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 Amendment the Stamp Duty would have been payable on the amount of Rs.1 lakh.

3. However, the Indian Stamp Act in its application to UP has been amended by the UP (Stamp Amendment Act 1952) and Article 23 of Schedule IB as applicable to UP provides as below:­ "Article 23 conveyance (as defined by Section 2 (10) not being a transfer charge or exempt under No.62. Where the amount or value of the consideration of such conveyance as set forth therein or market value of the property which is the subject of such conveyance, whichever is greater…….”

4. So this provision which is applicable to the case in hand provides that if the market value of the immovable property is higher than the value of the consideration as set forth in the deed of conveyance, the stamp duty will be payable on the market value of the immovable property which is the subject matter of the conveyance deed.” (emphasis added) Article 23 of Schedule IB applicable to the State of Uttar Pradesh, reads thus: ­ “Description of Instrument Proper Stamp­duty

23. Conveyance [as defined Sixty rupees.

            by section 2(10)] not being a
            Transfer      charged      or



            exempted under No.62 –
            (a) if relating to immovable
            property where the amount
            or value of the consideration
            of such conveyance as set
forth therein or the market
            value of the immovable
            property which is the subject
            of      such      conveyance,
            whichever is greater does not
            exceed Rs.500.
                 Where it exceeds Rs.500     One hundred and
                 but does not exceed         twenty­five rupees.
                 Rs.1,000.
                 and for every Rs.1,000      One hundred and

"47A. Instruments of conveyance etc., if undervalued, how to be dealt with: – (1)(a) If the market value of any property which is the subject of any 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 the rules made under the Act, the registering officer appointed under the Registration Act, 1908 shall, notwithstanding anything contained in the said Act, immediately after presentation of such instrument and before accepting it for registration and taking any  action under section 52 of the said Act, require the person liable to pay stamp duty under section 29, to pay the deficit stamp duty as computed on the basis of the minimum value determined in accordance with the said rules and return the instrument for presenting again in accordance with section 23 of the Registration Act, 1908.