Amendment status not verified — confirm the current text below against the official source.
Method of assessment of duty on transfer of immovable property.- (1) The duty imposed by the Indian Stamp Act, 1899 (II of 1899), on instruments of sale, gift and usufructuary mortagage, respectively of immovable property, shall in the case of instruments affecting immovable property, shall in the case of instruments affecting immovable property situated within the limits of any Municipality and executed on or after the date on which the provisions of this Act come into force within Municipality be increased by one percentum on the The Madhya Pradesh Municipalities Act, 1961 62 value of the property so situated, or in the case of an usufructuary mortgage on the amount secured by the instrument as setforth in the instrument: Provided that nothing herein shall apply in case of the transfer of property where the value of the property so transferred or in the case of usufructuary mortgage the amount so secured does not exceed two thousand rupees. (2) For the purpose of this section, Section 27 of he Indian Stamp Act 1899 (II of 1899), shall be read as if it specifically required the particulars referred to therein to be set forth separately in respect of- (a) property situated in any Municipal area; (b) property not situated in any Municipal area. (3) The State Government shall, every year, pay to each Council from the Consolidated Fund of the State a grant-in-aid approximately equal to the extra duty realized under sub-section (1) in respect of the property situate within the are of each such Municipality. (4) The State Government may make rules for carrying out the purposes of this section.