A revenue Stamp can be explained as a receipt given by the Government in the form of small adhesive stamp in lieu of separate document stating that the tax/fee has been paid to the Government. The receipt for above certain amount shall be mandatorily acknowledged by the receiver affixing and cancelling the revenue stamp. Under section 30 of Indian Stamp Acts 1899, the recipient of above Rs.5000, shall mandatorily acknowledge the payment with a receipt affixing one Rupee revenue stamp on it as a proof of payment. Refusal to give such receipt with a discharged revenue stamp, may lead to punishment of with a fine of Rs. 100/- as per section 65 of stamp act.
As per Section 3 of Indian Stamp Act, certain receipts/instruments and other documents are required be affixed with revenue stamp. The section 2(23*) in of Indian Stamp Act, 1899 defines ‘Receipt’ as under.
“Receipt” includes any note, memorandum or writing—
(a) Whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or
(b) Whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or
(c) Whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or;
(d) Which signifies or imports any such acknowledgment, and whether the same is or is not signed with the name of any person
*One-rupee stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs 5,000 (earlier Rs.500/-).This amendment has come w.e.f. 10.09.04. The stamp is required to be affixed in respect of receipt which has been defined as under in Section 2(23) of the Stamp Act
In sale transactions deeds, payment of consideration is established by annexing to the deed a revenue stamp affixed receipt (of advance payment(s) or final payments). Besides stamping of receipts for payment considerations, main documents like Demand Promissory Notes (Pro-notes/DPN), acknowledgement of debts/ Revival Letters (RL) when affixed with proper revenue stamps are admitted in the Courts as prima facie evidence. Nevertheless, to get such instruments//documents admitted as evidence of payments, it is important to effectively cancel the revenue stamps before or at the time of execution of document. The best way of cancellation of revenue stamp is by sign over all the stamps in such a manner that signature extends even beyond the stamps. However, no need to affix revenue stamps for the receipts on withdrawals from bank account, as they are not in the nature of receipts defined under Indian stamp act 1899.
In acknowledgement of debt how much value of revenue stamp is to be affixed
One Rupee Revenue Stamp.
Sir .. Is crossed revenue stamp without sign over it acceptable
Yes. But the the recipient of money must sign on the receipt as an acknowledgement.At least the stamp affixed should be marked/ crossed so that it cannot be reused.
Is revenue stamp is required on Letter of Revival? If so what amount?
You may obtain signature/s on one Rupee revenue stamp.
NAMASKAR
SIR, I WANT TO KNOW THAT, IS REVENUE STAMP REQUIRED ON E-PAYMENT(i.e NEFT/RTGS) TO GOVT. EMPLOYEE OR OTHER PERSONS/FIRMS
THANKS
There is a record of payment. No need to take acknowledgement from the beneficiary. Usually revenue stamp is required for cash payments not for transfer.
Can a bank decline loan after signing on revenue stamp and stamp paper.
Usually banks do not withhold or decline to release the loan after completion of execution of documents by the borrower /guarantor. However in certain compulsive circumstances, such as it comes to the knowledge of the bank that the collateral offered is disputed property or fake documents are submitted to the bank or any other fraudulent means are used by the borrower/guarantor to avail the loan, bank may refuse to release the loan on those grounds.
Actually we are running a software company and bank verify everything like our office, collateral and got everything is ok they processed the documents submitted by us open a CC account issue cheque book and amount showing in the account which I applied for. But at the last time bank saying that your loan is declined because we are from software company.
I am not able to understand the actual reason for declining your credit facility. You may complain to consumer forum, if you think that the bank has withdrawn your facilities without a valid reason. to know more click the following link https://bankingschool.co.in/knowledge-capsule/how-to-file-a-complaint-in-consumer-court/
While granting Overdraft against fixed deposit. Is it necessary to afixed revenue stamp on on fixed deposit receipt.
Yes. The depositor has to discharge the FD receipt on a one rupee revenue stamp affixed on the reverse side of the receipt.
On maturity of FD , i need its maturity amount to be transferred to my saving account.Is it necessary to afixe revenue stamp on fixed deposit receipt.
