Section 4 in The Indian Stamp (Orissa Second Amendment) Act, 1986
4. Amendment of Section 28.
- In Section 28 of the Principal Act,-(i)for sub-section (1), the following sub-section shall be substituted, namely:-"(1) where any property has been contracted to be sold for one consideration for the whole, and is conveyed to the purchaser in separate parts by different instruments, the consideration shall be apportioned in such manner as the parties think fit:Provided that a distinct consideration for each separate part is set forth in the conveyance relating thereto and such conveyance shall be chargeable with ad valorem duty in respect of such distinct consideration:Provided further that the market value of the separate part shall be set forth along with the consideration for each part and the conveyance shall be chargeable with ad valorem duty in respect of such distinct consideration or the market value whichever is higher".(ii)To sub-section (2) the following words and comma shall be added at the end, namely:-"or market value of each such separate part, whichever is higher.";(iii)to sub-section (3) the following words and comma shall be added at the end, namely:-"or the market value of the property, whichever is higher.";(iv)for sub-section (4), the following sub-section shall be substituted, namely:-"(4) where a person, having contracted for the purchase of any property but not having obtained a conveyance thereof, contracts to sell the whole or any part thereof, to any other person or persons and the property is in consequence conveyed by the original seller to different persons in parts, the conveyance of each part sold to a sub-purchaser shall be chargeable with ad valorem duty in respect of the consideration paid by such sub-purchaser or the market value of each part whichever is higher without regard to the amount or value of the original consideration; and the conveyance of the residue, if any, of such property to the original purchaser shall be chargeable with ad valorem duty in respect only of the excess of the original consideration over the aggregate of the considerations paid by the sub-purchasers or the market value of the residue of such property whichever is higher:Provided that the duty on such list mentioned conveyance shall in no case be less than one rupee.";(v)for sub-section (5), the following sub-section shall be substituted, namely:-"(5) Where a sub-purchaser takes an actual conveyance of the interest of the person immediately selling to him, which is chargeable with ad valorem duty in respect of consideration paid by him or the market value of the property whichever is higher and is duly stamped accordingly, any conveyance to be afterwards made to him of the same property by the original seller shall be chargeable with a duty equal to that which would be chargeable on a conveyance for the consideration obtained by such original seller or the market value of such property whichever is higher, or, where such duty would exceed five rupees with a duty of five rupees".
