(1)In every Municipality a duty shall be imposed on transfers of immovable property in accordance with the provision contained in sub-section (2).(2)The duty imposed by the Indian Stamp Act, 1899 (II of 1899), as modified from time to time in its application to the State of Bihar, on instruments of sale, gift and usufructuary mortgage, respectively or immovable property situated within the limits of a municipality and executed on or after the date on which the provision of this Act came into force within that municipality be increased by two per centum on the value of the property so situated, or in the case of an usufructuary mortgage, on the amount secured by the instrument, as set forth in the instrument.(3)On the introduction of the transfer duty-(i)Section 27 of the said Indian Stamp Act, 1899 (II of 1899) as from time to time so modified, shall be read as if it specifically required the particulars referred to therein to be set forth separately in respect of property situated within the limits of municipality and outside such limits respectively; and(ii)Section 64 of the Act, as from time to time so modified, shall be read as if it referred to the Municipality as well as the Government.(4)All collections resulting from the said increase shall, after the deduction of incidental expenses, if any, be credited to the municipal fund at such time as may be prescribed.
