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Information regarding bond from employee

hr.fabgear@gmail.com - Member Since: Nov 2010
Subject - Information regarding bond from employee

Hi Seniors,

What should the value of Stamp paper be for a bond given by employee for repayment of losses, damage, amount spent on training and the employee opts to quit the job, without complying to the service commitment made by the employee after completing the training ?

Should it be a bond or an Agreement to make it legally more effective ?

Whether it should be registered or notarised for initiating any legal action by the employer ?

Your advice requested.

Joe

saquibshaikh - Member Since: May 2009
Subject - Re: Information regarding bond from employee

As per Sr. No. 35 of SCHEDULE - I of Bombay Stamp Act Stamp Duty on every Indemnity Bond shall be Rs. 200/-.

JayeshAdhia - Member Since: Jul 2011
Subject - Re: Information regarding bond from employee

Hi, I have come to know that such types of BONDS are illegal especially if they are one-sided. Eventhough, if it's legal, could anyone please let me know whether Bombay Stamp Act is applicable to Gujarat also. If not, does Gujarat state has its own Stamp Duty Act?What will be the amount of Stamp Duty applicable for such a bond in Gujarat, if it's ranges from 1 to 50,000 and 50,001 to 1,00,000 and more than that ?

Topic Categories >> 1 ° hi seniors ° stamp duty °

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