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Section 57: Statement of case by Chief Controlling Revenue-authority to High Court
Security-Bond or Mortgage Deed.– executed by way of security for the due execution of an office, or to account for money or other property received by virtue thereof, or executed by a surety to secure the due performance of a contract or the due discharge of a liability– in every case. 0.05% of the secured amount, subject to the minimum of Rs. 100 and maximum Rs. 1,000 and duty rounded off to nearest rupees Ten. Exemption: Bond or other instrument when executed— (a) by any person for the purpose of guaranteeing that the local income derived from private subscriptions to a charitable dispensary or hospital or any other object of public utility, shall not be less than a specified sum per mensem; (b) by persons taking advances under the Land Improvement Loans Act, 1883, or the Agriculturist’s Loans Act, 1884, or by their sureties, as security for the repayment of such advances; (c) by officers of Government or their sureties to secure the due execution of an office, or the due accounting for money or other property received by virtue thereof. Comments: Undertaking affidavit-Whether amounts to a mortgage deed.-The undertaking affidavit has to be charged as a mortgage deed, which has to suffer stamp duty as prescribed under Art. 40 of Schedule-I to the Indian Stamp Act. It was not correct to say that the affidavit merely disclosed an undertaking and if at all it was chargeable it could be only under Art. 57 (b) of Schedule-I to the Indian Stamp Act.
Source: official text of The Indian Stamp Act, 1899 as published on India Code (PDF). All sections of the Indian Stamp Act, 1899.