Stamp duty _ Issuance of shares certificate at the time of incorporation

[Isha Riwal]

Dear All,

In case of newly incorporated company can stamp duty on issuance of share certificate be paid before receiving the subscription money into company' bank account. 

 

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Regards, 

CS Isha J. Riwal

Mem No.: 43918

Contact No.: 7990451383

[CS V Kartik]

Kindly ignore my first reply.

1st the subscription money should be received & within 60 days of receipt of subscription money, share certificate should be issued to the subscriber.

However prior to the issue, the share certificate has to be executed by payment of necessary stamp duty on the same. Thereafter the issue date should be mentioned as the issue date will be after the payment of stamp duty.

[Prakash Nagarajan]

But Kartik ji, there are many arguments that DOI shall be the date mentioned in share certificates. I have this concern always & looking for someone to address.

Regards

CS Prakash Nagarajan

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[Isha Riwal]

Dear Kartik ji, 

It's means stamp duty can be paid only after receiving the subscription money. 

But once they subscriber the moa they became the members of the company so stamp duty can be paid by them.

Please correct if me wrong

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[CS Suraj Bhardwaj]

Duty will be paid on execution of share certificate,

Please read indian stamp act for the same.

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[Isha Riwal]

Thank you all for solving this query

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[Prakash Nagarajan]

Dear Suraj Ji

Payment of stamp duty on execution of share certificate is not contemplated. But the ambiguity what is the date to be mentioned in the share certificate ? Whether DOI or Date of issue of share certificate ?

Further, Suraj Ji I have attached Indian Stamp Act, 1899 for your reference. Please let me know where I should refer ? And Isn't it Stamp Act subject to respective state, then why Indian Stamp Act ?

Regards

CS Prakash Nagarajan

+91 8248 597386

+91 99766 77277

 

DONATE ORGANS & SAVE LIVES. I AM A REGISTERED ORGAN DONOR.

 

Office:

 

Practicing Company Secretary

101-A, Ambience Avenue, 8-3-981/82, Srinagar Colony Main Road, 

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prakashna...@outlook.com

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[Deepak Singhal]

Hi

Section 56 uses the word DELIVER

So the date on Share certificate can be after the DOI but within 60 days from the DOI.

Further Stamp duty shall always be on instrument and Share certificate is an instrument, So stamp duty shall be paid after the issue of Share certificate and within 30 days from the date of issue of Share Certificate.

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[CS V Kartik]

Dear Prakash,

Date of issue will always be after the date of payment of stamp duty.

[CS V Kartik]

Dear Isha ji,

According to me, the sequence should be in that manner.

First let the company receive the money from the subscribers. Then the stamp duty on share certificates be paid. Thereafter share certificates will be issued to the subscribers.

[Isha Riwal]

Thanks to all for giving prompt reply.

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[CS Anitha Tiwari]

Dear Members

I had lots of doubts when I was filing FC-GPR for one of my client:

DOI: 10/04/2019

Subscription received: 18/05/2019

Date of issue of share certificate: 01/06/2019

Subscribers became members as on 10/04/2019.

So why is it wrong to issue share certificate dated 10/04/2019 ? I have a series of concerns if in case it is wrong.

Delivery can be made within 60 days but it is right only to issue on 10/04/2019.

If so what will be the due date of stamp duty liability ? 

Could be very helpful if any body can help me understand this.

Regards,

CS Anitha

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[Vikas Dhyani]

Dear Experts,

please advise-

pvt ltd company incorporated dtd- 7/08/18 with capital of Rs 100000 

my query is whether share certificate mandatory to issue ?

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Regards

CMA Vikas Dhyani

[CS_SrikanthReddyKolli]

yes mandatory to issue share certificate as per section 46 read with Rule 5, 6, 7 of the companies (share capital and debentures) rules, 2014.

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[CS_SrikanthReddyKolli]

You can mention in the share certificate the date of board resolution issuing or allotting the shares and affix common seal on 1 rupee revenue stamp on such share certificate.

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[CS Suraj Bhardwaj]

Dear Prakash ji,

Please read section 17 ,

  17. Instruments executed in India. — All instruments chargeable with duty and executed by any person in 2 [India] shall be stamped before or at the time of execution  

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[Karishma Patel]

Dear Members,

Can some one please let me know whether we need to pay stamp duty on issue of duplicate share certificate in MAHARASHTRA? IF yes then how much???

CS Karishma Patel

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[Satish Jain]

Not required. 

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[raka...@gmail.com]

Dear Members,

Geetings!

I have a specific query for payment of stamp duty in Gurgaon Haryana. Suppose a pvt company has 2 shareholders A & B in 2018 & in 2019 company has further allotted shares to C, D & E. Company has neither paid any stamp duty on any of these shares. And now some of the shares has been transferred by these share holders. Now, my question is whether company needs to prepare & paid stamp duty on the original share certificates or on splitted shares issued in the name of new share holders. Please help.

Thanks

[Tanvi Aggarwal]

on the original share certificates.

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[V Kartik]

Yes you have to pay stamp duty @0.1% of the total amount on issue of duplicate share certificates.

Kartik

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