The stamp duty calculated for trader with address based on TN doesn’t have a upper limit ( unlike Karnataka where the max charged is 50/- Source : http://zerodha.com/brokerage_calculator).
To protest this discrepancy in the charges, few broker houses got interim injuction against this order - (Refer : http://articles.economictimes.indiatimes.com/2013-07-16/news/40613309_1_kotak-securities-and-sharekhan-tamil-nadu-duty-rates)
Does this only apply to those broker houses or to all brokerages. If it applies to all traders, then what will be the max duty charged(as in earlier cases before the hike/upper limit removal)
Will traders be refunded of the excess duty charged?
The injunction was against increasing the rate of Stamp duty from 600 to 1000/crore. Tamil Nadu never had an upper cap on the Stamp duty.
The problem is that it doesn’t provide a level playing field to all market participants in the sense that someone trading out of Tamil Nadu will breakeven at a higher point only because he is trading from Tamil nadu.
Yes, this applies to all brokerages. For now it is charged according to the State from where the client belongs. We hope there is a uniform rate of stamp duty charged across the country which will benefit all market participants.
About refunding, I don’t think there’ll be any refund.
Thanks. You guys rock with instant answers (of-course with objective and meaningful ones). Kudos to you and your team
When did this change happen during July 2014 I saw it was max 50 rupees for turnover above 8.33 Lakhs?
OMG, when did they change?