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State of Tamilnadu - Section

Section 135 in Chennai City Municipal Corporation Act, 1919

135. [ Method of assessment of duty on transfers of property. [Substituted by section 2 of the Tamil Nadu City Municipal, District Municipalities and Local Boards (Amendment) Act, 1950 (Tamil Nadu Act VII of 1950), for Section 135 as amended by section 79 of the Chennai City Municipal (Amendment) Act, 1936 (Tamil Nadu Act X of 1936) and section 2 of the Chennai City Municipal (Amendment) Act, 1945 (Tamil Nadu Act XVIII of 1945), re-enacted permanently by section 2 of, and the First Schedule to, the Tamil Nadu Re-enacting and Repeating (No. 1) Act, 1948 (Tamil Nadu Act VII of 1948).]

- The duty on transfers of property shall be levied-
(a)in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899, (Central Act IT of 1899) as in force for the time being in the [State of Tamil Nadu], on every instalment of the description specified below, which relates to immovable property situated within the limits of the city; and
(b)at such rate as may be fixed by the State Government, not exceeding five per centum, on the amount specified below against such instrument:-
Description of Instrument Amount on which duty should be levied
(i) Sale of immovable property. The market value of the property as set forth inthe instrument, and in a case where the market value is finallydetermined by any authority under section 47-A of the IndianStamp Act, 1899 (Central Act II of 1899), the market value as sodetermined by such authority.
(ii) Exchange of immovable property. The market value of the property of the greatervalue as set forth in the instrument, and in a case where themarket value is finally determined by any authority undersection 47-A of the Indian Stamp Act, 1899 (Central Act II of1899), the market value as so determined by such authority.
(iii) Gift of immovable property. The market value of the property as set forth inthe instrument, and in a case where the market value is finallydetermined by any authority under section 47-A of the IndianStamp Act, 1899 (Central Act 11 of 1899), the market value as sodetermined by such authority.
(iv) Mortgage with possession' of immovableproperty. The amount secured by the mortgage as set forthin the instrument.]