Substitution of new section for section 24

For section 24 of the Indian Stamp Act, 1899 (Central Act 11 of 1899) (hereinafter referred to as the principal Act), the following section shall be substituted, namely:- "24. How transfer of property subject to mortgage to be charged.-Where property subject to a mortgage is transferred to the mortgagee, he shall be entitled to deduct from the duty payable on the transfer the amount of any duty already paid in respect of the mortgage. Illustration. A mortgages a house to B for Rs. 5,000. A afterwards sells the house to B. The market value of the house at the time of sale is Rs. 10,000. Stamp duty is payable on Rs. 10,000 less the amount of stamp duty already paid for the mortgage."