4.1 P.17 of the Act provides that all instruments submitted to Customs and executed in Maharshtra shall be stamped before or at the time of execution or immediately after or on the working day following the date of execution. (i) the tax on which it is levied or, in the case of an insufficiently stamped act, the amount necessary to offset that tax and the use: payment of stamp duty for transactions with civil and criminal courts. Section 3 of the Stamps Act is the royalty section that provides for the levying of stamp duty on certain instruments upon performance. The corresponding provision of section 3 is reproduced below: the stamp office determines the market value of the property by referring to an annual instalment statement (commonly known as stamp Duty Ready Reckoner) which shows the market values of different properties in Mumbai. The reckoner divides the property into different categories such as built-up land, undeveloped land, housing units, industrial/office units, shops, etc., and determines their market value accordingly. The same fee as that to be paid in accordance with points (a) and (b). [(b) any person who is not so designated and who acts with stamps other than stamps of twenty paises or of a lower value.] As regards the type of stamp, this can be done in three ways: – these are the documents on which the Union or the central government collects stamp duty. In addition, the governments of the Länder concerned may also tax certain documents. as regards the purchase of shares in a scheme by an investor by a project promoter, where the investor sells the unit, compensation for the tax paid on the transfer tax provided for in Point (a) of Article 25 would not be allowed if the amount, including the duty and fine, which that court considers to be paid for the act referred to in paragraph 34 [is paid to the court or collector, except: the collector considers that the offence was committed with the aim of evading the payment of the tax in due form; 1. A contract of sale providing for the transfer of ownership shall be considered a `transfer` and shall be stamped accordingly.
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