Section 120 in Andhra Pradesh Municipalities Act, 1965
120. Method of assessments of duty on transfers of property.
- 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 2 of 1899) for the time being in the State, on every instrument of the descriptions specified below, in respect of the whole or part of the immovable property, as the case may be, situated within the limits of a municipality; and(b)at such rate as may be fixed by the Government, not exceeding five per centum on the amount specified below against such instrument; Description of instrument Amount on which duty shall be levied(i)Sale of immovable property. The amount of value of the consideration for the sale, as set-forth in the instrument or the market value of the property which is the subject matter of the sale whichever is higher(ii)Exchange of immovable property The market value of the property of greater value, which is the subject matter of exchange.(iii)Gift of immovable property The market value of the property which is the subject matter of the gift.(iv)Mortgage with possession of immovable property The amount secured by the mortgage, as set forth in the instrument.(v)Lease for a term exceeding one hundred years or in perpetuity of immovable property An amount equal to one-sixth of the whole amount or value of the rents which would be paid or delivered in respect of the first fifty years of the lease as set forth in the instrument.
