LEASE, including an under-lease or sublease and any agreement to let or sub-let

(a) where by such lease the rent is fixed and no premium is paid or delivered- (i) less than one year: The same duty as a Bond (No. 15) for the whole amount payable or deliverable under such lease. (ii) not less than one year but not more than five years: The same duty as a Bond (No. 15) for the amount or value of the average annual rent reserved. (iii) in excess of five years and not exceeding ten years: The same duty as a conveyance (No. 23) for a consideration equal to the amount or value of the average annual rent reserved. (iv) exceeding ten years, but not exceeding twenty years: The same duty as a Conveyance (No. 23) for a consideration equal to twice the amount or value of the average annual rent reserved. (v) exceeding twenty years, but not exceeding thirty years: The same duty as a Conveyance (No. 23) for a consideration equal to three times the amount or value of the average annual rent reserved. (vi) exceeding thirty years, but not exceeding one hundred years: 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. (vii) exceeding one hundred years, or in perpetuity: The same duty as a conveyance (No. 23) for a consideration equal in the case of a lease granted solely for agricultural purposes to one tenth and in any other case to one-sixth of the whole amount of rents which would be paid or delivered in respect of the first fifty years of the lease. (viii) 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 three times the amount or value of the average annual rent which would be paid or delivered for the first ten years if the lease continued so long. (b) where the lease is granted for a fine or premium or for money advanced and where no rent is reserved: The same duty as a Conveyance (No. 23) for a consideration equal to the amount or value of such fine or premium or advanced as set forth in the lease. (c) where the lease is granted for a fine or premium or for money advanced in addition to rent reserved: 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; Provided that, in any case where 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 two rupees. Exemption: Lease, executed in the case of cultivator and for the purpose of cultivation (including a lease of trees for the production of food or drink) without the payment or delivery of any fine or premium, when a definite term is expressed and such term does not exceed one year, or when the average annual rent reserved does not exceed one hundred rupees. In this exemption a lease for the purpose of cultivation shall include a lease of lands for cultivation together with a homestead or tank. Explanation: When lease undertakes to pay any recurring charge, such as Government revenue, landlords share of ceases, or the owner's share of municipal rates of taxes, which is by law recoverable from the lessor, the amounts so agreed to be paid by the lease shall be deemed to be part of the rent. (o money advanced and where no rent is reserved. c) where the lease is granted for a fine or premium or for money advanced in addition to rent reserved. Exemption: Lease, executed in the case of cultivator and for the purpose of cultivation and for the purpose of cultivation (including a lease of trees for the production of food or drink) without the payment or, delivery of any line or premium, when a definite term is expressed and such term does not exceed one year, or when the average annual rent reserved does not exceed one hundred rupees. In this exemption a lease for the purpose of cultivation shall include a lease of lands for cultivation together with a homestead or tank. Explanation: When lease undertakes to pay any recurring charge, such as Government revenue, landlords share of ceases, or the owner's share of municipal rates of taxes, which is by law recoverable from the lessor, the amounts so agreed to be paid by the lease shall be deemed to be part of the rent. (No. 23) for a consideration equal to the amount or value of such fine or premium or advanced as set forth in the lease. 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 it no fine or premium or advance had been paid or delivered ; Provided that, in any case where 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 two rupees.