161. Method of assessment of duty on transfer of immovable property.
- [(1) The duty imposed by the Indian Stamp Act, 1899 (II of 1899), on instruments of sale, gift and usufructuary mortgage, respectively, of immovable property, shall in the case of instruments affecting immovable property situated within the limits of any Municipality and executed on or after the date on which the provisions of this Act come into force within Municipality be increased by [three per centum] [Substituted by M.P. Act No. 17 of 1989.] on the value of the property so situated, or in the case of a usufructuary mortgage on the amount secured by the instrument, as set forth in the instrument :Provided that in case where the State Government exempts stamp duty chargeable on any instrument for conveyance or transfer of any immovable property, the additional stamp duty shall not be imposed.(2)For the purpose of this section, Section 27 of the Indian Stamp Act, 1899 (II of 1899), shall be read as if it specifically required the particulars referred to therein to be set forth separately in respect of-(a)property situated in any Municipal area;(b)property not situated in any Municipal area.(3)The State Government shall, every year, pay to each Council from the Consolidated Fund of the State a grant-in-aid approximately equal to the extra duty realised under sub-section (1) in respect of the property situate within the area of each such Municipality.(4)The State Government may make rules for carrying out the purposes of this section.
