Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 8] [Entire Act]

State of Tamilnadu - Section

Section 116A in Tamil Nadu District Municipalities Act, 1920

116A. [ Method of assessment of duty on transfers of property. [This section was substituted for section 116A by the section 3 of the Madras City Municipal District Municipalities and Local Board (Amendment) Act, 1950 (Madras Act VII of 1950).]

- The duty on transfers of property shall be levied-
(a)in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899 (Central Act II of 1899), as in force for the time being in the [State of Tamil Nadu], on every instrument of the description specified below, which relates to immovable property situated within the limits of a municipality; and
(b)at such rate as may be fixed by the State Government, not exceeding five per centum, on the amount specified below against such instrument:-
Description of instrument Amount on which duty should be levied
(i) Sale of immovable property. The market value of the property as set forth in theinstrument, and in a case where the market value is finallydetermined by any authority under section 47-A of the IndianStamp Act, 1899 (Central Act 11 of 1899), the market value as sodetermined by such authority.
(ii) Exchange of immovable property. The market value of the property of the greater value as setforth in the instrument, and in a case where the market value isfinally determined by any authority under section 47-A of theIndian Stamp Act, 1899 (Central Act II of 1899), the market valueas so determined by such authority.
(iii) Gift of immovable property. The market value of the property as set forth in theinstrument, and in a case where the market value is finallydetermined by any authority under section 47-A of the IndianStamp Act, 1899 (Central Act II of 1899), the market value as sodetermined by such authority.
(iv) Mortgage with possession of immovable property. The amount secured by the mortgage, as set forth in theinstrument.
(v) Lease in perpetuity of immovable property. An amount equal to one-sixth of the whole amount or value ofthe rents which would be paid or delivered in respect of thefirst fifty years of the lease, as set forth in the instrument)]