INDIAN STAMP (PUNJAB AMENDMENT) ACT, 2005 THE INDIAN STAMP (PUNJAB AMENDMENT) ACT, 2005 [Act No. 11 of 2005] [12th May, 2005] 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 Fifty-sixth Year of
the Republic of India as follows:-- (1) This Act may be called the Indian Stamp (Punjab Amendment)
Act, 2005. (2) It shall come into force at once. In
the Indian Stamp Act, 1899 (hereinafter referred to as the principal Act), in
its application to the State of Punjab, in section 2, in clause (10), for the
word, figure, letter and sign "Schedule 1-A,", the words, figures,
letters and sign "Schedule 1-A or by Schedule 1-B," shall be
substituted. In
the principal Act, after section 3-B, the following section shall be inserted,
namely:-- "3-C. Instrument chargeable with additional
duty (1) Every instrument mentioned in entry 23 of Schedule
1-A chargeable with duty under section 3, shall, in addition to that duty, be
also chargeable with such duty, as specified in Schedule 1-B, if such an
instrument is executed in the area falling within the jurisdiction of a
Municipality or a Corporation or within the area of five kilometres from the
outer limit of the Municipality or Corporation, as the case may be, as may be
specified by the Collector. This shall be applicable only to Municipal
Corporation and Class-1 Municipalities. (2) The additional duty with which any instrument is
chargeable under sub-section(1), shall be paid and such payment shall be
indicated on such instrument by means of stamp or stamp paper, bearing the
inscription "Social Security Fund" whether with of without any other
design, picture or inscription. (3) Except as otherwise provided in sub-section (2),
the provisions of this Act shall, so far as may be, apply in relation to the
additional duty chargeable under sub-section (1), in respect of the instruments
referred to therein as they apply in relation to the duty chargeable under
section 3 in respect of those instruments. Explanations.--For
the purpose of this section,-- (1) The expression "Municipality" and
"the Corporation" shall have the same meaning as assigned to them
respectively, under the Punjab Municipal Act, 1911 and the Punjab Municipal
Corporation Act, 1976. (2) The expression "Social Security Fund"
means a fund constituted under the Punjab Social Security Fund Regulations,
2005 for providing financial assistance to the needy, deserving and weaker
sections of the society in the State of Punjab through the Welfare
Schemes.". In
the principal Act, after Schedule 1-A, the following Schedule shall be added,
namely:-- "SCHEDULE 1-B (See section 3-C) Conveyance
as defined in section 2(10), not being a transfer charged or exempted under
entry No. 62 Where
conveyance amounts to sale of immovable property 1 2 Where the
value or amount of the consideration for such conveyance as set forth therein
does not exceed Rs. 50; One rupee
fifty paise Where it
exceeds Rs. 50, but does not exceed Rs. 100; Three
rupees Where it
exceeds Rs. 100, but does not exceed Rs. 200; Six rupees Where it
exceeds Rs. 200, but does not exceed Rs. 300; Nine
rupees Where it exceeds
Rs. 300, but does not exceed Rs. 400; Twelve
rupees Where it
exceeds Rs. 400, but does not exceed Rs. 500; Fifteen
rupees. Where it
exceeds Rs. 500, but does not exceed Rs. 600; Eighteen
rupees Where it
exceeds Rs. 600, but does not exceed Rs. 700; Twenty-one
rupees Where it
exceeds Rs. 700, but does not exceed Rs. 800; Twenty-four
rupees Where it
exceeds Rs. 800, but does not exceed Rs. 900; Twenty-seven
rupees Where it
exceeds Rs. 900, but does not exceed Rs. 1,000; and Thirty
rupees For every
500 or Part thereof in excess of Rs. 1,000. Fifteen
rupees". (1) The Indian Stamp (Punjab Amendment) Ordinance, 2005
(Punjab Ordinance 1 of 2005), is hereby repealed. (2) Notwithstanding such repeal, anything done or any action
taken under the principal Act, as amended by the Ordinance referred to in
sub-section (1), shall be deemed to have been done or taken under the principal
Act, as amended by this Act.
Preamble - INDIAN STAMP (PUNJAB
AMENDMENT) ACT, 2005PREAMBLE