Chapter II AMENDMENT IN THE RAJASTHAN STAMP ACT, 1998

In section 2 of the Rajasthan Stamp Act, 1998 (Act No. 14 of 1999), hereinafter in this Chapter referred to as the principal Act,-

1. (i) in clause (ia), for the existing punctuation mark “.” appearing at the end, the punctuation mark “;” shall be substituted and clause (ia), so amended, shall be renumbered as clause (i-b); and before the existing clause (i-b), so renumbered, the following clause shall be inserted, namely:- “(i-a) “ancestral property” means the property inherited from one's mother or father or from their predecessors and includes the property of a coparcenary or an Undivided Hindu Family;”; and
2. (ii) for the existing clause (x-a), the following clause shall be substituted, namely:- “(x-a) “concession agreement” means an agreement between the Central or State Government, local authority, statutory body or any other instrumentality of said Governments on one hand and a private entity on the other hand for providing public goods or services wherein such Government, authority, body or instrumentality grants certain specified right by way of licence to the private entity for a specified period to enable it to implement the project of such public goods or services;”.

After the existing section 64 and before the existing CHAPTER VI of the principal Act, the following section shall be inserted, namely:- “64-A. Refund of amount deposited as stamp duty and/or surcharge but not required to be used as such.- When any person has deposited any amount through e-GRAS to be used as stamp duty and/or surcharge in respect of any instrument intended to be executed by or in favour of him and thereafter either the intended instrument is not executed or the amount cannot be used for that instrument for any reason whatsoever or otherwise becomes refundable under section 58, the Collector shall refund such amount, deducting therefrom ten paise for each rupee or fraction of a rupee, upon an application filed within six months from the date on which such amount is deposited or, as the case may be, becomes refundable and proving to the satisfaction of the Collector-

1. (a) that the intended instrument has not been executed; or
2. (b) that the amount cannot be used as stamp duty and/or surcharge for that instrument for the reason or reasons specified in the application or has become refundable under section 58; and
3. (c) that the application for refund has been filed within six months from the date of deposit of the amount or as the case may be, from the date on which the amount becomes refundable.”.

In the Schedule to the principal Act,-

1. (i) in clause (c) of Article 5, in proviso, appearing under Column No. 2, for the existing expression "three years", the expression "five years" shall be substituted;
2. (ii) in Article 35-B, for the existing clause (2), the following shall be substituted, namely:- “(2) Instrument of conversion of a firm, a private limited company or an unlisted public limited company into limited liability partnership or vice-versa-

1. (a) where on conversion immovable property vests in the resultant entity Two percent on the market value of immovable property.
2. (b) in any other case Five thousand rupees.”; and
   • (iii) in Article 48, for the existing clause (a), the following shall be substituted, namely:-

“(a) in case of ancestral property 1.5 percent of the amount equal to the market value of the share, interest, part or claim renounced.”.