The Draft Indian Stamp Bill, 2023, proposes significant changes to India's Stamp Duty Laws as under:
‣ Introduction of Electronic Stamps (Clause 2(18)): E-stamps for digital transactions
‣ Inclusion of Electronic Records (Clause 2(20)): Expanded 'Instrument' definition to cover e-records
‣ Expanded Lease Definition: Includes lease agreements, mining licenses, and more
‣ Revised Market Value Criteria (Clause 2(25)): Revises the criteria to determine the 'Market Value' of properties, aiming to ensure fair valuation practices
‣ SEZ Exemptions (Clause 3): Specific exemptions for transactions in SEZs
‣ Increased Stamp Duty for Duplicates (Clause 6): Deters document duplication
‣ Stamp Duty Clarity for Gift Deeds (Clause 39): Transparent duty assessment
‣ Addressing Under-Valuation (Clause 57A): Focusing on tackling the issue of under-valuation to prevent tax evasion
‣ Omission of Redundant Provisions: Omission of outdated sections (Section 54A, 54B, 77A, 77B, 70, 71, 72)
