Stamp duty and registration fees remain the same for men, women and common buyers in Tamil Nadu. This statement was inserted effective on November 15 by the M.P. Act 19 of 1989, 1989.By reason for this provision, so that a legal fiction was created. As a general rule, a sale agreement would not be subject to the payment of stamp duty due for a deed of sale, but in view of the purpose and property, it is intended to reach the legislator who has deemed it necessary to levy stamp duty on a deed of transfer of ownership. On October 29, 2020, the registrar recorded a high total of 20,307 documents from 575 sub-repertory. The sale of stamp duty and registration fees that day brought in Rs 123.35 crores. October was a good month for the department with a gain of 1,096 kronor. Accordingly, under the Stamp Act, a business transfer contract that does not prove a transfer of ownership is considered a sales contract within the meaning of Section 5, point c). Stamp duty is a tax due on the performance of certain instruments or documents under the Indian Stamp Act of 1899 («IS Act») or the corresponding national stamp law. In the absence of state stamp laws, ISIS law applies.
With regard to stamp duty, the general principle is that the tax must be determined by reference to an instrument and not to a transaction. [See final note 3] Therefore, in order to understand the stamp duty requirement for a given transaction, it is important to understand the instruments involved in the transaction and the purpose of the instrument. [See final note 4] Since the transfer under the agreement is the sale of a business as a whole, it cannot be explicitly equated with the sale of personal property or real estate. The IS Act and the state stamp laws do not contain specific provisions regarding the collection of taxes on a transfer agreement of «transactions» as such. It is therefore imperative that each asset proposed to be transferred to the purchaser be identified individually as mobile or immobile for stamp duty purposes.