(1)When any instrument, whether executed or not and whether previously stamped or not, is brought to the Collector, and the person bringing it applies to have the opinion of that office as to the duty (if any) with which it is chargeable, and pays [a fee of one hundred rupees] [Substituted for 'a fee of such amount (not exceeding five rupees and not less than fifty Paise as the Collector may in each case direct' by Act No. XII of 2011, dated 25th April, 2011.], the Collector shall determine the duty (if any) with which, in his judgment, the instrument is chargeable.(2)For this purpose the Collector may require to be furnished with an abstract of the instrument, and also with such affidavit or other evidence as he may deem necessary to prove that all the facts and circumstances affecting the charge-ability of the instrument with duty, or the amount of the duty with which it is chargeable, are fully and truly set forth therein, and may refuse to proceed up to any such application until such abstract and evidence have been furnished accordingly;Provided that-(a)no evidence furnished in pursuance of this section shall be used against any person in any civil proceeding, except in an enquiry as to the duty with which the instrument to which it relates is chargeable; and(b)every person by whom any such evidence is furnished shall, on payment of the full duty with which the instrument to which it relates is chargeable, be relieved from any penalty which he may have incurred under this Act by reason of the omission to state truly in such instrument any of the facts or circumstances aforesaid.(3)[ The market value of the property for purpose of stamp duty under the Act shall be determined by such authority and in such manner as may be prescribed under rules made by the Government.] [Substituted by Act No. XII of 2011, dated 25th April, 2011.][* * *] [Omitted sub-section (4) 'Where the Collector acting under sub-sections (1) and (2) has reason to believe that the market value of the property, which is the subject matter of instrument received by him for adjudication, has not been truly set forth therein, he shall, for the purposes of assessing the stamp duty determine the true market value of such property as laid down in the rules formulated for the purpose by the Government.' by Act No. XII of 2011, dated 25th April, 2011.](4)[] [Renumbered sub-section (5) as sub-section (4) by Act No. XII of 2011, dated 25th April, 2011.] When an instrument is brought to the Collector for adjudication, the person liable to pay the stamp duty [* * *] [Omitted words 'under section 29' by Act No. XII of 2011, dated 25th April, 2011.] shall pay the same within sixty days from the date of service of the demand in respect of the stamp duty adjudicated by the Collector. If such person fails to pay the stamp duty so demanded within the said period, he shall be liable to pay a penalty at the rate of 20% of the deficient portion of the stamp duty, for every month or part thereof, from the date of execution of such instrument.
