Levy of duty on transfer of property

Levy of duty on transfer of property

1. (1) The duty on transfers of property shall be levied in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899, as in force for the time being in the State, on every instrument of the description specified below, which relates to immovable property situated within the limits of the Corporation, at such rate as may be fixed by the Government not exceeding five per centum on the amount or value of the consideration for the sale, or the value of the property in the case of exchange or gift, or the amount secured by the mortgage as the case may be, of the property as set forth in the instrument: Provided that the Government may specifically exempt any class of instruments from the levy of surcharge:
   • (a) Sale of immovable property;
   • (b) Exchange of immovable property;
   • (c) Gift of immovable property;
   • (d) Mortgage with possession of immovable property;
   • (e) Lease in perpetuity of immovable property.
2. (2) On the introduction of the surcharge under sub-section (1), the Indian Stamp Act, 1899 shall apply in relation to such surcharge as it applies in relation to the duty imposed by that Act subject to the modification that every reference in the said Act to the Government shall be deemed to be a reference to the Commissioner and the surcharge shall be collected by the Registration Department as a surcharge on the duty of the Stamp Act and paid to the Corporation.