(1)The State Government may impose a duty in municipal area on transfer of immovable property in accordance with the provision contained in subsection (2).(2)By the order of the State Government, duty imposed by the Indian Stamp Act, 1899 (II of 1899), as modified, from time to time, in its application to the State of Jharkhand, on instruments of sale and gift of immovable property situated within the limits of a municipality and executed on or after the date on which the provision of this Act came into force within that municipality be increased by two per centum on the value of the property. In the case of an usufructuary mortgage of immovable property, two per centum, on the amount secured, as set forth in the instrument.(3)On the introduction of the transfer duty -(i)section 27 of the said Indian Stamp Act, 1899 (II of 1899) as, from time to time, so modified, shall be read as if it specifically required the particulars referred to therein to be set forth separately in respect of property situated within the limits of municipality and outside such limits respectively; and(ii)section 64 of that Act, as, from time to time, so modified, shall be read as if it referred to the municipality as well as the Government.(4)All collections resulting from the said increase shall, after the deduction of incidental expenses if any, be credited to the municipal fund at such time as may be prescribed.Chapter - 18 Assessment
