DOCUMENT AND STAMPING
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What is a 'document' in the context of the Indian Stamp Act, 1899?
A document is any instrument, record, or writing that evidences a right or liability and is capable of being used as evidence in a court of law.
What is an 'instrument' under the Indian Stamp Act, 1899?
Every document by which any right or liability is created.
Which legislation primarily governs the stamping of documents in India?
The Indian Stamp Act, 1899 governs stamping of documents across India, while certain states have their own State Stamp Acts for locally executed documents.
What is a 'deed of assignment' and how is it stamped?
Document transferring rights; stamped as conveyance based on value.
What is stamp duty and why is it levied?
Stamp duty is a tax levied by the government on legal documents to make them legally valid and admissible as evidence in courts; it is a source of revenue for state governments.
What is a 'bill of exchange' and what stamp duty applies to it?
Unconditional order to pay; stamp duty fixed per the Schedule.
What are the two types of stamps used for stamping documents in India?
The two types are impressed stamps (including adhesive stamps and franking machine impressions) and non-judicial stamps affixed physically on documents.
What is a 'receipt' under the Stamp Act and when is it stampable?
Acknowledgement of payment exceeding Rs. 5,000 requires stamp.
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