93. Duty on transfer of property and method of assessment thereto.
(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 in accordance with the provisions hereafter in this section contained.
(2) The said duty shall be levied
(a) in the form of a 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 as set forth in the instrument.|
|(iv) Mortgage with possession of immovable property.||The amount secured by the mortgage as set forth 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.|