Amendment status not verified — confirm the current text below against the official source.
LEASE, including an underlease and any agreement to let or sublet — (a) where by such lease the rent is fixed and no premium is paid or delivered — (i) where the lease purports to be The same duty as Bond for a term of less than one (No,15) for the whole year; amount payable or deliverable under such lease (ii.) where the lease purports to be The same duty, as a Bond for a term of not less than one (No. 15) for the amount year but not more than five or value of the average years; annual rent reserved. (iii) where the lease purports to be The same duty as a Con- for a term exceeding five years veyance (No. 23) for a con- and not exceeding ten years; sideration equal to the amount or value of the average annual rent reserved. (iv) where the lease purports to be The same duty as a con- for a term exceeding ten years, veyance (No. 23) for a con but not exceedingtwentyyears; sideration equal to twice the amount or value of the average annual rent reserved. (vi) where the lease purports to be The same duty as a Con- for a term exceeding twenty veyance (No.23) for a con- years; but not exceeding thirty sideration equal to three years times the amount or value of the average annuals rent reserved. (vi) where the lease purports to be The same duty as a Con- for a term exceeding thirty veyance (No. 23) for a con- years, but not exceed one sideration equal to four hundred years; times the amount or value of the average annual rent reserved. (vii) where the lease purports to be The same duty as a Con- for a term exceeding one vence (No. 23) for a con- hundred years or in per- sideration equal in the petulity; case of a lease granted solely for agricultural pur poses to one-tenth and in any other case to one sixth of the whole amount of rents which would he paid or delivered in respect of the first fifty years of the lease. (viii) where the lease does not pur- The same duty as a Con- port to be for any definete veyance(No.23)for a con- term; sideration equal to three times the amount or value of the average annual rent which would be paid or delivered for the first ten years if the lease con tinued so long. (b) where the lease is grante4 for The same duty as a Con- a fine or premium or for money veyance (No. 23) for a con- advanced and where no rent sideration equal to the is reserved; amount or value of such fine or premium or ad vance as set forth in the lease. (c) where the lease is granted for The same duty as a Con- a fine or premium, or for veyance(No.23)foracon- money advanced, in addition sideration equal to the to rent reserved, amount or value of such fine or premium, or ad vance 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 inpursuance of such agreement is subsequently executed, the duty on such lease shall not exceed one rupee and thirty paise. Exemption Lease executed in the case of a cultivator and for the purpose 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. In this exemption a lease for the purposes of cultivation shall include a lease of lands for cultivation together with homestead or tank. EXPLANATION— When a lessee undertakes to pay any recurring charge, such as Government revenue the landlord’s share of cases, or the owner’s share of municipal rates of taxes which is by law recoverable from the lessor, the amount so agreed to be paid by the lessee shall he deemed to he part of the rent.