Stamp Duty for Locker Agreement in Haryana

Stamp Duty for Locker Agreement in Haryana: All You Need to Know

In Haryana, lockers are commonly used by banks and financial institutions to safeguard the valuables of their clients. When entering into a locker agreement, it is important to comply with the stamp duty regulations to avoid any legal issues in the future.

What is Stamp Duty?

Stamp duty is a type of tax levied by the government on various types of documents, including agreements, contracts, and deeds. It is payable to the state government and the amount varies based on the type of document and its value.

Stamp Duty for Locker Agreement in Haryana

In Haryana, the stamp duty payable on a locker agreement is determined by the value of the articles stored in the locker. The stamp duty rates for locker agreements are as follows:

– Articles worth up to Rs.5,000 – Rs.10

– Articles worth between Rs.5,001 to Rs.25,000 – Rs.50

– Articles worth between Rs.25,001 to Rs.1,00,000 – Rs.100

– Articles worth more than Rs.1,00,000 – Rs.200

If the locker agreement is for a period of less than one year, the stamp duty payable is calculated on a pro-rata basis. However, if the agreement is for a period of more than one year, stamp duty is calculated based on the total value of the articles stored in the locker for the entire period.

How to Pay Stamp Duty for Locker Agreement in Haryana

Stamp duty can be paid through the e-GRAS portal of the Haryana government. The user needs to create an account on the portal and select the appropriate option for paying the stamp duty on the locker agreement.

Once the payment is made, a copy of the receipt should be obtained and attached to the locker agreement. The agreement should then be signed by both parties and registered with the concerned authority to make it legally binding.

Conclusion

In summary, stamp duty is an important aspect of any locker agreement in Haryana. It is advisable to consult with a legal expert to ensure compliance with the stamp duty regulations and to avoid any legal issues in the future. With the proper understanding of the stamp duty regulations, both parties can enjoy a secure and hassle-free locker arrangement.