Duty on transfer of property

Duty on transfer of property.— (1)

1. (a) The duty on transfers of property shall be levied in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899 (Central Act II of 1899), on every instrument of the description specified below, which relates to immovable property situated within the limits of a Panchayat Village: Provided that no such surcharge shall be levied where the amount or value of the consideration for the sale, or the amount secured by the mortgage, or the value of the property in the case of a gift or exchange or lease in perpetuity, as the case may be, does not exceed one hundred rupees.
2. (b) The surcharge shall be at such percentage, not exceeding five per centum, as the Government may, by notification, from time to time specify, on the amount or value of the consideration for the sale, or the amount secured by the mortgage, or the value of the property in the case of a gift, or the value of the property or the amount secured by the mortgage, as the case may be, as set forth in the instrument.

1. (2) On every instrument of the description specified below, which relates to immovable property situated within the limits of any village panchayat and which is presented for registration under the Indian Stamp Act, 1899 (Central Act II of 1899), the duty on transfers of property shall be charged by the Collector of the district in accordance with the provisions of this Act— Description of instrument
   • (i) Sale of immovable property;
   • (ii) Mortgage with possession of immovable property;
   • (iii) Gift of immovable property;
   • (iv) Exchange of immovable property;
   • (v) Lease in perpetuity of immovable property.
2. (3) The Government may make rules for regulating the collection of the surcharge on the duty on transfers of property, the payment thereof to the Village Panchayat and the deduction of any expenses incurred by the Government in the collection thereof.