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State of West Bengal - Section

Section 2 in The West Bengal Finance Act, 2017

2. Application and amendment of Act 2 of 1899.

(1)In the Indian Stamp Act, 1899, (2 of 1899) in its application to West Bengal (hereinafter referred to as the principal Act) shall, in its application to West Bengal, be amended for the purpose and in the manner hereinafter provided.
(2)In Schedule 1A to the principal Act,-
(a)in Article 5, in item (d), after the entries in the column under heading "Proper stamp-duty", the following proviso shall be inserted:-
"Provided that in case of agreement relating to sale or assignment or lease-cum-sale for flats or apartments or units which are under construction or to be constructed, the stamp-duty shall be charged at the rate of two per centum of the market value of the property subject to fulfillment of conditions as mentioned in Article 23.Explanation. - For the flats or apartments or units whose plan has been sanctioned within the period from the 1st day of January, 2015 to the date of effect of this section, the above provisions shall, mutatis mutandis, apply at the time of registration of such agreement, subject to the conditions that the final conveyance shall be completed within the 31st day of January, 2019."
(b)in Article 23, after the entries in the column under heading "Proper stamp-duty", the following provisos shall be inserted:-
`Provided that in any case when an agreement relating to sale is executed and registered with the ad valorem stamp-duty required under the proviso to article 5(d) and in furtherance of such agreement-
(a)if the final conveyance is made within four years from the date' of agreement or within two years from the date of completion/occupancy certificate issued by appropriate authority or from the date of procurement of electric connection, whichever is earlier, in favour of the original purchaser or in favour of the member(s) of his/her family, the market value of the property as assessed at the time of registration of such agreement shall be treated as the market value of the property for the purpose of determination of chargeability at the time of registration of the final conveyance and the stampduty to be paid on such conveyance shall be the difference between the duty payable and the duty already paid under the proviso to Article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater;
(b)If the final conveyance is made, beyond the time limit as specified in clause (a), in favour of the original purchaser or in favour of the member(s) of his her family, the market value of the property shall be reassessed at the time of registration of such conveyance and the stamp-duty to be paid on such conveyance shall be the difference between the duty payable and the duty already paid under the proviso to Article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater:
Provided further that the above provisions shall not be applicable, if final conveyance is made in favour of any person or persons other than the original purchaser or the member(s) of his/her family.Explanation. - For the purpose of this article, the expression "member of a family" shali have the same meaning as defined in Article 33';
(c)in Article 43,-
(i)in item (a), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(ii)in item (aa), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(iii)in item (ab), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(iv)in item (ac), in the column under heading "Description of Instruments", for the words" of any goods including currency", the words "of any goods or commodities, excluding currency and interest rate relating to forward contract," shall be substituted;
(v)after item (ac) , in the columns under heading "Description of Instruments" and "Proper stamp-duty" the following entries shall be inserted:-
"(ad) of currency and interest raterelating to forward contract, including futures and premium onoptions contract and also including all exercise and assignedcontracts, traded through an association or otherwise; -One paise for every Rs 5000 or part thereof'"
(vi)in item (b), in sub-item (iv), in the columns under heading "Description of Instruments", for the words "if relating to forward contracts", the words "if relating td forward contracts, including futures and premium on options contract and also including all exercise and assigned contracts," shall be substituted;
(vii)after item (b), in the columns under heading "Description of Instruments" and "Proper stamp-duty", the following entries relating thereto shall be inserted:-
"(bb) of debt security including bond; Fifty paise for every Rs. 1,00,000 or part thereof;"
(d)in the columns under headings "Description of Instruments" and "Proper stamp-duty", the following entries relating thereto shall be inserted:-
"43A. Note or Record of Transaction. - [Electronics or otherwise] effected by a broker or agent on self-account (proprietary trade) through a stock exchange or the association or otherwise-
(a) if relating to purchase or sale of any goodsor commodities, excluding currency and interest rate relating toforward contract, exceeding in value twenty rupees; Fifty paise for every Rs 5 000 or part thereof;"
(aa) if relating to purchase or sale of any goods or commodities,excluding currency and interest rate relating to forwardcontract, exceeding in value twenty rupees but not delivered; Five paise for every Rs. 5,000 or part thereof;"
(ab) if relating to purchase or sale of any goods or commodities,excluding currency and interest rate relating to forwardcontract, exceeding in value twenty rupees relating to future andoptions trading; Five paise for every Rs. 5,000 or part thereof;"
(ac) if relating to purchase, or sale of any goods orcommodities, excluding currency and interest rate relating toforward contract, exceeding in value twenty rupees relating toforward contract of commodities, including futures and premium onoptions contract and also including all exercise and assignedcontracts; Five paise for every Rs. 5,000 or part thereof;"
(ad) if relating to purchase or sale of currency and interestrate relating to forward contract, including futures and premiumon options contract and also including all exercise and assignedcontracts; One paise for every Rs. 5,000 or part thereof;"
(b) if relating to purchase or sale of any stockor marketable security exceeding in value twenty rupees but notbeing a debt security or Government security;  
(i) in case of delivery Fifty paise for every Rs. 5,000 or partthereof;"
(ii) in case of non-delivery Five paise for every Rs. 5,000 or part thereof;"
(iii) if relating to future and options trading Five paise for every Rs. 5,000 or part thereof;"
(iv) if relating to forward contracts, including futures andpremium on options contract and also including all exercise andassigned contracts; Five paise for every Rs. 5,000 or part thereof;"
(bb) of debt security including bond Fifty paise for every Rs. 5,000 or partthereof;"
(c) of a Government security Subject to maximum of rupees fifty, fifty paisefor every Rs. 10,000 or part thereof of the value of thesecurity";
(e)in Article 63, after the entries in the column under heading "Proper stamp-duty", the following provisos are to be added:-
`Provided that in any case when an agreement relating to assignment or lease-cum-sale is executed and registered with the ad valorem stamp-duty required under the proviso to Article 5(d) and in furtherance of such agreement-
(a)if the final assignment or lease-cum-sale is made, within four years from the date of agreement or within two years from the date of completion or occupancy certificate issued by appropriate authority or from the date of procurement of electric connection, whichever is earlier, in favour of the original purchaser or in favour of the members of his or her family, the market value of the property as assessed at the time of registration of such agreement shall be treated as the market value of the property for the purpose of determination of chargeability at the time of registration of the final assignment or lease-cum-sale and the stamp-duty to be paid on such assignment or lease-cum-sale, shall, be the difference between the duty payable and the duty already paid under the proviso to article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater;
(b)if the final assignment or lease-cum-sale is made beyond the time limit as specified in clause (a), in favour of the original purchaser or in favour of the member(s) of his/her family, the market value of the property shall be reassessed at the time of registration of such assignment or lease-cum-sale and the stampduty to be paid on such assignment or lease-cum-sale, shall be the difference between the duty payable and the duty already paid under the proviso to article 5(d) at the time of registration of the agreement or rupees ten, whichever is greater:
Provided further that the above provisions shall not be applicable if final assignment or lease-cum-sale is made in favour of any person or persons other than those specified therein.Explanation. - For the purpose of this article, the expression "member of a family" shall have the same meaning as defined in Article 33.