Updated: Saturday April 26, 2014/AsSabt
Jamada El Thaniah 26, 1435/Sanivara
Vaisakha 06, 1936, at 06:21:00 PM
The
(Pb. Act IV of 1986)
C O N T E N T S
Sections
1. Short
title, extent and commencement.
2. Amendment
of Stamp Act 1899 (II of 1899).
3. Repeal
of section 16 of Act IX of 1963.
(Pb. Act IV of 1986)
[
An Act to continue and levy
certain taxes and fees in the Province of the
Preamble.— Whereas it is expedient to continue
and levy certain taxes and fees in the Province of the
It is hereby enacted as follows:---
1. Short
title, extent and commencement.— (1) This Act may be called the Punjab
Finance Act, 1986.
(2) It
extends to whole of the Province of the
(3) It
shall come into force at once.
2. Amendment
of Stamp Act 1899 (II of 1899).— In the Stamp Act 1899 (II of 1899)—
(i) after
the existing Section 27, the following new Section 27-A shall be added:---
“27-A. Valuation
of Urban Land.— (1) Where any instrument chargeable with ad valorem duty
under sub-article (b) of article 23 or sub-article (b) of article 31 of
Schedule 1, relates to land only or land with any building or structure
thereon, the value of the land shall be calculated according to the valuation
table notified by the Collector in respect of land situated in the area or
locality concerned.
(2) Where an instrument, mentioned in
sub-section (1), relates to land with building or structure thereon, it shall
state the value of the land and the building or structure separately and the
value of the building or structure so stated shall, subject to the provisions
contained in this Act, be accepted.
(3) Where the value of land stated in an
instrument to which sub-section (1) applies is more than the value fixed
according to the valuation table, the value declared in the instrument shall be
accepted as value for the purposes of duty.
(4) Where the value given in the valuation
table notified under sub-section (1), when applied to any land, appears to be
excessive, the Commissioner may, on application made to him by the aggrieved
person, determine its correct value and for that purpose the provisions of
section 31 and section 32 shall apply mutatis
mutandis.”
(ii) In Schedule 1, for article 23, the following shall
be substituted:-
“23. CONVEYANCE as defined by section 2(10)
not being a TRANSFER charged or exempted under No.62— |
|
(a) In
case of agricultural land: |
Rupees four for every rupees one hundred or part
thereof of the value of the land. |
(b) In
case of immovable property in an urban area: |
Rupees eight and a half for
every rupees one hundred or part thereof of the value of the property. |
(c) In
any other case: |
Rupees five and a half for
every rupees one hundred or part thereof of the value of the property. |
|
|
(1) “urban
areas” shall mean— |
|
(i) an area specified by Government under section 3 of the Punjab
Urban Immovable Property Tax Act, 1958; and |
|
(ii) any built up area including land situated within or adjoining
such area, specified by notification by the Government to be an urban area
for the purpose of this clause. |
|
Explanation.— For the purpose of
sub-clause (ii), “built up area” shall mean land which is occupied as site of
a building or enclosure and is not used for agricultural purpose or a purpose
subservient to agriculture. |
|
(2) Duty chargeable in respect of instruments
relating to property in an urban area specified by the Government under
clause (1) shall be effective from the date such area is specified as urban
area. |
|
Explanation
II.— Any reference in Schedule 1 to
article 23 shall mean a reference to sub-articles (a) and (c) only.” |
“31. EXCHANGE
OF PROPERTY— Instrument of— |
|
(a) When
executed in respect of agricultural land: |
One rupee for every rupees one hundred or part
thereof of the value of the property. |
(b) When executed in respect of immovable
property in an urban area as defined in No.23: |
Rupees eight for
every rupees one hundred or part thereof of the value of the property. |
(c) In
any other case: |
Rupees five for every rupees one hundred or part
thereof of the value of the property.” |
3. Repeal of section 16 of Act IX of 1963.— Section 16 of the Punjab Finance Act, 1963 (IX of 1963) is repealed.
[1][1]This Act was passed by the Punjab Assembly on 5th
June, 1986; assented to by the Governor of the Punjab on 14th June, 1986; and,
was published in the Punjab Gazette (Extraordinary), dated 14th June, 1986,
Pages 1307-1310.
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