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State of Telangana - Section

Section 261 in Greater Hyderabad Municipal Corporation Act, 1955

261. Tax on transfer of property.

(1)The tax on transfer of property (hereinafter referred as transfer tax) shall be levied-
(a)in the form of a surcharge on the duty imposed by [the Indian Stamp Act, 1899] [Substituted by Act No.10 of 1976.] on every instrument of the description specified below which relates to immovable property situate within the City; and
(b)[at such rate as may be fixed by the Government, not exceeding five percentum] [Substituted by Act No. 10 of 1976] on the amount specified below against each instrument :-
Description of instrument. Taxable Amount.
(i) [ sale of immovable Property. [Substituted by Act No. 10 of 1976] The amount or value of the consideration for thesale, as set-forth in the instrument or the market value of suchproperty, whichever is higher.
(ii) Exchange of immovable Property. The value of the property of the greater value,as set forth in the instrument or the market value of suchproperty, whichever is higher.
(iii) Gift of immovable property. The value of the property as set-forth in theinstrument or the market value of such property, whichever ishigher.]
(iv) Mortgage of immovable property. The amount secured by the mortgage, as setforthin the instrument.
(2)All the provisions of [the Indian Stamp Act, 1899] [Substituted by Act No. 10 of 1976] and the rules made thereunder shall mutatis mutandis apply to the said tax as they apply in relation to the duty chargeable under that Act.
(3)No registering authority shall accept any instrument for registration unless the amount of transfer tax is paid in cash.
(4)Every registering authority shall maintain an account of the transfer tax paid in respect of each instrument registered by him and a separate account showing the amount of the consideration, [the market value of the property] [Inserted by Act No.10 of 1976.], or the amount secured by a mortgage as the case may be.
(5)The transfer tax collected under this Act shall be credited to the Municipal Fund. In the absence of an agreement to the contrary the transfer tax shall be paid by the person who is primarily liable for payment of the stamp duty in respect of the instrument executed.