4. Amendment of Schedule, Rajasthan Act No. 14 of 1999.-

In the Schedule of the principal Act, for the existing Article 33, the following shall be substituted, namely:- " 33. Lease- Including an under lease or sub-lease and any agreement to let or sub-let or any renewal thereof,- In case of instruments mentioned in clauses (i) to (vi) on the market value of the property at the telescopic rate obtained by applying the following factors on the period of lease, namely:- Where such lease purports to be- (i) for a period not exceeding one year 0.02; (ii) for a period exceeding one year but not exceeding five years 0.12; (iii) for a period exceeding five years but not exceeding ten years 0.9; (iv) for a period exceeding ten years but not exceeding fifteen years 2; (v) for a period exceeding fifteen years but not exceeding twenty years 5; (vi) for a period exceeding twenty years but not exceeding thirty years 8; (vii)for a period exceeding thirty years or in perpetuity, or which does not purport for any definite period The same duty as on a conveyance (No.21) on the market value of the property: Provided that in any case when an agreement to lease is stamped with the stamp required for a lease, and a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed hundred rupees. Exemption.- Lease executed in the case of cultivator and for purposes of cultivation (including a lease of trees for the production of food or drink). Explanation.- For the purpose of determining the period of a lease any period less than one year shall be rounded off to the next one year. Illustrations.- 1. Obtaining the rate of stamp duty applicable on the lease of 5 years:- [(1x0.02)+(4x0.12)] / 5 = 0.5 / 5 = 0.1 2. Obtaining the rate of stamp duty applicable on the lease of 15 years and 5 months:- [(1x0.02)+(4x0.12)+(5x0.9)+(5x2)+(1x5)] / 16 = 20 / 16 = 1.25 3. Obtaining the rate of stamp duty applicable on the lease of 25 years:- [(1x0.02)+(4x0.12)+(5x0.9)+(5x2)+(5x5)+(5x8)] / 25 = 80 / 25 = 3.2. "