Amendment status not verified — confirm the current text below against the official source.
LEASE, including an under-lease or sub-lease and any agreement to let or sub-let— (a) whereby such lease the rent is fixed and no premium is paid or delivered— (i) where the lease purports to be for a term of less than one year; (ii) where the lease. purports to be for a term of not less than one year but not more than three years; (iii) where the lease purports to be for a term in excess of three years; (iv) where the lease does not purport to be for any definite term; (v) where the lease purports to be in perpetuity. The same duty as a Bond (No. 15) for the amount of the further charge secured by such instrument. The same duty as a Conveyance (No. 23) for a consideration equal to the value of the property, as set forth in such instrument. The same duty as a Security Bond (No. 57) for the same amount. The same duty as a Bond (No.15) for the whole amount payable or deliverable under such lease. The same duty as Bond (No. 15) for the amount or value of the average annual rent reserved. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of the average annual rent reserved. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of the average annual rent which would be paid or delivered for the first ten years if the lease continued so long. The same duty as a Conveyance (No. 23) for a consideration equal to one-fifth of the whole amount of rents which would be paid or delivered in respect the first fifty years of the lease. 43 Description of Instrument Proper Stamp-duty (b) where the lease is granted for a fine or premium or for money advanced and where no rent is reserved. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium or advance as set forth in the lease. (c) where the lease is granted for a fine or premium or for money advanced in addition to rent reserved. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium or advance as set forth in the lease, in addition to the duty which would have been payable on such lease if no fine or premium or advance had been paid or delivered: Provided that, in any case when an agreement to lease is stamped with the ad valorem stamp required for a lease, and a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed eight annas. Exemptions (a) Lease, executed in the case of a cultivator and for the purposes of cultivation (including a lease of trees for the production of food or drink) without the payment or delivery of any fine or premium, when a definite term is expressed and such term does not exceed one year, or when the average annual rent reserved does not exceed one hundred rupees. 1* * * * *