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(b) at such rate as may be determined by the corporation not exceeding five per cent., on the amount specified below against such instruments:
Description of instrument Amount on which duty should be levied
(i) Sale of immovable property The amount of value of the consideration for the sale, as set forth in the instrument
(ii) Exchange of immovable The value of the property of property the greater value, as set forth in the instrument.
(iii) Gift of immovable property The value of the property, as set forth in the instrument.
(iv) Mortgage with possession The amount secured by the of immovable property. mortgage as set forth in the instrument.
(v) Lease in perpetuity of The amount equal to one-sixth immovable property of the whole amount or value of the rent which would be paid or delivered in respect of the first fifty years of the lease as set forth in the instrument.

9. Coming to the question whether the transfer/sale of leasehold rights amounts to sale of immovable property or not within the meaning of Section 147(2)(b)(i) of the Corporation Act, it may be noted at once that the plaintiff himself was not the absolute owner of the property in question bearing Shop No. 57, Old Rajinder Nagar, New Delhi and he was simply a lessee of the said shop under a 99 years term of perpetual lease deed executed on behalf of the Govt. of India in his favor. The plaintiff transferred the same vide a transfer deed titled as sale deed dated 16.5.74 (Exh. P-2) on record. The learned counsel for the appellant has heavily relied upon the title of this document which reads "Sale Deed" and certain other recitations where the expressions such as "the Vendor is the exclusive owner and in possession of Government built ....." That the Vendor is permitted to sell the said Government built shop ....." That the Vendor for his legal needs and requirements had agreed to sell the said Government built shop ....." "Vendor doth hereby sell, convey and transfer all rights, titles and interest of the said shop as well as the leasehold rights of the land under the said shop and thereafter shall become the owners of the said property and shall enjoy all the rights of ownership of the said property ....." used in the transfer deed in order to fortify his contention that the transaction effected by means of this deed was nothing but 'sale' within the meaning of the Transfer of Property Act.