Amendment status not verified — confirm the current text below against the official source.
Duty on transfer of property.- (1) The Duty on transfer of property shall (a) in the form of a surcharge on the Duty imposed by the Indian Stamp Act, 1899 (Central Act II of 1899), as in force for the time being in the State of Tamil Nadu, on 86 every instrument of the description specified below, which relates to immovable property situated in the area under the jurisdiction of a Village Panchayat; and (b) at such rate, as may be fixed by the Government, not exceeding five per centum on the amount specified below against each instrument:- (i) Sale of immovable property The market value of the property as set forth in the instrument, and in a case where the market value is finally determined by any authority under Section 47-A of the Indian Stamp Act, 1899 (Central Act II of 1899), the market value as so determined by such authority. (ii) Exchange of immovable property The market value of the property of the greater value as set forth in the instrument, and in a case where the market value is finally determined by any authority under Section 47-A of the Indian Stamp Act, 1899 (Central Act II of 1899), the market value as so determined by such authority. (iii) Gift of immovable property The market value of the property as set forth in the instrument, and in a case where the market value is finally determined by any authority under Section 47-A of the Indian Stamp Act, 1899 (Central Act II of 1899), the market value as so determined by such authority. (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 An amount equal to the one-sixth of the whole amount or value of the rents which would be paid or delivered in respect of the first fifty years of the lease, as set forth in the instrument. 1[(vi) Release of Benami right in favour persons excepted under sub-section (3) of Section 4 of the Benami Transactions (Prohibition) Act, 1988 (Central Act 45 of 1988), of immovable property. The market value of the property as set forth in the instrument, and in a case where the market value is finally determined by any authority under Section 47-A of the Indian Stamp Act, 1899 (Central Act II of 1899), the market value as so determined by such authority. (vii) Settlement of immovable property The market value of the property as set forth in the instrument, and in a case where the market value is finally 87 other than in favour of a member or members of a family determined by any authority under Section 47-A of the Indian Stamp Act, 1899 (Central Act II of 1899), the market value as so determined by such authority. Explanation.- For the purpose of this item, the word “family” shall have the same meaning as in the Explanation to item (i) of clause (a) of Article 58 in Schedule I of the Indian Stamp Act, 1899 (Central Act II of 1899) as amended by the Indian Stamp (Tamil Nadu) Amendment Act, 1981 (Tamil Nadu Act 42 of 1981)]. (2) On the introduction of the Duty aforesaid- (a) Section 27 of the said Indian Stamp Act shall be read as if it specifically required the particulars to be set forth separately in respect of property situated in the areas under the jurisdiction of Village Panchayat and in respect of property situated outside such area; (b) Section 64 of the said Act shall be read as if it referred to the Village Panchayat as well as the Government. 2[(3)***]; 2[(4)***] 3[175-A. Apportionment of Entertainment Tax among Panchayats.- Notwithstanding anything contained in Section 13 of the Tamil Nadu Entertainments Act, 1939 (Tamil Nadu Act X of 1939) so far as Panchayats are concerned, ten per cent of the proceeds of the tax under Section 4, Section 4-F and Section 4-H of that Act collected every year shall be credited to the Government and the balance of ninety percent shall be distributed among Village Panchayats, Panchayat Union Councils and District Panchayats in such proportions as the Government may fix.]