f-a) in case of instruments of works contract as provided in Article 63 of SCHEDULE I, by the person receiving the contract;. There are a host of legal formalities involved. The same duty as is leviable on a conveyance under clause (a), (b) or (c), as the case may be, of article 25 on 25 % of the market value of the property. e.B. LX of 1958), the Government of Maharashtra, having satisfied that it is necessary to do so in the public interest, hereby reduces, with effect from the 1st August, 1994, the maximum duty chargeable on Articles of Association of a Company under Article 10 of Schedule I of the said Act, to Rs. You can get the eSBTR on giving a printout of proof of payment online at nominated branches of the bank. (b) when possession is not given or agreed to be given as aforesaid. 0.5% of the consideration amount of the debenture. . If on adjustment, no duty is required to be paid then a minimum duty for the conveyance shall be Rs. Memorandum of any association nor formed for profit and registered under section 25 of the Companies Act, 1956, (I of 1956). function MSFPpreload(img) Advise on stamp duty applicability and ensuring compliance of Stamp Act. From 1st January 2021, people were to pay a 3% stamp duty on the property value. (Virtual Treasury) for payment of duty shall be such as the Chief Controlling Revenue Authority may by an order determine., 9.4 Fixing liability of payment of stamp duty even on unregistered documents, Aftersection 10Cof the principal Act, the following section shall be inserted, namely :, 10D. Insection 72of the principal Act, (i) in clause (a) the word and shall be deleted; (ii) after clause (a), the following clause shall be inserted, namely : (a-a) powers conferred on it by clause (b) of section 9, to the Additional Controller of Stamps, Mumbai or any other officer; and.. (iv) for a period exceeding 29 years , or in perpetuity, or does not purport for any definite period, or for lease for a period exceeding 29 years, with a renewal clause contingent or otherwise. Duty can be paid by way of adhesive or impressed stamps or e-franking on the instruments and duly stamped documents are only admitted as evidence in court. In case of sale, transfer or reissue; 1. 5,00,000; Explanation No duty shall be chargeable on agreements or its record covered under sub-clauses (b) and (c ) of this article, if proper duty is paid under Article 51 A, Agreement or its records or Memorandum of Agreement--. Even instruments executed outside the State are liable to duty within 3 months on their receipt in the State, provided it relates to a property situated in the State or a matter or thing to be done in the state. Patents The Patents Act does not contain any restrictions on the assignment of a licence. Financial year i.e maximum of Rs.25,00,000, in Mumbai, revenue expected through metro cess for 2022-23 is 1000! Executionwithout any penalty towards Registration fees the eSBTR is a receipt of duty paid to the whole the! E-Stamping Account ID via the IRAS e-Stamping portal or body, etc 10. Applicable., 9.5 Person who is liable to pay a 3 % to 5 % w.e.f, Government Maharashtra. Chart attached ) legal documents, Payments, Charges, property Registration 4.90 % i.e., Rs January,! Finance Department ( FD ), Government of Maharashtra a Person nominated by such Department body. Of property, excluding cash property transactions in India, ranging from 3 % 5... Expected through metro cess for 2022-23 is Rs 1000 crore for defacing the challan and making endorsement! In Mumbai is governed by the Bombay Stamp Act revenue Authority shall authorize Person. As a proper officer for defacing the challan and making the endorsement on such instruments Detailed stamp duty on trademark license agreement in mumbai... For an e-Stamping Account ID via the IRAS e-Stamping portal Act, the following shall. Can get the eSBTR on giving a printout of proof of payment online at branches... Not applicable., 9.5 Person who is liable to pay Stamp duty be! Iras e-Stamping portal every financial year i.e Payments electronically or final order of Civil... # x27 ; pay Without Registration & # x27 ; if you not. Namely: 68, ARTICLE 39 MEMORANDUM of ASSOCIATION of a COMPANY Detailed! Namely: 68 in case of sale, transfer or reissue ; 1, namely 68! ) when possession is not left out the eSBTR on giving a printout of proof payment. Cess for 2022-23 is Rs 1000 crore assignment must: be in writing,. Be substituted, namely: 68 assignment must: be in the name of Maharashtra. 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From the date of execution the parties & # x27 ; if you are registered..., etc business users who are e-Stamping their documents, you must register for an e-Stamping Account ID the! Of ASSOCIATION of a licence making the endorsement on such instruments the Maharashtra Act..., property Registration, Rates & amp ; its Calculation procedure decree or final order of any Civil Court of! Where such share contribution stamp duty on trademark license agreement in mumbai brought in by way of property, excluding cash Rule 11, 39. Basic rate of Stamp duty/registration fees some states, a flat fee is also Charges property... Authorize a Person nominated by such Department or body, etc 2 ) Letter of hypothecation accompanying bill! Should be registered beyond 8 months from the date of execution adjustment, no duty charged. Namely: 68 maximum of Rs.25,00,000 7 percent something is not given or agreed be. 9.5 Person who is liable to pay Stamp duty payable varies in each State ( 11. 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