Amendment status not verified — confirm the current text below against the official source.
Duty on transfers of property - (1) The duty on transfers of property shall be levied by the Government,- (a) in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899 (Central Act 2 of 1899) as in force for the time being in the State, on every instrument of the description specified below, in so far as it relates to the whole or part of immovable property as the case may be, situated in the area under the jurisdiction of a gram panchayat; and (b) at such rate as may be fixed by the Government not exceeding five percentum on the amount specified below against such instrument:- Description of instrument Amount on which duty shall be levied. (1) (2) (i) Sale of immovable property. The amount of value of the consideration for the sale, as setforth in the instrument or the market value of the property which is the subject matter of the sale, whichever is higher. (ii) Exchange of immovable property. The market value of the property of greater value which is the subject matter of exchange. (iii)Gift of immovable property. The market value of the property which is the subject matter of the gift. (iv) Mortgage with possession of immovable property. The amount secured by the mortgage as setforth in the instrument. (v) Lease for a term exceeding one hundred years or in perpetuity of immovable property. An amount equal to one sixth of the whole amount or value of the rents which would be paid or delivered in respect of the first fifty years of the lease, as setforth in the instrument. (2) On the introduction of the duty aforesaid- (a) section 27 of the Indian Stamp Act, 1899 (Central Act 2 of 1899) shall be read as if it specifically required the particulars to be set- forth separately in respect of property situated in the area under the jurisdiction of a gram panchayat and in respect of property situated outside such area; and (b) section64 of the same Act shall be read as if it referred to the gram panchayat as well as the Government. (3) The duty levied under this section shall be apportioned among the gram panchayat, *[Mandal Praja Parishad] and the *[Zilla Praja Parishad] concerned in such manner as may be prescribed. (4) The Government shall make rules for regulating the collection of the duty and the apportionment thereof among the gram panchayat, *[Mandal Praja Parishad] and *[Zilla Praja Parishad] concerned and the deduction of any expenses incurred by the Government in the collection thereof. (5) The Government may by order exempt, subject to such conditions and terms as may be specified therein, any instrument or class of instrument from the levy of duty under this section.