Preamble
Indian Stamp (Uttaranchal Amendment) Act, 2002*
| [Uttaranchal Act No. 14 of 2002] | [21st December, 2002] |
An Act further to amend the Indian Stamp Act, 1899 in its application to Uttaranchal.
It is hereby enacted in the Fifty Third year of the Republic of India as follows:-
Section 1. Short title and commencement
1. Short title extent and Commencement.- (1) This Act may be called the Indian Stamp (Uttaranchal Amendment) Act, 2002.
(2) It shall extend to the whole of Uttaranchal.
(3) It shall come into force on such date as the State Government may, by notification, appoint in this behalf.
Section 2. Amendment of (Schedule 1-B of Act. No. II of 1899)
2. Amendment of (Schedule 1-B of Act. No. II of 1899).- In (schedule 1-B) of the Indian Stamp Act, 1899:-
(a) In Article 35 (Lease)-
(i) in (lause (a) for sub-Clause (VI), (VII), and (VIII), the following clauses shall be substituted, namely,
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"(VI) Where the lease ??? to be for a term exceeding thirty years or in perpetuity or does not purport to be for any definite term.
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The same duly as a Conveyanace (No. 23 Clause (a)), for a consideration equal the market value of property which is the subject, of the lease."
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(iii) for clause (b) and (c), the following clause shall be substituted, namely
(b) Where the lease is grunted for a fine or premium or for money advanced and where no rent is reserved:-
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(i) Where the lease purport to be for a term not exceed in thirty years;
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The same duty as a Conveyance (No. 23 Clause (a)), for a consideration equal to amount or the value of such fine or premium or advance as set forth in the lease.
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(ii) Where the lease purports to be for a term exceeding thirty years;
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The same duty as a conveyance (No. 23 Clause(a)), for a consideration equal to the market value of property which is the subject of the lease.
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(c) Where the lease is granted for a fine or premium or for money advanced in addition to the rent reserved:-
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(i) Where the lease purports to be for a term not exceeding thirty years;
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The same duty as Conveyance (No. 23 Clause (a)), for a consideration equal to the amount or value of such fine or premium or advance as set forth in the lease, in addition to the duty which would have been payable on such lease, if no fine or premium or advance had been paid or delivered;
Provided that in a case when an agreement to lease is stamped with the ad-valorom stamp required for lease, and a lease in pursuance of such an agreement is subsequently executed, the duty on such lease shall not exceed Fifty Rupees.
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(iv) Where the lease purports to be for a term exceeding thirty years;
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The same duty as Conveyance (No. 23 Clause (a)), for a consideration equal the market value of property, which is the subject of the lease.
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(v) Explanation (5) shall be omitted.
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