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State of Tamilnadu - Section

Section 164 in The Madurai City Municipal Corporation Act, 1971

164. Method of assessment of duty on transfers of property.

- 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 within the limits of the City; and
(b)at such rate as may be fixed by the Government not exceeding five per cent, on the amount specified below against such instrument:-
Description of instrument Amount on which duty should be levied
(1) (2)
(i) Sale of immovable property The market value of the property as set forth inthe instrument or as determined by any authority under section47-A of the Indian Stamp Act, 1899 (Central Act II of 1899), asthe case may be.
(ii) Exchange of immovable property The market value of the property of the greatervalue as set forth in the instrument or as determined by anyauthority under section 47-A of the Indian Stamp Act, 1899(Central Act II of 1899), as the case may be.
(iii) Gift of immovable property The market value of the property/ property asset forth in the instrument or as determined by any authorityunder section 47-A of the Indian Stamp Act, 1899 (Central Act IIof 1899), as the case may be.
(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 one-sixth of the whole amountor value of the rents which would be paid or delivered in respectof the first fifty years of the lease, as set forth in theinstrument.