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[Cites 0, Cited by 0] [Section 261] [Entire Act]

State of Telangana - Subsection

Section 261(1) in Greater Hyderabad Municipal Corporation Act, 1955

(1)The tax on transfer of property (hereinafter referred as transfer tax) shall be levied-
(a)in the form of a surcharge on the duty imposed by [the Indian Stamp Act, 1899] [Substituted by Act No.10 of 1976.] on every instrument of the description specified below which relates to immovable property situate within the City; and
(b)[at such rate as may be fixed by the Government, not exceeding five percentum] [Substituted by Act No. 10 of 1976] on the amount specified below against each instrument :-
Description of instrument. Taxable Amount.
(i) [ sale of immovable Property. [Substituted by Act No. 10 of 1976] The amount or value of the consideration for thesale, as set-forth in the instrument or the market value of suchproperty, whichever is higher.
(ii) Exchange of immovable Property. The value of the property of the greater value,as set forth in the instrument or the market value of suchproperty, whichever is higher.
(iii) Gift of immovable property. The value of the property as set-forth in theinstrument or the market value of such property, whichever ishigher.]
(iv) Mortgage of immovable property. The amount secured by the mortgage, as setforthin the instrument.