Usage of Share Transfer Stamps in Karnataka

[Sankesha]

Dear Learned Members,

 

Whether usage of Share Transfer Stamps (usually purchased from Chennai) for effecting the Share Transfers is still valid in Karnataka?

 

If YES or NO, is there any Circular / Notification for the same.

 

 

CS Sandhya L.

 

 

 

[Sridevi B.N]

Stamp duty on share transfer is as per Indian stamp act, it is central subject.

i.e. 25 paise for transfer of share worth of Rs. 100/-.

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Sridevi.B.N
Company Secretary
Mysore Sales International Limited

Bangalore

[Sankesha]

Dear Sridevi,

 

My question is whether we can use Share Transfer Stamps instead of Franking done at BgSE.

 

 

Regards,

 

CS Sandhya L.

[Sridevi B.N]

If you showing the place of transfer as Bangalore then you may have to franking done at BgSE.

[mgra...@gmail.com]

There is no circular - Act itself removed the use of adhesive stamps in 2008 if I am right- i have taken a view that shares are movable assets and TD's are instrument available nation-wide. Hence, execute TD in Chennai or where adhesive stamps are available -  immediately after effecting transfer make an application to Stamps Authorities for adjudication of duty paid. Since the duty is paid on the instrument is as per the ACT, stamp authorities would give you nil duty payable on the instrument.