Amendment status not verified — confirm the current text below against the official source.
(1) The Indian Stamp Act, 1899 (hereinafter referred to as the principal Act) shall, in its application to West Bengal, be amended for the purposes and in the manner hereinafter provided. (2) In Schedule IA to the principal Act,— (a) in article 23, in the column under the heading "Proper Stamp-duty",— (i) in clause (a), for the words "rupees twenty-five lakh", the words "rupees thirty lakh" shall be substituted; (ii) in clause (b), for the words "rupees twenty-five lakh", the words "rupees thirty lakh" shall be substituted; (iii) in clause (c), for the words "rupees twenty-five lakh", the words "rupees thirty lakh" shall be substituted; (b) after article 23 in the first column and the entry relating thereto in the second column, the following article in the first column and entries relating thereto in the second column shall be inserted:— `23A. Conveyance as defined in Explanation (i) to sub-section (10) of section 2 as amended by the Indian Stamp (West Bengal Amendment) Act, 1990 (West Ben. Act XVII of 1990)— (a) when made between family members (b) in other cases Explanation.—For the purpose of this article, "Family" shall have the same meaning as explained under article 33.'; (c) against item (i) of article 33 in the first column, in the column under the heading "Proper Stamp-duty", for the words "one-half of one per centum", the words "two per centum" shall be substituted; (d) in article 35,— (i) in clause (a) in the first column,— (A) against item (ii), in the column under the heading "Proper Stamp-duty", for the words "value of the average annual rent reserved", the words "value of the average annual rent reserved or ten per centum of market value of the property which is the subject-matter of the lease, whichever is higher" shall be substituted; (B) against item (iii), in the column under the heading "Proper Stamp-duty", for the words "value of the average annual rent reserved", the words "value of the average annual rent reserved or twenty-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher" shall be substituted; The same duty as a Gift [No. 33 (i)] on the market value of the property which is the subject-matter of the Conveyance. The same duty as a Conveyance (No. 23) on the market value of the property which is the subject-matter of the Conveyance. PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, AUGUST 30, 2011 3 The West Bengal Finance Act, 2011. (Section 2.) (C) against item (iv), in the column under the heading "Proper Stamp-duty", for the words "value of the average annual rent reserved", the words "value of the average annual rent reserved or fifty per centum of market value of the property which is the subject-matter of the lease, whichever is higher" shall be substituted; (D) against item (v), in the column under the heading "Proper Stamp-duty", for the words "value of the average annual rent reserved", the words "value of the average annual rent reserved or seventy-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher" shall be substituted; (E) against item (vi), in the column under the heading "Proper Stamp-duty", for the words "value of the average annual rent reserved", the words "value of the average annual rent reserved or ninety-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher" shall be substituted; (F) against item (vii), for the entry in the column under the heading "Proper Stamp-duty", the following entry shall be substituted:— "The same duty as a Conveyance (No. 23) for a consideration equal to four times the amount or value of the average annual rent reserved or ninety-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher."; (G) against item (viii), for the entry in the column under the heading "Proper Stamp-duty", the following entry shall be substituted:— "The same duty as a Conveyance (No. 23) for a consideration equal to four times the amount or value of the average annual rent reserved or ninety-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher."; (ii) for clause (b) in the first column and the entry relating thereto in the second column, the following clause in the first column and entries relating thereto in the second column shall be substituted:— "(b) where the lease is granted for a fine or premium, or for money advanced and no rent is reserved— (i) where the lease purports to be for a term of less than one year; The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease. 4 THE KOLKATA GAZETTE, EXTRAORDINARY, AUGUST 30, 2011 [PART III The West Bengal Finance Act, 2011. (viii) where the lease purports to be for a term exceeding five years but not more than ten years; (ix) where the lease purports to be for a term exceeding ten years but not more than twenty years; (x) where the lease purports to be for a term exceeding twenty years but not more than thirty years; (xi) where the lease purports to be for a term exceeding thirty years but not more than hundred years; The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease or ten per centum of market value of the property which is the subject-matter of the lease, whichever is higher. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease or twenty-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease or fifty per centum of market value of the property which is the subject-matter of the lease, whichever is higher. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease or seventy-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease or ninety-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher. (Section 2.) (ii) where the lease purports to be for a term of not less than one year but not more than five years; PART 11IJ THE KOLKATA GAZETTE, EXTRAORDINARY, AUGUST 30. 2011 5 The West Bengal Finance Act, 2011. (iii) where the lease does not purport to be for any definite term; The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease or ninety-five per centum of market value of the property which is the subject-matter of the lease, whichever is higher. