Amendment status not verified — confirm the current text below against the official source.
Power to reduce, reduce, remit 0r compound duties. — (l) The Goyemment may, by rule or order published in the Official Gazette, - (a) reduce or remit, whether prospectively or retrospectively, in the whole or any part of the territories under its administration, the duties with which any instruments or any particular class of instruments, or any of the instruments belonging to such class, or any instruments when executed or in favour of any particular class of persons, or by or in favour of any members of such class, are chargeable, and (b) provide for the composition or consolidation of duties in the case of issues by any incorporated company or other body corporate [or of transfers (where here is single transferee, whether incorporated or not)] of debentures, bonds or other marketable securities. (2) In this section the expression “the Goyemment” means — (a) (b) in relation to stamp duty in respect of bills of exchange, cheques, promissory notes, bills of ladmg, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts, and in relation to any other stamp-duty chargeable under this Act and falling within entry 96 in List I in the Seventh Schedule to the Constitution, the Central Goyemment; save as aforesaid, the State Goyemment. NOTIFICATIONS Notification N0. F. B-6-23-V-SR—85 (1) dated the lSt September, 1989. — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (II of 1899) the State Goyemment hereby remit stamp duty chargeable on instruments of sale deed / lease deeds executed to acquire land in favour of the members of a family displaced on account of the Narmada Valley Project subject to the following conditions namely :- [(a) (b) (C) [(d) (e) A certificate bearing the name of the displaced person, area of the land acquired and the amount of compensation from the Land Acquisition Officer or the Rehabilitation Officer of the Proj ect area is given to the concerned displaced person; The land is purchased by the displaced person anywhere in the state ofMadhya Pradesh during the process of rehabilitation;] The position in (a) and (b) above is expressed in the instrument of transfer itself; and The eligibility of exemption from the Stamp duty shall be limited to the amount of duty payable on the value of land purchased equal in area of his land acquired or the amount of compensation, whichever is higher; The Stamp duty due on such instrument in accordance with the provisions of the Indian Stamp Act, 1899 shall be re-imbursed by the Narmada valley Development Authority to the Commercial Taxes Department in the same financial year in which the registration of sale deed/lease deed takes place] Notification N0. F.B.—4-28-V-C-TaX-89 (15) dated the 27th June, 1990. — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (II of 1899) the State Goyemment hereby remit in whole the stamp duty chargeable of Affidavits submitted under Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985 (No. 21 of 1985). Notification N0. (33) B-4-23-95-CTD-5 dated the 21st December, 1995. — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899) and in supersession of this Department Notification No. F-2592-B-6-23-V-SR-86, dated 15-5-87 and F-3148- B-4-3-VSR-88 the State Goyemment hereby remits the stamp duty, with effect from Ist January 1996 in the whole of the State of Madhya Pradesh, chargeable on instruments of sale/lease executed by Madhya Pradesh Housing Board, Nagar Vikas Pradhikarans and Madhya Pradesh Housing Federation Ltd, in favour of persons of Economically Weaker Sections and Lower income Group subject to the conditions that :- (A) Where the purchase/lessee belongs to economical weaker section - (i) If he produces a certificate from the seller/lessor to the effect that he belongs to the economically weaker section, (ii) If the cost of plot together with building thereon does not exceed Rs. 50,000 and in case of plot only the cost thereof not exceed Rs. 15,000 on the date of allotment of the buildmg/plot, (iii) If the area of the plot with or without building is not more than 60 square meters. (B) Where the purchaser/lessee belongs to Lower Income Group- (i) If he produces a certificate from the seller/lessor to the effect that he belongs to lower income group, (ii) If the cost of plot together with building thereon does not exceed Rs. 75,000 and in case of plot only the cost thereof does not exceed Rs, 25,000 on the date of allotment of the buildmg/plot, (iii) If the area of the plot with or without building is not more than 96 sq. meters. Explanation — For the purpose of this order- (i) Purchaser/Lessee belonging to economically weaker section means a person whose family’s monthly income from all courses does not exceed Rs. 1,250/- on the date of allotment of the buildmg/plot. (ii) Purchaser/Lessee belonging to lower income group means a person whose family income from all sources exceed RS. 1,250/- but does not exceed Rs. 2,650/- on date of allotment of the buildmg/plot. Notification N0. (39)-R—4—2-96-CTD-V dated the 23rd August, 1996 — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899), the State Goyemment hereby remits the stamp duty chargeable under Article 45 of Schedule I-A of the said Act in respect of deeds of partition of agricultural land between joint Khatedars, under following conditions :-