(1)The duty imposed by the Indian Stamp Act, 1899, on instruments of sale, gift and usufructuary mortgage, respectively, of immovable property shall, in the case of instruments affecting immovable property situated [in any area within the jurisdiction of the Howrah Municipal Corporation or of any Municipality of Howrah] [Words 'or the Bally Municipality' first inserted by W.B. Act 43 of 1983, then the words within third brackets substituted for the words 'In the Howrah Municipality or the Bally Municipality' by W.B. Act 15 of 1995.] and executed on or after the commencement of this Act be increased by two per centum on the value of the property so situated, or (in the case of a usufructuary mortgage) on the amount secured by the instrument, as set forth in the instrument.
