Section 8A of the Indian Stamp Act, 1899 provides about **securities d…

Question

Section 8A of the Indian Stamp Act, 1899 provides about **securities dealt in by a depository**. Which of the following transfers is NOT liable to stamp duty under Section 8A?

Accepted Answer

D. {'text': 'Transfer of registered ownership of securities from a person to a depository or from a depository to a beneficial owner', 'label': 'D'}

1. Section 8A of the Act (inserted to facilitate dematerialisation under the Depositories Act, 1996) carves out several depository-related transactions from stamp duty.
2. The transfer of (i) **registered ownership of securities** from a person to a depository or from a depository to a beneficial owner; (ii) **beneficial ownership** of securities dealt with by a depository; and (iii) beneficial ownership of mutual fund units (including UTI units) dealt with by a depository — **shall not be liable to duty** under the Act or any other law in force.
3. The carve-out does not extend to immovable property, motor vehicles or IP.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 14 (Indian Stamp Act, 1899), pp. 337-353._

Answer

{'text': 'Transfer of registered ownership of intellectual property under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'A'}

Answer

{'text': 'Transfer of registered ownership of immovable property under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'B'}

Answer

{'text': 'Transfer of registered ownership of a motor vehicle under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India', 'label': 'C'}