The Indian Stamp (Assam Amendment) Act, 2021 (Assam Act No. XXVII of 2021)
The Indian Stamp (Assam Amendment) Act, 2021 (Assam Act No. XXVII of 2021) amended the Indian Stamp Act, 1899, in its application to the State of Assam. The Act came into force on September 16, 2021.
The main amendments introduced by the Act are as follows:
- Increased the stamp duty on lease agreements where a fine or premium is paid or advanced. The duty is now the same as that for a conveyance, in addition to the duty that would have been payable if no fine or premium had been paid or advanced.
- Provided that in any case where an agreement to lease is stamped with the ad valorem stamp required for a lease, and a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed rupees two hundred.
- Increased the maximum penalty for non-stamping of documents from Rs. 500 to Rs. 10,000.
The Act also made some minor amendments to the Indian Stamp Act, 1899, such as:
- Updating the list of documents that are exempt from stamp duty.
The Indian Stamp (Assam Amendment) Act, 2021 is intended to increase the revenue generated from stamp duty in Assam and to discourage non-stamping of documents. The Act is also expected to help in streamlining the registration process and to improve the transparency of land transactions in the state.
Stamp Duty
As explained above, the stamp duty is a kind of tax that requires to be paid at the time of Assam property registration. This legal tax needs to be paid as proof for any purchase of immovable property or land registration of deed in Assam. Stamp Duty is calculated by market value or consideration amount of the land, whichever is higher. You can refer the below-attached document to verify the stamp duty for Assam Property registration.
Assam e-Stamp Paper
Assam e-Stamp Paper is a computer-generated alternative for conventional stamp papers. To avoid counterfeit stamp papers and to make Assam property registration easy, the Government of Assam introduced e- stamping procedure. As per The Indian Stamp (Assam Amendment) Act, 1989, transaction above Rs. 1 lakh should be paid only with Assam e-stamp.
Benefits of Assam e-Stamp paper
Assam e-Stamp paper can be used for all transaction on which stamp duty is payable. Such instrument includes all transfer of documents such as lease deeds, mortgage deed, exchange deed, gift deed, conveyance deed, sale deed, deed of partition, agreement of tenancy, leave, license agreement and power of attorney. The benefits of using Assam e-Stamp Paper is explained in detail below:
- Assam e-stamp paper is a convenient method for tax at the time of property registration
- Usage of Assam e-stamp paper eliminates the need of non-judicial stamp papers for deed registration
- All details of property registration charges and rate of stamp duty can be obtained from a single online portal
- Assam e-stamp paper online purchase makes the property registration process quick
- Assam e-stamp paper is tamper proof
- Validation is very easy with Assam e-stamp paper
Attribute in Assam e-Stamp Paper
The Assam e-Stamp certificate will contain below-mentioned details.
- Name of payee
- Nature of property or land
- Amount of stamp duty paid
- Government Receipt Number (GRN)
- Value of immovable property or land
- Payment Date and Time
- e-Stamp paper Serial number
- Department Reference Numbers
Licensing Authority
The Stock Holding Corporation of India Limited (SHCIL) is designated as the Central Record Keeping Agency for issuing Assam e-Stamp paper.
Procedure to Purchase Assam e-Stamp Paper
Step 1: Approach the nearest counter of CRA in Sub-registration office or CRA branch office or Authorized collection centres (ACC) and fill up the Assam e-Stamp Paper application form. We have here with attached an application form for Assam e-Stamp Paper:
Step 2: After entering details in e-stamp paper such as property/land details, first party information, second party information, and the rate of stamp duty payable, furnish the application form at the counter.
Step 3: Applicant can make the payment through any of the following ways to get Assam e-stamp paper:
- Cash
- Cheque
- Demand Draft
- Pay Order
- RTGS
- NEFT
- Account to Account transfer
Step 4: Once the payment for stamp duty is made, the Assam e-Stamp Paper will be generated and issued to the applicant. Step 5: In the case of payment made through Cheque/DD, the applicant will get a receipt from the counter. Upon crediting the amount to the CRA account, the applicant can get the Assam e-Stamp Paper from the concerned counter. Step 6: After obtaining the debit confirmation from the concerned bank, access the nearest concern counter; submit the transaction reference provided by the bank along with duly filled the e-Stamp Application Form
FAQs
Calculating Stamp Duty
- Assessment Patta of land
- Permission for Transfer of Property by Mortgage, Lease, Gift and Sale
- NOC on the transfer of land for registration
- Other land related document
Ascertain Assam Stamp Duty?
ou have to ascertain the Assam property registration and the amount of stamp duty payable from the concerned sub-registrar’s office. Step 1: Visit the sub-registrar’s office where the property/land is located. Step 2: You need to submit an application form for assessment Of Stamp Duty and Registration Fees. Provide following details Applicant’s Details, Address Details, and Land Details in the Application form: The application form for Assessment of Stamp Duty and Registration Fees in Assam is given here:Step 3: After processing the detail, the concerned authority will provide details of Assam stamp duty rate and property registration charge details.
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