Amendment status not verified — confirm the current text below against the official source.
(1) For the purpose of this Act and subject to the provisions thereof every municipality shall impose the following taxes, namely:–– 1 [(a) taxes on lands and buildings or vacant lands or both situated within the municipal area (hereinafter referred to as ‘property tax’)] ; (b) if so authorised by the Government, a duty on transfer of property in the form of a surcharge on the duty imposed by the Stamp Act, Samvat 1977, on instrument of sale, gift and mortgage with possession of immovable property situated in municipal area at such rate as may be fixed by the Government not exceeding two per cent on, as the case may be, the amount of the consideration, the value of the property or the amount secured by the mortgage, as set forth in the instrument. (2) The duty imposed under clause (b) of sub-section (1) shall be collected by the Registrar or Sub-Registrar in the shape of non-judicial stamp paper at the time of registration of the document and intimation thereof shall be sent to the municipality immediately. The amount of the duty so collected shall be paid to the municipality concerned.