[Statement of Objects and Reasons. - This Bill seeks to amend the Gujarat Stamp Act, 1958 with a view to giving effect to the Budget proposal contained in the Budget Speech of the Finance Minister in the Gujarat Legislative Assembly on the 1st July, 2014. Accordingly, the stamp duty which is one per cent, in respect of giving authority or power to a promoter or a developer by whatever name called for construction or development or sale or transfer of any immovable property as provided in clause (ga) of Art. 5 of Schedule I to the said Act is proposed to be raised to three and a half per cent. It is also proposed to amend Art. 44 to levy stamp duty at the rate of three and a half per cent in case where the partners of a partnership firm bring immovable property as capital in the partnership firm. Also in case of power of attorney when given to a promoter or developer by whatever name called for construction on or development or sale or transfer of any immovable property the stamp duty payable at the rate of one per cent, at present as provided in clause (g) of Art. 45 is proposed to be raised to three and a half per cent.This Bill seeks to amend the said Act to achieve the aforesaid objects.]1. Gujarat Government Gazatee Extraordinary, Part V, Extra No. 22, dated 18.7.2014, page 22-3.[Dated 11th June, 1958.]For Statement of Objects and Reasons, see Bombay Government Gazette, 1958 Extra Part V, p. 122.Amendment by Gujarat 5 of 1976 came into force w.e.f. dated 01-11-1975 as per Gujarat ordinance No. 6 of 1975 w.e.f. dated 31-10-1975An Act to consolidate and amend the law relating to stamps and stamp duties in the State of Bombay.Whereas it is expedient to consolidate and amend the law relating to stamps and rates of stamp duties other than those in respect of documents specified in entry 91 of List I in the Seventh Schedule to the Constitution of India in the State of Bombay; It is hereby enacted in the Ninth Year of the Republic of India as follows