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance as set forth in the lease or ninety-five per centutn of market value of the property which is the subject-matter of the lease, whichever is higher."; (Section 2.) (vii) where the lease purports to be for a term exceeding one hundred years or in perpetuity; (iii) for clause (c) in the first column and the entry relating thereto in the second column, the following clause in the first column and entries relating thereto in the second column shall be substituted:— "(c) where the lease is granted for a fine or premium, or for money advanced in addition to rent reserved— (i) where the lease purports to be for a term of less than one year; (ii) where the lease purports to be for a term of not less than one year but not more than five years; The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance 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. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance 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 or the same duty as a Conveyance (No. 23) on ten per centum of the market value of the property which is the subject matter of the lease, whichever is higher. 6 THE KOLKATA GAIhTTE, EXTRAORDINARY, AUGUST 30, 2011 [PART III The West Bengal Finance Act, 2011. (Section 2.) (iii) where the lease purports to be for a term exceeding five years but not exceeding ten years; (iv) where the lease purports to be for a term exceeding ten years but not exceeding twenty years; (v) where the lease purports to be for a term exceeding twenty years but not exceeding thirty years; The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance 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 or the same duty as a Conveyance (No. 23) on twenty-five per centum of the market value of the property which is the subject-matter of the lease, whichever is higher. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance 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 or the Same duty as a Conveyance (No. 23) on fifty per centum of the market value of the property which is the subject-matter of the lease, whichever is higher. The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance 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 or the same duty as a Conveyance (No. 23) on seventy-five per cerium, of the market value of the property which is the subject-matter of the lease, whichever is higher. PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, AUGUST 30, 2011 7 The West Bengal Finance Act, 2011. (Section 2.) (vi) where the lease purports to be for a term exceeding thirty years or in perpetuity or does not purport to be for any definite term; The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium, or advance 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 or the same duty as a Conveyance (No. 23) on ninety-five per centunz of the market value of the property which is the subject-matter of the lease, whichever is higher: Provided that in any case when an agreement to lease is stamped with the ad valorem stamp required for a lease, and a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed rupees ten."; (e) against article 45 in the first column, in the entry relating thereto in the second column, for the words "one-half of one per centum", the words "two per centum" shall be substituted; (f) for item A of article 58 in the first column and the entry relating thereto in the second column, the following item in the first column and entries relating thereto in the second column shall be substituted:— `A.—Instrument of (including a deed of dower)— (a) Settlement in favour of a member or members of a family; (b) Settlement in favour of persons other than family members; The same duty as a Gift [No. 33(i)] on the market value of the property for the settlement thereof for the purpose referred to in sub-clause (b) of clause (24) of section 2. The same duty as a Conveyance (No. 23) on the market value of the property for the settlement thereof for the purpose referred to in sub-clause (b) of clause (24) of section 2. 8 THE KOLKATA GAZETTE, EXTRAORDINARY, AUGUST 30, 2011 [PART III The West Bengal Finance Act, 2011. (Section 2.) (c) Settlement for any The same duty as a other purpose Bottomry Bond (No. 16) on the market value of the property which is the subject matter of the settlement for the purpose referred to in sub-clause (a), and sub-clause (c), of clause (24) of section 2: Provided that where an agreement to settle is stamped with the stamp required for an instrument of settlement and in pursuance of such agreement an instrument of settlement is subsequently executed, the duty on such instrument shall not exceed rupees ten. Exemption.—Deed of dower executed on the occasion of a marriage between Muhammedans. Explanation.—For the purpose of this item, "Family" shall have the same meaning as explained under article 33.'; (g) for article 63 in the first column and the entry relating thereto in the second column, the following article in the first column and the entries relating thereto in the second column shall be substituted:— '63. Transfer of lease by way of assignment, and not by way of under-lease— (i) when made to a member or mem-bers of a family without conside-ration (ii) in other cases Exemption.—Transfer of any lease exempt from duty. Explanation.—For the purpose of this item, "Family" shall have the same meaning as explained in item (i) of article 33.'. The same duty as a gift [No. 33(0) on the market value of the property which is the subject-matter of the transfer of lease. The same duty as a Lease (No. 35). PART III] THE KOLKATA GAZETTE. EXTRAORDINARY, AUGUST 30, 2011 9 Amendment of West Ben. Act XXI of 1972. Amendment of West Ben. Act XLIX of 1994. The West Bengal Finance Act, 2011. (Sections 3, 4.)