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NCT Delhi - Section

Section 147 in The Delhi Municipal Corporation Act, 1957

147. Duty on transfer of property and method of assessment thereto.

(1)Save as otherwise provided in this Act, the [a Corporation] [Substituted by Delhi Act 12 of 2011, section 2(a) for "the Corporation" (w.e.f. 13-1-2012)] shall levy a duty on transfers of immovable property situated within the limits of [the area of the Corporation] [Substituted by Delhi Act 12 of 2011, section 2(c), for "Delhi" (w.e.f. 13-1-2012)] in accordance with the provisions hereafter in this section contained.
(2)The said duty shall be levied—
(a)in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899 (2 of 1899) as in force for the time being in the Union territory of Delhi, on every instrument of the description specified below, and
(b)at such rate as may be determined by the [a Corporation] [Substituted by Delhi Act 12 of 2011, section 2(a) for "the Corporation" (w.e.f. 13-1-2012)] not exceeding five per cent., on the amount specified below against such instruments:—
Description of instrument Amount on which duty should be levied
(i) Sale of immovable property The amount or value of the consideration for the sale, as setforth in the instrument.
(ii) Exchange of immovable property The value of the property of the greater value, as set forthin the instrument.
(iii) Gift of immovable property The value of the property, as set forth in the instrument
(iv) Mortgage with possession of immovable property The amount secured by the mortgage as set forth in theinstrument.
(v) Lease in perpetuity of immovable Property The amount equal to one-sixth of the whole amount or value ofthe rent which would be paid or delivered in respect of the firstfifty years of the lease as set forth in the instrument.
(Vi) Contract for transfer of immovable property Ninety per cent of the value of the consideration for thetransfer as set out in the conract.