Preamble
Indian Stamp (Andhra Pradesh Amendment) Act, 1995*
| [Andhra Pradesh Act No. 21 of 1995] | [31st March, 1995] |
An Act Further to Amend the Indian Stamp Act, 1899 in its Application to the State of Andhra Pradesh.
Be it enacted by the Legislative Assembly of the State of Andhra Pradesh in the Forty-sixth Year of Republic of India as follows:
Section 1. Short titles extent and commencement
1. Short titles extent and commencement.- (1) This Act may be called the Indian Stamp (Andhra Pradesh Amendment) Act, 1995.
(2) It extends to the whole of the State of Andhra Pradesh.
(3) It shill come into force on such date as the State Government may, by notification in the Andhra Pradesh Gazette, appoint.
Section 2. Amendment to Schedule 1-A
2. Amendment to Schedule 1-A.- In the Indian Stamp Act, 1899, as in force in the State of Andhra Pradesh, in Schedule 1-A-
(a) for article 6 and the entries relating there for, he following shall be substituted, namely:-
"6. Agreement or Memorandum of an Agreement not otherwise provided for:
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(A) Where the value,-
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(i) does not exceed Rs. 5,000/-
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… Ten rupees
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(ii) exceeds Rs. 5,000/- but does not exceed Rs. 20,000/-
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Twenty rupees
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(iii) exceeds Rs. 20,000/- but does not exceed Rs. 50,000/-
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Fifty rupees
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(iv) exceeds Rs. 50,000/-
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.. One hundred rupees.
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(B) If relating to construction of a house or building including a multi-unit house or building or unit of apartment/flat/portion of a multi-storied building or for development/sale of any other immovable property.
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Five rupees for every one hundred rupees or part there of on the market value or the estimated cost of the proposed construction/development of such property as the case may be, as mentioned in the agreement or the value arrived at in accordance with the schedule of rates prescribed by the Public Works Department authorities, whichever is higher.
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(C) In any other case.
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One hundred rupees.";
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(b) In article 42, after clause (f) and the entries relating thereto, the following shall be added, namely:-
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"(g) when given for construction on, development of, or sale or transfer (in any manner whatsoever) of, any immovable property;
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Five rupees for every one hundred rupees or part thereof on the market value of the property.";
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(c) In article 47-A, after the existing clause (c) and the entries relating thereto, but before the explanation thereunder the following shall be added, namely:-
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"(d) If relating to a multi-unit house or unit of apartment/flat/portion of a multi storied building or part of such structure to which the provisions of Andhra Pradesh Apartments (Promotion of Construction and Ownership) Act, 1987, apply:
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(i) where the value does not exceed Rs. 2,00,000/-.
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Rupees twelve thousand.
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(ii) Where it exceeds Rs. 2,00,000/- but does not exceed Rs. 3,50,000/-.
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Rupees twelve thousand plus 4% on the value above Rs. 2,00,000/-.
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(iii) where it exceeds Rs. 3,50,000/- but does not exceed Rs. 700,000/-.
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Rupees eighteen thousand plus 6% on the value above Rs. 3,50,000/-.
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(iv) where it exceeds Rs. 7,00,000/-.
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Rupees thirty nine thousand plus 8% on the value above Rs. 7,00,000/-"
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(d) for the Explanation under article 47-A, the following shall be substituted, namely:-
"Explanation-I; An agreement to sill followed by or evidencing delivery of possession of the property agreed to be sold shall be chargeable as a "sale" under this article:
Provided that, where subsequently a sale deed is executed-in pursuance of an agreement of sale as aforesaid or in pursuance of an agreement referred to in clause (B) of articled, the stamp duty, if any, already paid or recovered on the agreement of sale shall be adjusted towards the total duty leviable on the sale deed.
"Explanation-II: For the purposes of clause (d),
(i) "unit" includes a flat, apartment, tenement, portion or semi-finished part of such structure; and
(ii) "value means the consideration or value of the apartment/flat/portion or semi-finished part of such structure of multi-storied building as declared in the document by the seller and builder or market value whichever is higher".