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Stamp Duty is a tax levied on various types of transactions, primarily on documents such as property sales deeds, agreements, and share transfers. The tax amount is usually a percentage of the transaction value and is paid to the government.
Stamp Duty is typically applicable to transactions involving the transfer of ownership or rights to a property, including real estate, stocks, and some financial instruments. The exact types of transactions subject to Stamp Duty vary from country to country and sometimes even within regions of a country.
The calculation of Stamp Duty depends on the country or region's regulations and the type of transaction. Generally, the tax amount is based on the transaction value or the market value of the asset being transferred. Some areas may have progressive tax rates, where the tax percentage increases with higher transaction amounts.
In most cases, the buyer or the transferee is responsible for paying Stamp Duty. However, in some jurisdictions, the responsibility may lie with the seller or the transferor. It's essential to clarify this before entering into any transaction subject to Stamp Duty.
Stamp Duty is generally non-refundable, but there may be certain exceptions or circumstances in which a refund is possible. For instance, if the transaction is canceled or falls through, some jurisdictions may offer a refund of the paid Stamp Duty.
