NDMC ACT(Chapter8 Duty On Transfer of Property)

CHAPTER - VIII

TAXATION

Levy of Taxes || Property-Tax || Tax on Vehicles and Animals || Theatre-Tax || Tax on Advertisements Other Than Advertisements Published in the Newspapers || Duty on Transfer of Property || Tax on Buildings Payable Along With the Application for Sanction of Building Plans || Other Taxes || Supplementary Taxation || Payment and Recovery of Taxes || Remission and Refund || Appeals || Miscellaneous Provisions Relating to Taxation || Taxes on Entertainment and Betting ||

DUTY ON TRANSFER OF PROPERTY

Duty on transfer of property and method of assessment thereto.

93.

(1)

Save as otherwise provided in this Act, the Council shall levy a duty on transfer of immovable property situated within the limits of New Delhi accordance with the provisions hereafter in this section contained.

(2)

The said duty shall be levied -

(a)	in the form of surcharge on the duty imposed by the Stamp Act, 1899 (2 of 1899), as in force for the time being in the National Capital Territory of Delhi, on every instrument of the description specified below, and
(b)	at such rate as may be determined by the Council 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 property.	The value of the property of 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.
(vi)	Mortgage with possession of immovable property .	The amount secured by the mortgage as set froth in the instrument.
(v)	Lease in perpetuity of immovable property.	The amount equal to one-sixth 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.

Provisions applicable on the introduction of transfer duty.

94.

(1)

On the introduction of the duty on transfers of property -

(a)	section 27 of the Stamp Act, 1899 (2 of 1899), as in force in the National Capital Territory of Delhi; shall be read as if it specifically required the particulars to be set forth separately in respect of property situated within and without New Delhi;
(b)	section 64 of the said Act shall be read as if it referred to the Council as well as the Government of National Capital Territory of Delhi.