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EXPLAIN TRANSFER AND TRANSMISSION OF DEBENTURES

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The rate of stamp duty payable on transfer of debentures is not prescribed by the Union of India, unlike in the case of transfer of shares. Therefore, the question would arise whether the stamp duty would be the one payable in the State where the transfer deed is executed or the one applicable in the State in which the registered office of the company is situate

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The rate of stamp duty payable on transfer of debentures is not prescribed by the Union of India, unlike in the case of transfer of shares. Therefore, the question would arise whether the stamp duty would be the one payable in the State where the transfer deed is executed or the one applicable in the State in which the registered office of the company is situate. Many State Governments have introduced a new Section 19A to the Stamp Act whereunder it is provided that the differential duty

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Open uri20170510 32134 59004f?1494421790 answered

For transfer of debentures there is no necessity to present the instrument of transfer before the prescribed authority. There is no time limit prescribed for lodgement for transfer deed with the company. The rate of stamp duty payable on transfer of debentures is not prescribed by the Union of India, unlike in the case of transfer of shares. Therefore, the question would arise whether the stamp duty would be the one payable in the State where the transfer deed is executed or the one applicable in the State in which the registered office of the company is situate. Many State Governments have introduced a new Section 19A to the Stamp Act whereunder it is provided that the differential duty (i.e. duty in the State in which the Registered Office of the Company is situate minus the duty in the State in which the transfer was effected) has to be paid for. Such duty has to be paid for by the person executing the instrument. In effect, the duty payable on transfer of debentures would be higher of the following duty on the value of debentures. (a) Stamp duty applicable in the State in which the transfer deed is executed; (b) Stamp duty applicable in the State where the Registered Office of the Company is situate; Provided the Stamp Act of the concerned State contains a provision to this effect. Otherwise, the stamp duty prevailing in the State where the registered office of the company is situate would be applicable

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