Amendment status not verified — confirm the current text below against the official source.
The Authority shall have the power to levy a duty on the transfer of immovable properties situated within the limits of the Metropolitan Region in addition to the duty imposed under the Stamp Act, 1977 on every instrument of the description specified below and at such rate, as the Government may by notification, direct, which shall not be more than two per cent of the amount specified below against such instruments :— (i) sale of immovable property—the amount or value of the consideration for the sale as set forth in the instrument ; (ii) exchange of immovable property—the value of the property or the greater value as set forth in the instrument ; (iii) gift of immovable property––the value of the property as set forth in the instrument ; (iv) mortgage with possession of immovable property––the amount secured by the mortgage as set forth in the instrument ; (v) lease in perpetuity of immovable property—the amount equal to one-sixth of the whole amount or value of the rent which shall be paid or delivered in respect of the first fifty years of the lease, as set forth in the instrument : Provided that the said duty shall be collected in such a manner as may be prescribed.