Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.10 of 1976. Entertainment tax. Exemption from entertainment tax. Returns by persons in charge of entertainment. Tax on transfer of property. 218 [Act No. II of 1956] (b) 280[at such rate as may be fixed by the Government, not exceeding five percentum] on the amount specified below against each instrument :- Description of instrument. Taxable Amount. 280[(i) sale of immovable Property. The amount or value of the consideration for the sale, as set-forth in the instrument or the market value of such property, whichever is higher. (ii) Exchange of immovable Property. The value of the property of the greater value, as set forth in the instrument or the market value of such property, whichever is higher. (iii) Gift of immovable property. The value of the property as set-forth in the instrument or the market value of such property, whichever is higher.] (iv) Mortgage of immovable property. The amount secured by the mortgage, as setforth in the instrument. (2) All the provisions of 280[the Indian Stamp Act, 1899] and the rules made thereunder shall mutatis mutandis apply