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State of Tamilnadu - Section

Section 3 in Tamil Nadu Duty on Transfers of Property (in Municipal Areas) Act, 2009

3. Levy of duty on transfers of property.

- There shall be levied a duty on transfers of property in every municipal area, -
(a)in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899 (hereinafter referred to as the Stamp Act) 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 the municipal area; and
(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 should be levied.
(i) Sale of immovable property. The market value of the property as set forth inthe instrument, and in a case where the market value is finallydetermined by any authority under section 47-A of the Stamp Act,the market value as so determined by such authority.
(ii) Exchange of immovable property. The market value of the property of the greatervalue as set forth in the instrument, and in a case where themarket value is finally determined by any authority under section47-A of the Stamp Act, the market value as so determined by suchauthority.
(iii) Gift of immovable property. The market value of the property as set forth inthe instrument, and in a case where the market value is finallydetermined by any authority under section 47-A of the Stamp Act,the market value as so determined by such authority.
(iv) Mortgage with possession of immovable property. The amount secured by the mortgage, as set forthin the instrument.
(v) Lease in perpetuity of immovable property. An amount equal to one-sixth of the whole amountor value of the rents which would be paid or delivered inrespect of the first fifty years of the lease, as set forth inthe instrument.