DEED OF HYPOTHECATION TO BE STAMPED AS MORTGAGE DEED IN DELHI
The Collector of Stamp (HQ), Office of Divisional Commissioner vide letter dated 05.12.2014 addressed to Reserve Bank of India and Indian Bank Association has clarified that
"It is clarified to all concerned that execution of Hypothecation Deed/Hire Purchase Agreements including vehicle and machineries financed on Hypothecation or Hire Purhase Basis when satisfying the definition of section 2(17) of Indian Stamp Act, executed within the jurisdiction of Govt. of NCT of Delhi shall fall under Article 40 (Mortgage Deed) Schedule -IA to Act and Chargeable to corresponding applicable duty vide Schedule -IA (applicable to NCT of Delhi). As per section 29 of the Indian Stamp Act the duty is payable by the person drawing, making or executing such instrument, in the absence of any agreement to the contrary."
The Collector of Stamp (HQ), Office of Divisional Commissioner vide letter dated 05.12.2014 addressed to Reserve Bank of India and Indian Bank Association has clarified that
"It is clarified to all concerned that execution of Hypothecation Deed/Hire Purchase Agreements including vehicle and machineries financed on Hypothecation or Hire Purhase Basis when satisfying the definition of section 2(17) of Indian Stamp Act, executed within the jurisdiction of Govt. of NCT of Delhi shall fall under Article 40 (Mortgage Deed) Schedule -IA to Act and Chargeable to corresponding applicable duty vide Schedule -IA (applicable to NCT of Delhi). As per section 29 of the Indian Stamp Act the duty is payable by the person drawing, making or executing such instrument, in the absence of any agreement to the contrary."