No need to affix revenue stamp on fixed deposit. A simple instruction asking the bank to transfer the deposit proceeds to your SB account either on the deposit receipt itself or through a separate letter is enough.
in making accpectance of acknowledgment of debt from the Borrower, in the course of retail business,customer asking to take goods on credit, is it valid to affix a revenue stamp on the acknowledgment& take borrowers signature, so as to make it legally boundable on the borrower to repay?
business size : medium enterprise dealing in gold jewellery & precious & semi-precious stones.
Section 2(2 3) of the Indian Stamp Act 1899 makes it mandatory for affixing of stamp on any receipt as defined therein above Rs 5000.[Previously it was Rs 500] 2(23) “Receipt” includes any note, memorandum or writing- (a) whereby any money or any bill of exchange, cheque or promissory note is acknowledged to have been received, or (b) whereby any other movable property is acknowledged to have been received in satisfaction of a debt, or (c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or (d) which signifies or imports any such acknowledgment; and whether the same is or is not signed with the name of any person “.
Besides, acknowledgment receipt on a revenue-stamp, a letter of agreement/DPN signed by the creditor is usually obtained as a supportive document.
Sir, I checked the indian stamp act section 30 it doesn’t show the figure as 5000/- for the revenue stamp requirement. So if it is stated by any amendment , please specify
A one-rupee stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs 5,000. This amendment has come w.e.f. 10.09.04. The stamp is required to be affixed in respect of receipt which has been defined as under in Section 2(23) of the Stamp Act.
Is revenue stamp required on receipt more than 5000/- cash received against loan EMI
Banks do not acknowledge over a revenue stamp on cash receipts. However, they do in case of cash payments on the redemption of a fixed-term deposit or bonds or Post Office saving instruments.
Can I use a signed document on revenue stamp as proof in the Indian court? (It is a handwritten letter to clear given cheques within respective dates and amount ) one of the cheque got bounced and notice sending period is already over.
The bounced cheque is also an acknowledgement of debt. The handwritten letter to clear the cheques duly acknowledged by discharging on revenue stamp deemed to be promissory note. Consult your lawyer to initiate legal action against the defaulter.
What if the Loan given in Cash is not acknowledged by signing on Revenue Stamp. Will this make this payment of loan as non tenable in the court in case of recovery dispute ?
Bank loans are given only to customers. The loan amount is not paid in cash. The loan amount is naturally credited to the borrower’s SB/Current account and asks the borrower to withdraw the money from the account or DD/Bankers cheques are issued directly to the supplier of the goods (for which purpose loan is availed) to the debit of the loan account.
Sir,
Please tell me Revenue stamp value one rupee effective date.
In view of the amendment of Schedule I, to the Indian Stamp Act 1899, the one-rupee stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs 5,000. This amendment has come w.e.f. 10.09.04.
Sir.
A flat owner paid for maintenance by cash or cheque Rs. 50000/O. In Bank saving account of Co. Op. Housing Service Society Ltd. And inform the Co. Op.Housing Service society Ltd. And demands To issue him a revenue stamped receipt. should it be given or not?
Sir,
I deal in a business where the cash received is exactly Rs 5000. Is it necessary to put a revenue stamp on the receipt? As i read, it is required if cash received exceeds Rs 5000.
Thanks
The one-rupee stamp is required to be affixed on any receipt, the amount or value of which exceeds Rs 5,000. No need to affix revenue stamp where the cash received is only Rs.5000/-
Sir.
A flat owner paid for maintenance by cash or cheque Rs. 50000/O. In Bank saving account of Co. Op. Housing Service Society Ltd. And inform the Co. Op.Housing Service society Ltd. And demands To issue him a revenue stamped receipt. should it be given or not?
It is simple, when you deposit money in the bank to the credit of your account, the bank does not issue a revenue stamped receipt. Here also he is depositing the money for the purpose of crediting the money to his flat maintenance account in the society. No need to issue a revenue stamped receipt.
Is Revenue Stamp need to be affixed on receipt of Payment above Rs. 5000/- through NEFT/RTGS mode or by Cheque.
Revenue stamp is necessary only cash payment exceeding Rs5000 made. It is not applicable where the payment is made by any other mode of payments like NEFT/RTGS/Cheque etc.
Revenue stamp is required for receipt of inter corporate deposit receipt?
Proper revenue stamps shall be affixed on certificate deposits as prima facie evidence to be admitted in the court.