Additional stamp duty on certain transfer of property

Infrastructure1977111 of 112 sections available7 chapters

Chapter IX CONSTITUTION OF LOCAL DEVELOPMENT AUTHORITIES

Statutory text

(1) The duty imposed by the Indian Stamp Act, 1899, on any deed of transfer of immovable property shall, in the case of an immovable property situated within a development area, be increased by two per cent on the amount or value of the consideration with reference to which the duty is calculated under the said Act: Provided that the State Government may, By notification in the Official Gazette, enhance, the aforementioned percentage of the increase in the stamp duty upto five percent.
(2) All collection resulting from the said increase shall, after deduction of incidental expenses, if any, be allocated and paid by the State Government in its discretion either to the Local Development Authority alone or as the case may be, in such proportion as may from time to time be determined, in such manner and in accordance with such principles as the State Government may notify in the Official Gazette.
(3) For purpose of this section, section 27 of the Indian Stamp Act, 1899, shall be read as if it specifically required the particulars referred to therein to be separately set forth in respect of property within the Local Development Authority and property situated outside such area.
(4) For the purposes of this section, section 64 of the Indian Stamp Act, 1899 shall be so read and construed as if it referred to the Local Development Authority as well as to the State Government.

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