Notifications under the Indian Stamp Act (49 II 2 v6)
The Government of Tamil Nadu, Commercial Taxes and Registration Department, published a set of Gazette notifications in G.O. (Rt) Nos. 407, 433, 439, 440, 444, 445, 446, 447, 448, 449, 450, 451, 455, 456, 462 and 463, dated between 19th September 2022 and 21st November 2022, to allow consolidated stamp duty payments for specified insurance policies issued by named offices of Life Insurance Corporation of India, New India Assurance Company Limited, United India Insurance Company Limited and Cholamandalam MS General Insurance Company Limited. The same Gazette pages also include an amendment in G.O. (Rt) No. 439, Commercial Taxes and Registration (J1), dated 19th October 2022, which changes an earlier notification by substituting the date 30.11.2022 for 30.9.2022.
What this Gazette notification does
The Government of Tamil Nadu, Commercial Taxes and Registration Department, used powers under the Indian Stamp Act, 1899 to permit consolidated payment of stamp duty for insurance policies issued by specific insurance offices for stated periods. Instead of dealing with duty policy by policy in these cases, the Gazette fixes a lump sum duty amount for each named office or business.
Who it affects
This Gazette notification mainly affects:
- Life Insurance Corporation of India offices named in Chennai, Salem, Sellur, Madurai and Thanjavur
- New India Assurance Company Limited offices named in Vellore, Chennai, Arakkonam and Pattulos Road, Chennai-2
- United India Insurance Company Limited, Chennai-4
- Cholamandalam MS General Insurance Company Limited, Chennai
- Policyholders and businesses dealing with these offices during the periods stated in the notifications
For most property buyers and owners, this is not a land regulation. It is a stamp duty administration measure for insurance business.
Key notifications published
The Gazette provides consolidated duty amounts and periods for these insurers and offices:
- Life Insurance Corporation of India, Divisional Office-I, Chennai, for 1.10.2022 to 31.12.2022
- Life Insurance Corporation of India, Divisional Office, Sellur, Madurai, for 01.09.2022 to 31.03.2023
- Life Insurance Corporation of India, Divisional Office-II, Chennai, for 01.10.2022 to 31.12.2022
- Life Insurance Corporation of India, Divisional Office, Salem, for 01.10.2022 to 31.12.2022
- Life Insurance Corporation of India, Divisional Office, Thanjavur, with listed branches under Thanjavur Division, for 1.10.2022 to 31.12.2022
- New India Assurance Company Limited, Vellore, for 1.10.2022 to 30.9.2023
- New India Assurance Company Limited, Divisional Office, Rani Seethai Hall, Chennai, for a Marine Hull policy to M/s. NIOT for TDV Sagar Tara, Hull and Machinery policy, for 9.8.2022 to 8.8.2023
- New India Assurance Company Limited, Divisional Office, T. Nagar, Chennai, for 1.11.2022 to 31.10.2023
- New India Assurance Company Limited, Divisional Office, Anna Salai, Chennai, for 1.8.2022 to 31.7.2023
- New India Assurance Company Limited, Tondiarpet, Chennai, for 1.9.2022 to 28.2.2023
- New India Assurance Company Limited, Stuartpet, Arakkonam, for 1.9.2022 to 31.8.2023
- New India Assurance Company Limited, Divisional Office (713600), T. Nagar, Chennai, for 1.10.2022 to 30.09.2023
- New India Assurance Company Limited, Pattulos Road, Chennai-2, for 01.10.2022 to 30.09.2023
- United India Insurance Company Limited, Chennai-4, for 1.4.2022 to 31.3.2023
- Cholamandalam MS General Insurance Company Limited, Chennai
Amendment published
G.O. (Rt) No. 439, Commercial Taxes and Registration (J1), dated 19th October 2022, amends Notification No. II(2)/CTR/498/2022 published in Tamil Nadu Government Gazette No. 26, dated 29.6.2022. It substitutes the expression 30.11.2022 in place of 30.9.2022.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does this Gazette notification change land registration rules for property buyers?
No. The text deals with consolidated stamp duty for insurance policies issued by named insurance offices. It is not a notification about land classification, registration procedure or property transfer rules.
Which insurers are covered in these notifications?
The notifications name Life Insurance Corporation of India, New India Assurance Company Limited, United India Insurance Company Limited and Cholamandalam MS General Insurance Company Limited, with specific offices and periods.
Is there any amendment to an earlier notification?
Yes. G.O. (Rt) No. 439, Commercial Taxes and Registration (J1), dated 19th October 2022, amends Notification No. II(2)/CTR/498/2022 published in Gazette No. 26 dated 29.6.2022 by substituting 30.11.2022 for 30.9.2022.
Does the Gazette mention a special case policy?
Yes. It includes a notification for New India Assurance Company Limited, Divisional Office, Rani Seethai Hall, Chennai, covering issue of Marine Hull policy to M/s. NIOT for TDV Sagar Tara, Hull and Machinery policy, for the period from 9.8.2022 to 8.8.2023.
