Section 120(b) in Andhra Pradesh Municipalities Act, 1965
(b)at such rate as may be fixed by the Government, not exceeding five per centum on the amount specified below against such instrument; Description of instrument Amount on which duty shall be levied(i)Sale of immovable property. The amount of value of the consideration for the sale, as set-forth in the instrument or the market value of the property which is the subject matter of the sale whichever is higher(ii)Exchange of immovable property The market value of the property of greater value, which is the subject matter of exchange.(iii)Gift of immovable property The market value of the property which is the subject matter of the gift.(iv)Mortgage with possession of immovable property The amount secured by the mortgage, as set forth in the instrument.(v)Lease for a term exceeding one hundred years or in perpetuity of immovable property An amount equal to one-sixth of the whole amount or value of the rents which would be paid or delivered in respect of the first fifty years of the lease as set forth in the instrument.
