Stamp Duty on Supplementary LLP Agreement in Haryana

If you`re looking to establish a Limited Liability Partnership (LLP) in Haryana or already have one, it`s essential to consider the stamp duty requirements associated with it. A supplementary LLP agreement is an additional agreement that is made after the initial LLP agreement is signed. It may include changes such as new members joining the LLP or the allocation of profits and losses. In this article, we take a closer look at the stamp duty on supplementary LLP agreements in Haryana.

What is Stamp Duty?

Stamp duty is a tax that is levied on legal documents, including agreements, deeds, and other instruments. It is paid to the state government and varies depending on the state. Stamp duty is an essential aspect of legal compliance in India, and failing to pay the required amount can result in penalties and legal consequences.

Stamp Duty on Supplementary LLP Agreement in Haryana

In Haryana, stamp duty is levied on supplementary LLP agreements under the provisions of the Indian Stamp Act, 1899. The stamp duty is calculated as a percentage of the value of the LLP agreement, and the rates may vary depending on the nature of the transaction and the state.

The stamp duty on supplementary LLP agreements in Haryana is as follows:

– For LLP agreements with a capital contribution of up to Rs. 1 lakh, the stamp duty is Rs. 200.

– For LLP agreements with a capital contribution between Rs. 1 lakh and Rs. 10 lakhs, the stamp duty is Rs. 500.

– For LLP agreements with a capital contribution above Rs. 10 lakhs, the stamp duty is Rs. 1,000.

It`s important to note that the stamp duty is to be paid within 30 days from the date of execution of the supplementary LLP agreement. In case of delay, a penalty of 2% per month is levied on the amount of unpaid stamp duty.

Conclusion

Stamp duty is an essential aspect of legal compliance when it comes to establishing an LLP or making changes to it through supplementary LLP agreements. In Haryana, the stamp duty rates on supplementary LLP agreements are fixed based on the capital contribution of the LLP. As a professional, it is important to know the stamp duty requirements and to ensure that the supplementary LLP agreement is stamped in compliance with the law. This will ensure that the LLP is legally compliant and protected from legal consequences.