Section 21
Stock and marketable securities how to be valued.
About this Act
An Act to consolidate and amend the law relating to Stamps,
Where an instrument is chargeable with
ad valorem duty in respect of any stock or of any marketable or other security, such duty shall be
calculated on 1[the market value of such stock or security.]
2[Provided that the market value for calculating the stamp-duty shall be, in the case of--
(i) options in any securities, the premium paid by the buyer;
(ii) repo on corporate bonds, interest paid by the borrower; and
(iii) swap, only the first leg of the cash flow.]
2[Provided that the market value for calculating the stamp-duty shall be, in the case of--
(i) options in any securities, the premium paid by the buyer;
(ii) repo on corporate bonds, interest paid by the borrower; and
(iii) swap, only the first leg of the cash flow.]
Notes
1. Subs. by Act 7 of 2019, s. 16, for "the value of such stock or security according to the average price or the value thereof on the
day of the date of the instrument." (w.e.f. 1-4-2020).
2. Ins. by s. 16, ibid.,(w.e.f. 1-4-2020).
2. Ins. by s. 16, ibid.,(w.e.f. 1-4-2020).