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[Cites 0, Cited by 1] [Section 175] [Entire Act]

State of Tamilnadu - Subsection

Section 175(1) in Tamil Nadu Panchayats Act, 1994

(1)The duty on transfer of property shall be levied -
(a)in the form of a surcharge on the duty imposed by the Indian Stamp Act, 1899 (Central Act II of 1899), as in force for the time being in the State of Tamil Nadu, on every instrument of the description specified below, which relates to immovable property situated in the area under the jurisdiction of a Village Panchayat; and
(b)at such rate, as may be fixed by the Government, not exceeding five per centum on the amount specified below against each instrument: -
(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 under section47-A of the Indian Stamp Act, 1899 (Central Act II of 1899), themarket 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 II 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.
(v) Lease in perpetuity of immovable property. An amount equal to the one-sixth of the wholeamount or value of the rent which would be paid or delivered inrespect of the first fifty years of the lease, as set forth inthe instrument.
(vi) [ Release of Benami right in favour ofpersons excepted under sub-section (3) of section 4 of the BenamiTransactions (Prohibition) Act, 1988 (Central Act 45 of 1988), ofimmovable property. [Added by Tamil Nadu Panchayats (Fifth Amendment) Act, 1997 (Tamil Nadu Act 62 of 1997).] 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.
(vii) Settlement of immovable property otherthan in favour of a member or members of a family. 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.
  Explanation.- For the purpose of thisitem, the word "family" shall have the same meaning asin the Explanation to item (i) of clause (a) of Article 58 inSchedule I of the Indian Stamp Act, 1899 (Central Act II of 1899)as amended by the Indian Stamp (Tamil Nadu Amendment) Act, 1981(Tamil Nadu Act 42 of 1981)].