Stamp duty is a form of tax that is levied by the government on various types of documents. It is a way for the government to generate revenue from different types of transactions. In Delhi, stamp duty is imposed on agreements, and it is an important aspect of the legal system that all citizens should be aware of.

An agreement is a legal document that is used to formally establish a relationship between two or more parties. This could be a contract between an employer and an employee, a lease agreement between a landlord and a tenant, or an agreement between two companies. When an agreement is made, it is necessary to pay stamp duty to make it legally valid.

Stamp duty on agreements in Delhi is calculated based on the value of the transaction or the market value of the property. The percentage of stamp duty payable varies depending on the type of agreement, the value of the transaction, and the location of the property.

In Delhi, stamp duty on a lease agreement is 2% of the total rent for the term of the lease. If the lease period is more than five years, the stamp duty is 3% of the total rent. In case of a sale or purchase agreement, the stamp duty is payable at the rate of 6% of the total consideration, which is the amount paid or promised to be paid for the property.

It is important to note that stamp duty in Delhi is payable within 30 days of execution of the agreement. Failure to pay stamp duty can lead to legal and financial complications. For instance, the agreement may not be admissible as evidence in court, and the parties involved may be liable to pay a penalty or interest.

Stamp duty is an essential part of any legal transaction in Delhi. It is important to understand the rules and regulations surrounding stamp duty, as well as the financial implications of not paying it on time. If you need assistance with any aspect of stamp duty, you can consult a professional who is experienced in the legal and financial aspects of transactions in Delhi.