Indian Stamp (Punjab Amendment) Act, 1994 1. Short title and commencement. 2. Amendment of Section 27 of Central Act 2 of 1899.
The Indian Stamp (Punjab Amendment) Act, 1994
(Punjab Act No. 17 of 1994)
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G.S.R. 716(E). - In exercise of the powers conferred by Section 87 of the Punjab Re-organisation Act, 1966 (31 of 1966), the Central Government hereby extends to the Union territory of Chandigarh, the Indian Stamp (Punjab Amendment) Act, 1994 (Punjab Act No. 17 of 1994) and the Indian Stamp (Punjab Amendment) Act, 1998 (Punjab Act No. 17 of 1998), as in force is the State of Punjab on the date of this notification, subject to the following modification, namely:-
Modifications
(2) In Sub-section (1) of Section 1 of the Indian Stamp (Punjab Amendment) Act, 1998, for the words, brackets and figures, "the Indian Stamp (Punjab Amendment) Act, 1998", the words, brackets and figures "the Indian Stamp (Punjab Amendment) Act, 1998 as extended to the Union territory of Chandigarh" shall be substituted.
An Act Further to amend the Indian Stamp Act, 1899, in its application to the State of Punjab.
Be it enacted by the Legislature of the State of Punjab in the Forty-fifth Year of the Republic of India as follows:-
(2) It shall come into force at once.
(i) section 27 of the principal Act shall be re-numbered as sub-section (1) thereof and after sub-section
(1) as so-renumbered, the following sub-section shall be inserted, namely:-
"(2) In the case of instruments relating to immovable property chargeable with, an ad valorem duty on the value of the property, and not on the value set forth in the instrument, the instrument shall fully and trully set forth, the annual land revenue in the case of revenue paying land, the annual rental or gross assets, if any, in the case of other immovable property, the local rates, municipal or other taxes if any, to which such property may be subject, and any other particulars which may be prescribed by rules made under this Act."
(ii) Amendment of Section 47-A of Central Act 2 of 1899:
in Section 47-A for Section (3), the following sub-section shall be substituted, namely:-
"(3) The Collector may suo motu, or on the receipt of a reference from the Inspector General of Registration or Registrar of a District appointed under the Registration Act, 1908 (Central Act No. 16 of 1908), in whose jurisdiction the property or any portion thereof which is the subject matter of the instrument is situated or on the receipt of a report of audit by the Comptroller and Auditor General of India or by any other authority authorised by the State Government in this behalf or otherwise, within a period of three years from the date of the registration of an instrument, call for and examine any instrument for the purposes of satisfying himself as to the correctness of the value of the property or of the consideration disclosed and of all other facts and circumstances affecting the chargeability of the instrument or as to the true character and description thereof and the amount of the duty with which it was chargeable and if after such examination, he has reason to believe that proper duty has not been paid he may, after giving the person concerned reasonable opportunity of being heard and after holding an enquiry in the manner provided under sub-section (2), determine the value of the property or the consideration or the character or description of instrument and the duty with which it was chargeable and the deficient amount of duty, if any, would be payable by the persons liable to payable the duty"; and
(iii) Substitution of Schedule 1-A to Central Act 2 of 1899:
for Schedule 1-A, the following Schedule shall be substituted namely:-
"Schedule 1-A
(See Section 3)
Note. - The articles is Schedule 1-A are numbered so as to correspond with similar articles in Schedule 1.
| Description of Instrument | Proper Stamp duty | |||
| 1. | ACKNOWLEDGEMENT of debt exceeding twenty rupees in amount or value, written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book (other than a banker's pass-book) or on a separate piece of paper when such book or paper is left in the creditor's possession: | |||
(a) as a condition of enrollment under the Army Act, 1950, or the Air Force Act 1950;
(b) for the immediate purpose of being filed or used in any Court or before the officer of any Court; or
(ii) when it exceeds Rs. 200 but does not exceed Rs. 400;
when it exceeds Rs. 400 but does not exceed Rs. 600;
when it exceeds Rs. 600 but does not exceed Rs. 800;
when it exceeds Rs. 800 but does not exceed Rs. 1000;
when it exceeds Rs. 1000 but does not exceed Rs.1200;
when it exceeds Rs. 1200 but does not exceed Rs. 1600;
when it exceeds Rs. 1600 but does not exceed Rs. 2500;
when it exceeds Rs. 2500 but does not exceed Rs. 5000;
when it exceeds Rs. 5000 but does not exceed Rs. 7500;
when it exceeds Rs. 7500 but does not exceed Rs. 10000;
when it exceeds Rs. 10000 but does not exceed Rs. 15000;
when it exceeds Rs. 15000 but does not exceed Rs. 20000;
when it exceeds Rs. 20000 but does not exceed Rs. 25000;
when it exceeds Rs. 25000 but does not exceed Rs. 30000;
and for additional Rs. 10000 or part thereof in exceeds Rs. 30000;