Section 147: Duty on transfer of property and method of assessment thereof.

(1) Save as otherwise provided in this Act, the Corporation shall levy a duty on transfers of immovable property situated within the limits of 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 Indian Stamp Act, 1899 (2 of 1899) as in force for the time being in the Union territory of Delhi, on every instrument of the description specified below, and

(b) at such rate as may be determined by the Corporation not exceeding five per cent, on the amount specified below against such instruments:— Description of instrument Amount on which duty should be levied The amount or value of the consideration for the (i) Sale of immovable property. 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. The value of the property, as set forth in the (iii) Gift of immovable property. instrument. (iv) Mortgage with possession of The amount secured by the mortgage as set forth immovable property. in the instrument.

(v) Lease in perpetuity of immovable The amount equal to one-sixth of the whole amount or value of the rent which would be property. paid or delivered in respect of the first fifty years of the lease as set forth in the instrument.