Vidhi Codex

The Indian Stamp (Pondicherry Amendment) Act, 1970

The Indian Stamp (Pondicherry Amendment) Act, 1970

Tax197010 sections

The Indian Stamp (Pondicherry Amendment) Act, 1970, modifies the Indian Stamp Act, 1899, specifically for the Union Territory of Pondicherry. Its primary objective is to curb tax evasion by shifting the basis of stamp duty calculation from the "consideration" (the price stated in a document) to the "market value" of the property. It empowers the Collector to investigate and re-evaluate instruments if they suspect property has been undervalued. For the ordinary citizen, this means that property transactions must reflect true market prices, as the government now has the legal authority to demand additional stamp duty if a transaction is under-reported.

Start reading →Read full ActSections
  1. 1. Short title and extent
  2. 2. Substitution of new section for section
  3. 3. Amendment of section
  4. 4. Amendment of section
  5. 5. Substitution of new section for section
  6. 6. Amendment of section
  7. 7. Amendment of section
  8. 8. Insertion of new section
  9. 9. Substitution of new section for section
  10. 10. Amendment of Schedule I

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