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2. ARTICLE 29 OF THE KERALA STAMP ACT, 1959 (AS AMENDED IN 2010) 2.1. Article 29 reads as follows:

"The same duty as a conveyance (No. 21 or 22 as the case may be) for the fair value of the land or for the amount of the consideration, whichever is higher, of the property of the greater value as set forth in such instrument."

2.2. The 2010 amendment was introduced to ensure parity in stamp duty between exchanges and conveyances to prevent evasion of duty through the device of exchange deeds.

the land or for the amount of consideration, whichever is higher, of the property of the greater value as set forth in such instru-

ment.

Article 55:

55. Transfer (whether with or without consideration)-

(a) of debentures, being mar- Fifty paise for every one hundred rupees or ketable securities, whether the part thereof of the face amount of the debenture is liable, to duty or debenture.

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                                                                2025:KER:51802

10. As regards the stamp duty applicable to the instrument of exchange, we find that there is a specific provision under the Schedule to the Kerala Stamp Act that deals with instruments of exchange viz. Article 29. Under the said provision, an instrument of exchange has to be treated as a conveyance under Articles 21 or 22 for the purposes of stamp duty, with the only distinction that, for valuation purposes, only the property of the greater value, as set forth in the instrument, can be taken. This would mean that in the situation noticed above, where three items of property [Schedules A, B and C] are exchanged between 'X', 'Y' and 'Z', then, for stamp duty purposes, only the property of the greater value among Schedules A, B and C would be taken for valuation purposes and computation of stamp duty.