Indian Stamp (Tamil Nadu Amendment) Act, 2004*
| [Tamil Nadu Act No. 31 of 2004] | [25th November, 2004] |
An Act further to amend the Indian Stamp Act, 1899, in its application to the State of Tamil Nadu
Be it enacted by the Legislative Assembly of the State of Tamil Nadu in the Fifty-fifth Year of the Republic of India as follows:-
* Received the assent of the Governor on the 20th November, 2004 and published in the Tamil Nadu Government Gazette, Extraordinary, No. 297, dated November 25, 2004.
1. Short title, extent and commencement.- (1) This Act may be called the Indian Stamp (Tamil Nadu Amendment) Act, 2004.
(2) It extends to the whole of the State of Tamil Nadu.
(3) It shall come into force on such date as the State Government may, by notification, appoint.
2. Amendment of Schedule 1.- In Schedule 1 to the Indian Stamp Act, 1899 (???),-
(1) in Article 6, the following Explanation shall be added, namely:-
"Explanation.-For the purpose of this Article, notwithstanding anything contained in any judgment, decree or order of any court or order of any authority, any letter, note, memorandum or writing relating to the deposit of title deeds whether written or made either before or at the time when or after the deposit of title deeds is effected, and if it is in respect of the security for any loan, such letter, note, memorandum or writing shall be deemed to be an instrument evidencing an agreement relating to the deposit of title deeds."
(2) for Article 35, excluding the Exemption and Explanation thereunder, the following shall be substituted, namely:-
"35. LEASE, including an under lease or sub-lease and any agreement to let or sub-let-
| (a) where the period of lease is below thirty years. | One rupee for every Rs. 100 or part, thereof of the amount of rent, fine, premium or advance, if any, payable; |
| (b) where the period of lease is thirty years and above and upto ninety-nine years. | Four rupees for every Rs. 100 or part thereof of the amount of rent, fine, premium or advance, if any, payable; |
| (c) where the period of lease is above ninety-nine years. | Eight rupees for every Rs. 100 or part thereof of the amount of rent, fine, premium or advance, if any, payable: |
| Provided that in any case when an agreement to lease is stamped with the ad valorem stamp required for a lease and a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed twenty rupees."; |
(3) for Article 45, the following Articles shall be substituted, namely:-
"45. PARTITION-instrument of [as defined by section 2(15)]-
| (a) if the instrument of partition is among family members. | One rupee for every Rs. 100 or part thereof of the market value of the property which is under partition, subject to the maximum of Rs. 10,000 per share; |
| (b) in any other case. | The same duty as a Bottomry Bond (No. 16) for the amount of the value of the separated share or shares of the property: |
| Provided that- | |
| (a) When an instrument of partition containing an agreement to divide property in severalty is executed and a partition is effected in pursuance of such agreement, the duty chargeable upon the instrument, effecting such partition shall be reduced by the amount of duty paid in respect of the first instrument but shall not be less than twenty rupees; | |
| (b) Where the land is held on Revenue settlement and paying the; full assessment or is an Inam land assessed under the Tamil Nadu Inams (Assessment) Act, 1956 (Tamil Nadu Act XL of 1956) the value for the purpose of duty shall be calculated at twenty five times the annual revenue; | |
| (c) Where a final order for effecting a partition passed by any Revenue Authority or any Civil Court or an award by an arbitrator directing a partition, is stamped with the stamp required for an instalment of partition, and an instrument of partition in pursuance of such order or award is subsequently executed, the duly on such instrument shall not exceed twenty rupees. |
Explanation.-For the purpose of this Article, the Word "Family" shall have the same meaning as defined in the Explanation to Article 58."
(4) in Article 46, in clause B, in sub-clause (ii), for the expression "Three rupees for every Rs. 100 or part thereof of the value of the separated share", the expression "One rupee for every Rs. 100 or part thereof of the market value of the property which is under partition, subject to the maximum of Rs. 10,000 per share" shall be substituted;
(5) in Article 55,-
(a) in clause A, for the expression "The same duty as a Bottomry Bond (No. 16) for such amount or value as set forth in the release", the expression "One rupee for every Rs. 100 or part thereof of the market value of the property which is under release, subject to the maximum of Rs. 10,000"
(b) in clause C, for the expression "another co-owner", the expression "another co-owner who is not a family member" shall be substituted;
(6) in Article 58, in clause (a), in sub-clause (i),-
(a) for the expression "The same duty as a Bottomry Bond (No. 16) for such amount or value as set forth in the settlement", the expression "One rupee for every Rs. 100 or part thereof of the market value of the property which is under settlement, subject to the maximum of Rs. 10,000" shall be substituted;
(b) in the proviso, for the expression "Two rupees, and fifty paise", the expression "Twenty rupees" shall be substituted.