Amendment status not verified — confirm the current text below against the official source.
POLICY OF INSURANCE.- Rs. 5 The same duty as a Bond (No. 15) for the amount of the value of the separated shares or shares d the property. N.B. : The largest share remaining after the property is partitioned (or, if there are two or more shares of equal value and not smaller than any of the other share, then one of such equal shares)shall be deemed to be that from which the other shares are separated ; Provided always that- (a) when an instrument of partition containing an agreement to divide property in severally is executed and partition is effected in pursuance of such agreement the duty chargeable upon the instrument affecting such partition shall be reduced by the amount of duty paid in respect of first instrument but shall not be less than four rupees. (b) where land is held on revenue settlement for a period not exceeding thirty years and paying the full assessment, the value for the purpose of duty shall be calculated at not more than five times the annual revenue. (c) where a final order for effecting a partition passed by an Revenue authority or any Civil Court, or an award by an arbitrator directing a partition, is stamped with the stamp required for an instrument of partition, and an instrument of partition in pursuance of such order or award is subsequently executed, the duty on such instrument shall not exceed rupees four. The same duty as (Bond No. 15). Rs. 100.00 Rs.50.00 I} A-SEA INSURANCE (See section 7) (1) for or upon any voyage- (i) where the premium or consideration does not exceed the rate of one-eights per centum o, the amount insured by the policy; (ii) in any other case, in respect of every full sum of one thousand live hundred rupees and also any fractional part of one thousand five hundred rupees insured by the policy; (2) for time- (i) in respect of every full sum of one thousand rupees and also any fractional part of one thousand rupees insured by the policy (ii) where the insurance shall be made for any time not exceeding six months; (iii) where the insurance shall be made for any time exceeding six months and not exceeding twelve months. B.- FIRE-INSURANCE AND OTHER CLASSES OF INSURANCE, NOT ELSEWHERE INCLUDED IN TH IS ARTICLE, COVEBING GOODS, MERCHANDISE, PEBSONAL EFFECTS, (BOPS AND OTHER PROPERTY AGAINST LOSS OR DAMAGE. (1) in respect of an original policy (i) when the sum insured does not exceed Rs. 5,000; (ii) in any other case; and (2) in respect of each receipt for any payment of a premium on any renewal of an original policy. C. - ACCIDENT AND SICKNESS INSURANCE- (a) against railway accident, valid for a single Journey only. Exemption When issued to a passenger traveling by the intermediate or the third class in any railway; (b)in any other case-for the maximum amount which may become payable in the case of any single accident or sickness where such amount does not exceed Rs.1 ,000, and also where such amount exceeds Rs. 1,000 for every Bs. 1 ,000 or part thereof. CC- INSURANCE BY WAY OF INDEMNITY against liability to pay daages on account of accident to workmen employed by or under the insurer or against liability to pay compensation under the Workmen's Compensation Act, 1923 (8 of 1923), for every Rs.100 or part thereof payable as premium. D.- LIFE INSURANCEIORGBOUP INSURANCE OR OTHER INSURANCE] NOT SPECIFICALLY PROVIDED FOR, except such a If drawn singly if drawn in duplicate for each part. Five paise Five paise Five paise Five paise Ten paise Ten paise Ten paise Ten paise Twenty five paise Fifty paise One-half of the duty payable in respect of the original policy in addition to the amount, if any chargeable under No. 53. Five paise Ten paise provided that, in case of a policy of insurance against death by ' accident when the annual premium payable does not exceed (Rs. 2.50) per Rs. 1000, the duty on such instrument shall be five paise for every Rs. 1 ,000 or part thereof the maxi mum amount which may become payable under it. five paise. If drawn singly if drawn in duplicate for each part. RE-INSURANCE, as is described in Division E of this article- (i) for every sum insured not exceeding Rs. 250; (ii) for every sum insured exceeding Rs. 250 but not exceeding Rs. 500; (iii) for every sum insured exceeding Rs. 500 but not exceeding Rs. 1 ,000 and also for every Rs. 1,000 or part thereof in excess of Rs. 1,000. Exemption: Policies of life-insurance granted by the Director General of Post Offices in accordance with rules for Postal life insurance issued under the authority of the Central Government. E.- RE-INSURANCE BY AN INSURANCE COMPANY which has granted in a POLICY [of the nature specified Division A or Division B of this Article, with another company by way of indemnity or guarantee against the payment on the original insurance of a certain part of the sum insured thereby. General Exemption Letter of cover or engagement to issue a policy of insurance: Provided that, unless such letter or engagement bears the stamp prescribed by this Act for such policy, nothing shall be claimable there under, nor shall it be available for any purpose, except to the compel the delivery of the policy therein mentioned.