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मध्यप्रदेश शासन
सत्यमेव जयते
मध्यप्रदेश राजपत्र
(असाधारण )
प्राधिकार से प्रकाशित
भोपाल , सोमवार, दिनांक 19 सितम्बर 2022- भाद्र 28 , शक 1944
क्रमांक 509]
विधि और विधायी कार्य विभाग
भोपाल , दिनांक 19 सितम्बर 2022
क्र. 14094-203 - इक्कीस- अ( प्रा. ) .- भारत के संविधान के अनुच्छेद 348 के खण्ड ( 3 ) के अनुसरण में, भारतीय स्टाम्प ( मध्यप्रदेश संशोधन ) विधेयक, 2022 ( क्रमांक 16 सन् 2022 ) का अंग्रेजी अनुवाद राज्यपाल के प्राधिकार से एतद्वारा प्रकाशित किया जाता है .
मध्यप्रदेश के राज्यपाल के नाम से तथा आदेशानुसार, राजेश यादव, अतिरिक्त सचिव.
1017 मध्यप्रदेश राजपत्र, दिनांक 19 सितम्बर 2022
1018
MADHYA PRADESH BILL
NO . OF 2022
THE INDIAN STAMP ( MADHYA PRADESH AMENDMENT ) BILL , 2022
ABill further to amend the India Stamp Act , 1899 in its application to the State of Madhya Pradesh .
Be it enacted by the Madhya Pradesh Legislature in the seventy- third year of the Republic of India as follows-
1. ( 1 ) This Act may be called the Indian Stamp ( Madhya Pradesh Amendment ) Act , 2022 Short title and commencement .
(2) It shall come into force from the date of its publication in the Madhya Pradesh Gazette .
2. The Indian Stamp Act , 1899 (No. II of 1899) ( hereinafter referred to as principal Act), shall in its application to the State of Madhya Pradesh be amended in the manner hereinafter provided.
Amendment of Central Act No. II of 1899 in its application to the State of Madhya Pradesh .
3. In Schedule I - A to the principal Act ,-
Amendment of Schedule I -A
(i) in article 6 , for clause (d) and the Explanation given thereafter, the following clause and Explanation shall be substituted , namely :-
"(d) If relating to the development or redevelopment of land or property and/or construction or reconstruction thereon , by a person or agency other than owner or lessee of such land or property:
The same duty as a conveyance (No. 25 ) on the market value of only that portion of the entire land proposed to be developed or redeveloped which is proportionate to the developed or redeveloped property to be held or sold by the developer jointly or severally, or half of the duty as a conveyance ( No. 25 ) on the market value of the entire land proposed to be developed or redeveloped , whichever is higher .
(i) if having the stipulation that after develop ment or redevelopment, such developed or redeveloped property or part thereof shall be held or sold by the developer, by whatever name called, either severally or jointly with the owner or lessee .
(ii) for cases not covered by (i) above.
0.25 percent of the market value of the entire land proposed to be developed or redeveloped, subject to minimum of one thousand rupees .
Explanation . For the purpose of thisarticle ,
(i) "development " and "developer " shall have the same meaning as assigned to them respectively in Section 2( f) of the Madhya Pradesh Nagar Tatha Gram NiveshAdhiniyam, 1973 ( No. 23 of 1973 ) 1018 ( 1 )
मध्यप्रदेश राजपत्र, दिनांक 19 सितम्बर 2022
and rule 2 ( 1 ) ( b ) of the Madhya Pradesh Special Project and Township ( Development , Regulation and Control) Rules, 2011 .
(ii) where the developed property is held or sold jointly but the share of the developer is not expressly mentioned in the document , the developer's share shall be deemed to be 100 percent. " ;
(ii) in article 7 , for clause (b ) and Explanation I and Explanation II thereafter, the following clause and Explanations shall be substituted , namely
"(b) the pawn , pledge or hypothecation of movable property, where such pawn , pledge or hypothecation has been made by way of security for the repayment of money advanced, or to be advanced by way of loan or an existing or future debt, Where debt or loan amount is :-
(i) upto Rs . 50,000 Fiftyrupees .
(ii) Above Rs . 50,000 but Five hundred rupees . uptoRs . 5 lakhs
(iii) Above Rs . 5 lakhs but Two thousand rupees . upto Rs . 10 lakhs
(iv) Above Rs . 10 lakhs but Ten thousand rupees . upto Rs . 50 lakhs
(v) Above Rs . 50 lakhs 0.25 percent of the amount of loan or debt subject to amaximum of seven lakh and fifty thousand rupees .
Explanation I.- On an instrument relating to deposit of title deeds or pawn or pledge or hypothecation for securing repayment of money advanced or to be advanced by way of loan or an existing or future debt of a higher amount than one secured by मध्यप्रदेश राजपत्र , दिनांक 19 सितम्बर 2022
1018 (2)
earlier instruments of like nature , the duty shall be chargeable only on the additional amount in case the proper stamp duty has been paid on the earlier instrument .
