Amendment of Schedule

In the Indian Stamp Act, 1899, as applicable to the State of Himachal Pradesh, in the Schedule 1-A,—

1. (a) in article 23, in the proviso, at the end for the sign ".", the sign ":" shall be substituted and thereafter the following proviso shall be inserted, namely:— " Provided further that where permission for conveyance of property is granted by the State Government under section 118(2)(h) of the Himachal Pradesh Tenancy and Land Reforms Act, 1972; the Stamp duty shall be charged at the rate of 12% of the market value or the consideration amount, whichever is higher, irrespective of gender, subject to the minimum of rupees one hundred and duty rounded off to nearest rupees ten.";
2. (b) in article 35,—
   • (i) in clause (a), at the end, for the sign "." the sign ":" shall be substituted and thereafter the following proviso shall be inserted, namely:— " Provided that where permission for lease of property is granted by State Government under section 118(2)(h) of the Himachal Pradesh Tenancy and Land Reforms Act, 1972; the stamp duty shall be charged at the rate of 12% of the market value of the leased property subject to the minimum of rupees one hundred and duty rounded off to nearest rupees ten. Formula for calculating stamp duty on lease deeds in such cases of permission under section 118 (2)
3. (h) of Himachal Pradesh Tenancy and Land Reforms Act, 1972:— 12% x market value x (period of lease)/100"; and
   • (ii) in clause (b), at the end for the sign "." the sign ":" shall be substituted and thereafter the following proviso shall be inserted, namely:— " Provided that where permission for lease of property is granted by State Government under section 118(2)(h) of the Himachal Pradesh Tenancy and Land Reforms Act, 1972, the stamp duty shall be charged at the rate of 12% of the market value of the leased property or the whole lease amount which would be paid or delivered under such lease, if any, whichever is higher, subject to the minimum of rupees one hundred and duty rounded off to nearest rupees ten."