(3)Where a person, having contracted for the purchase of any property but not having obtained a conveyance thereof, contracts to sell the same to any other person and the property is in consequence conveyed immediately to the sub-purchaser, the conveyance shall be chargeable with ad valorem duty [in respect of the market value of the property at the time of sale] [These words were substituted for the words 'in respect of the consideration for the sale' by Maharashtra 16 of 1979, Section 5(c) (w.e.f. 4.7.1980).] by the original purchaser to the sub-purchaser.
