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Section 2(10) of the Stamp Act defines a conveyance on sale and includes every instrument whereby any property upon the sale is transferred to or vested in a purchaser.

Section 47- A was added to the Stamp Act in its application to the State of Uttar Pradesh by UP Act No. 11 of 1969 which dealt with instruments of conveyance if under valued as it existed prior to the 1998 amendment. It reads as quoted hereunder:-

"47-A. Instruments of conveyance etc. if under-valued how to be dealt with. -(1) If the market-value of any property which is the subject of an instrument on which duty is chargeable on the market-value of the property] as set forth in such instrument [is less than even the minimum value determined in accordance with any rules made under this Act], the registering officer appointed under the Indian Registration Act, 1908, shall refer the same to the Collector for determination of the market-value of such property and the proper duty payable thereon.
(2) Without prejudice to the provisions of sub-section (1), if such registering officer while registering any instrument, on which duty is chargeable on the market-value of the property has reason to believe that the market-value of the property which is the subject of such instruments] has not been truly set forth in the instrument, he may, after registering such instrument refer the same to the Collector for determination of the market-value of such property and the proper duty payable thereon.
(3) On receipt of a reference under sub-section (1) or sub-section (2) the Collector shall, after giving the parties a reasonable opportunity of being heard and after holding an inquiry in such manner as may be prescribed by rules made under this Act determine the market-value of the property which is the subject of the instrument and the duty as aforesaid. The difference, if any, in the amount of duty shall be payable by the person liable to pay the duty.
(4) The Collector may, suo motu, [or on a reference from any court or from the Commissioner of Stamps, or an Additional Commissioner of Stamps, or a Deputy Commissioner of Stamps, or an Assistant Commissioner of Stamps, or any officer authorized by the Board of Revenue in that behalf within four years] from the date of registration of any instrument, [on which duty is chargeable on the market-value of the property] not already referred to him under sub-section (1) or sub-section (2), call for and examine the instrument for the purpose of satisfying himself as to the correctness of the market-value of the property which is the subject of [such instrument] and the duty payable thereon, and if after such examination he has reason to believe that the market-value of such property has not been truly set forth in the instrument, he may determine the market-value of such property and the duty payable thereon in accordance with the procedure provided for in sub-section (3). The difference, if any, in the amount of duty shall be payable by the person liable to pay the duty."

This section deals with the market value of a property which is subject of an instrument on which duty is chargeable on market value. Under the Uttar Pradesh Stamp Rules 1942 a minimum value is determined by the Collector and if the market value set forth in the instrument is less than the market value so determined the registering officer refers it to the Collector for determination of market value of such property and the proper duty payable thereon.

Section 24 of the Stamp Act deals with cases of transfer in consideration of debt and how it is to be charged with duty. It reads as quoted hereunder:-