ог Explanation II.- For the purpose of clause ( a) of this article notwithstanding anything contained in any judgement , decree ororder of any court or order of any authority, any letter , note , memorandum 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 ог writing shall , in the absence of any separate agreement memorandum or 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 . ";
(iii) in article 13 , in column (2) , the following explanation shall be added, namely
"Explanation . In case of renewal of a bank guarantee, executed between the same parties for the same amount , payable duty shall be one thousand rupees , in all other cases , payable duty shall be as per article 13. " ;
(iv) in article 25 , in column (2 ) , in proviso , for clause ( b ) , the following clause shall be substituted , namely-
"(b) When an instrument relates to an assignment of a debt , the duty shall be one thousand rupees " ;
1018 ( 3 )
मध्यप्रदेश राजपत्र, दिनांक 19 सितम्बर 2022
(v) in article 38 , for clause ( a) , the following clause shall be substituted , namely
(a) Lease, including an under- lease or sub - lease and any agreement to let or sub - let or any renewal of lease , other than mining lease-
(i) where the lease purports to be Five hundred rupees . for a term less than one year .
(ii) where the lease purports to be for a term of one year or more, but up to five years .
0.1 percent of the sum of the amount of premium or money advanced or to be advanced and the average annual rent reserved , or ofthe market value of the property, whichever is higher , subject to a minimum of five hundred rupees .
(iii) where the lease purports to be for a term exceeding five years , but up to ten years .
0.5 percent of the sum of the amount of premium or money advanced or to be advanced and the average annual rent reserved , or of the market value of the property , whichever is higher , subject to a minimum of five hundred rupees .
(iv) where the lease purports to be for a term exceeding ten years , but up to twenty years .
One percent of the sum of the amount of premium or money advanced or to be advanced and the average annual rent reserved, or of the market value of the property whichever is higher , subject to a minimum of five hundred rupees .
(v) where the lease purports to be for a term exceeding twenty years , but less than thirty years.
Two percent of the sum , of the amount of premium or money advanced or to be advanced and the average annual rent reserved , or of the market value of the property , whichever is higher , subject to a minimum of five hundred rupees .
(vi)
Five percent of the sum of the amount of premium or money advanced or to be advanced and the average annual rent reserved , or of the market value of the property, whichever is higher , subject to a minimum of five hundred rupees . " .
Where the lease purports to be for a period of thirty years or more , or in perpetuity, or does not purport to be for a definite period.
STATEMENT OF OBJECTS AND REASONS
Rates of stamp duty chargeable on the instruments relating to entry number 63 of the State List of Seventh Schedule of the Constitution are prescribed in relevant articles of Schedule 1 - A to the Indian Stamp Act, 1899 (No. II of 1899 ) . In this regard the provisions of clauses stated below, need to be amended for the following objects and reasons :-
1. Article 6 ( d ) Currently specific provision for charging stamp duty payable on only development agreement is given in clause (d ) of article 6. Redevelopment agreements are related to such property that is already existing . Current provision is meant specifically for development of land and/ or construction thereon . Hence , this clause needs to be amended to include charging provision for the redevelopment agreement .
मध्यप्रदेश राजपत्र, दिनांक 19 सितम्बर 2022
1018 (4)
2. Article 7( b) - Curranty stamp duty chargeable on the hypothecation deeds is 0.25 % of the loan amount subject to a maximum of rupees 5 lakhs . With a view to improve the ease of doing business , the duty structure for hypothecation deeds is proposed to be simplified from ad- valorem.
3. Article 13- This article has a provision for chargeability regarding bank guarantee. Currently renewal of bank guarantee is treated as bank guarantee as far as stamp duty is concerned . An explanation needs to be inserted under this article for simplification of chargeability on renewal of bank guarantee for which full duty has already been paid at the time of execution of bank guarantee. That's why for renewal of bank guarantee executed between same parities for the same amount chargeability of a fix amount of Rupees 1000/- proposed to be paid . Explanations to that effect are added in article 13 .
4. Article 25- Currently stamp duty payable on the assignment of debt is 0.25 percent on the amount of debt assigned. Since stamp duty has already been paid at the time of availing of the loan , on the primary loan related documents , therefore , the stamp duty is proposed to be charged at Rupees 1000/- on assignment (transfer) of loan.
5. Article 38 ( a ) - With the objective of simplification of stamp duty chargeable on the rent agreement/lease purporting for a term less than 1 year , it is proposed that such instruments shall be charged with a fix value of Rupees 500 in place of 0.1 % of the amount payable or deliverable under such lease or of the market value of the property (whichever is higher ) . Consequentially, for the leases with the term exceeding one year minimum limit of Rupees 500 is proposed to be inserted in all remaining slabs of the rate structure provided in the article.
2. Hence this Bill .
BHOPAL :
JAGDISH DEVDA Member- in- Charge .
Dated, the 12th September , 2022 .
नियंत्रक, शासकीय मुद्रण तथा लेखन सामग्री, मध्यप्रदेश द्वारा शासकीय केन्द्रीय मुद्रणालय , भोपाल से मुद्रित तथा प्रकाशित- 2022.