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[Cites 0, Cited by 0] [Section 69] [Entire Act]

State of Andhra Pradesh - Subsection

Section 69(1) in Andhra Pradesh Panchayat Raj Act, 1994

(1)The duty on transfers of property shall be levied by the Government-
(a)in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899 (Central Act 2 of 1899) as in force for the time being in the State, on every instrument of the description specified below, in so far as it relates to the whole or part of immovable property as the case may be, situated in the area under the jurisdiction of a Gram Panchayat; and
(b)at such rate as may be fixed by the Government not exceeding five percentum on the amount specified below against such instrument:
  Description of instrument Amount on which duty shall be levied
  (1) (2)
(i) Sale of immovable property The amount of value of the consideration for thesale as set forth in the instrument or the market value of theproperty which is the subject matter of the sale, whichever ishigher.
(ii) Exchange of immovable property The market value of the property of greatervalue which is the subject matter of exchange.
(iii) Gift of immovable property The market value of the property which is thesubject matter of the gift.
(iv) Mortgage with possession of immovable property The amount secured by the mortgage as set-forthin the instrument
(v) Lease for a term exceeding one hundred years orin perpetuity of immovable property An amount equal to one-sixth of the whole amountor value of the rents which would be paid or delivered in respectof the first fifty years of the lease, as set-forth in theinstrument.