Response

The Indian Stamp Act, 1899 was enacted to consolidate and amend the law relating to stamps. It extended to the whole of India, except the State of Jammu and Kashmir. The Indian Stamp Act, 1899 is Central Enactment and state have power to adopt the Indian Stamp Act, 1899 with amendment to same to suit the transaction peculiar to each state. Certain state’s have introduce Schedule I to the Indian Stamp Act, 1899 being the stamp duty payable in the state.

Rs. 10 stamp papers are used for the purpose of affidavits, declarations and declarations. While for agreements Rs. 50 stamp papers are used. Rs. 10 stamp papers are valid for declarations. You also have the family settlement stating that opponent cannot use the disputed space as road or pathway. A family settlement is precisely a mutual agreement between family members regarding the distribution of property assets among themselves. The parties to this family settlement must be related to each other and must have a legal right to share in the property in question.Apart from this, it is not mandatory to register and stamp the family settlement agreement.

Courts have a duty to uphold and give full effect to an arrangement regarded by the parties themselves..

Reference: Indian Stamp Act, 1899

202100125202100438452

LAWAYZ-2023-462