Who will pay the stamp duty?

Indian Stamp Act, 1899 is one of the oldest enactments. It levies tax on instruments not on transactions. Section 29 of the Act names the persons by whom stamp duty is payable. Provisions of this Section are applicable only if there is no agreement to the contrary. That means if there is a specific provision asking one of the parties to  pay stamp duty in the instrument, then Section 29 has no applicability.
Type of instrument		Stamp duty payable by
Policy of fire- insurance	:	The person issuing the policy.
Policy of insurance other than fire insurance	:	The person, who effecting the insurance.
Lease or agreement to lease	:	The lessee or intended lessee.
Conveyance	:	The grantee.
Section 2(10) defines “conveyance” as  conveyance includes a conveyance on sale and every instrument by which property, whether movable or immovable, is transferred inter vivos and which is not otherwise specifically provided for by Schedule I of the Act.
Counterpart of a lease	:	The lessor
An instrument of exchange	:	The parties in equal share.
A certificate of sale	:	The purchaser
Instrument of partition	:	The parties thereto in proportion to their shares.
Transfer of shares, debentures, marketable securities, indemnity bond, transfer of debentures,	:	The person, who drawing, making or executing such instrument.
Case study:
An agreement by a Company to execute a trust deed, to be prepared by the solicitors at the expense of the Company, implies an agreement that the Company would pay the stamp duty Dobson&Barlow v. Bengal Spinning and Weaving Co.
Section 21 of the Indian Stamp Act, 1899 provides for valuation of shares,  other marketable securities etc.