Amendment status not verified — confirm the current text below against the official source.
(1) In the Indian Stamp Act, 1899, in its application to West Bengal (hereinafter 2 of 1899. referred to as the principal Act) shall, in its application to West Bengal, be amended for the purpose and in the manner hereinafter provided. (2) In Schedule IA to the principal Act,— (a) in article 5, in item (d), after the entries in the column under heading "Proper stamp-duty", the following proviso shall be inserted:— "Provided that in case of agreement relating to sale or assignment or lease-cum-sale for flats or apartments or units which are under construction or to be constructed, the stamp-duty shall be charged at the rate of two per centum of the market value of the property subject to fulfillment of conditions as mentioned in article 23. Explanation.—For the flats or apartments or units whose plan has been sanctioned within the period from the 1st day of January, 2015 to the date of effect of this section, the above provisions shall, mutatis mutandis, apply at the time of registration of such agreement, subject to the conditions that the final conveyance shall be completed within the 31st day of January, 2019."; (b) in article 23, after the entries in the column under heading "Proper stamp-duty", the following provisos shall be inserted:— `Provided that in any case when an agreement relating to sale is executed and registered with the ad valorem stamp-duty required under the proviso to article 5(d) and in furtherance of such agreement— (a) if the final conveyance is made within four years from the date of agreement or within two years from the date of completion/occupancy certificate issued by appropriate authority or from the date of procurement of electric connection, whichever is earlier, in favour of the original purchaser or in favour of the member(s) of his/her family, the market value of the property as assessed at the time of registration of such agreement shall be treated as the market value of the property for the purpose of determination of chargeability at the time of registration of the final conveyance and the stamp- duty to be paid on such conveyance shall be the difference between the duty payable and the duty already paid under the proviso to article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater; (b) if the final conveyance is made, beyond the time limit as specified in clause (a), in favour of the original purchaser or in favour of the member(s) of his/her family, the market value of the property shall be reassessed at the time of registration of such conveyance and the stamp-duty to be paid on such conveyance shall be the difference between the duty payable and the duty already paid under the proviso to article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater: Provided further that the above provisions shall not be applicable, if final conveyance is made in favour of any person or persons other than the original purchaser or the member(s) of his/her family. Explanation.—For the purpose of this article, the expression "member of a family" shall have the same meaning as defined in article 33.'; PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 6, 2017 3 The West Bengal Finance Act, 2017. (Section 2.) (c) in article 43,— (0 in item (a), in the column under heading "Description of Instruments", for the words "of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted; (ii) in item (aa), in the column under heading "Description of Instruments", for the words "of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted; (iii) in item (ab), in the column under heading "Description of Instruments", for the words "of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted; (iv) in item (ac), in the column under heading "Description of Instruments", for the words "of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted; (v) after item (ac), in the columns under heading "Description of Instruments" and "Proper stamp-duty" the following entries shall be inserted:— "(ad) of currency and interest rate relating to One paise for forward contract, including futures every Rs. 5,000 or and premium on options contract and part thereof;"; also including. all exercise and assigned contracts, traded through an association or otherwise; (vi) in item (b), in sub-item (iv), in the columns under heading "Description of Instruments", for the words "if relating to forward contracts", the words "if relating to forward contracts, including futures and premium on options contract and also including all exercise and assigned contracts," shall be substituted; (vii) after item (b), in the columns under heading "Description of Instruments" and "Proper stamp-duty", the following entries relating thereto shall be inserted:— " (bb) of debt security including bond; Fifty paise for every Rs. 1,00,000 or part thereof;"; (d) in the columns under headings "Description of Instruments" and "Proper stamp-duty", the following entries relating thereto shall be inserted:— "43A. NOTE OR RECORD OF TRANSACTION [Electronics or otherwise] effected by a broker or agent on self-account (proprietary trade) through a stock exchange or the association or otherwise— (a) if relating to purchase or sale of any goods or Fifty paise for commodities, excluding currency and interest every Rs. 5,000 rate relating to forward contract, exceeding in or part thereof; value twenty rupees; (aa) if relating to purchase or sale of any goods or Five paise for commodities, excluding currency and interest every Rs. 5,000 rate relating to forward contract, exceeding in or part thereof; value twenty rupees but not delivered; 4 THE KOLKATA GAZETTE, EXTRAORDINARY, MARCH 6, 2017 [PART III The West Bengal Finance Act, 2017. (Section 2.) (ab) if relating to purchase or sale of any goods or commodities, excluding currency and interest rate relating to forward contract, exceeding in value twenty rupees relating to future and options trading; (ac) if relating to purchase or sale of any goods or commodities, excluding currency and interest rate relating to forward contract, exceeding in value twenty rupees relating to forward contract of commodities, including futures and premium on options contract and also including all exercise and assigned contracts; (ad) if relating to purchase or sale of currency and interest rate relating to forward contract, including futures and premium on options contract and also including all exercise and assigned contracts; (b) if relating to purchase or sale of any stock or marketable security exceeding in value twenty rupees but -not being a debt security or Government security; (i) in case of delivery (ii) in case of non-delivery (iii) if relating to future and options trading (iv) if relating to forward contracts, including futures and premium on options contract and also including all exercise and assigned contracts; (bb) of debt security including bond (c) of a Government security Five paise for every Rs. 5,000 or part thereof; Five paise for every Rs. 5,000 or part thereof; One paise for every Rs. 5,000 or part thereof; Fifty paise for every Rs. 5,000 or part thereof; Five paise for every Rs. 5,000 or part thereof; Five paise for every Rs. 5,000 or part thereof; Five paise for every Rs. 5,000 or part thereof; Fifty paise for every Rs. 1,00,000 or part thereof; Subject to maximum of rupees fifty, fifty paise for every Rs. 10,000 or part thereof of the value of the security."; (e) in article 63, after the entries in the column under heading "Proper stamp-duty", the following provisos are to be added:— `Provided that in any case when an agreement relating to assignment or lease-cum-sale is executed and registered with the