(3)where a person, having contracted for the purchase of any property but not having obtained a conveyance thereof, contracts to sell the same to any other person and the property is in consequence conveyed immediately to the sub-purchaser, the conveyance shall be chargeable with ad valorem duty [in respect of the market value of the property at the time of sale] [These words were substituted for the words 'in respect of consideration for the sale,' by Gujarat 21 of 1982, section 11(3).] by the original purchaser to the sub-purchaser.
