Section 147:
Duty on transfer of property and method of assessment thereof.
(1) Save as otherwise
provided in this Act, 1[2[the Corporation]] shall levy a duty on transfers of immovable property situated within
the limits of 3[4[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 1[2[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
(i) Sale of immovable property. The amount or value of the consideration for the
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.
(iii) Gift of immovable property. The value of the property, as set forth in the
instrument.
(iv) Mortgage with possession of
immovable property.
The amount secured by the mortgage as set forth
in the instrument.
(v) Lease in perpetuity of immovable
property.
The amount equal to one-sixth of the whole
amount or value of the rent which would be
paid or delivered in respect of the first fifty
years of the lease as set forth in the instrument.
5[(vi) Contract for transfer of
immovable property
Ninety percent of the value of the consideration for
the transfer as set out in the contract.]
Notes:
1. Subs. by Delhi Act 12 of 2011, s. 2 “the Corporation” (w.e.f. 13-1-2012).
2. Subs. by Act 10 of 2022, s. 2, for “a Corporation” (w.e.f. 22-5-2022).
3. Subs. by Delhi Act 12 of 2011, s. 2, for “Delhi” (w.e.f. 13-1-2012).
4. Subs. by Act 10 of 2022, s. 2, for “the area of the Corporation” (w.e.f. 22-5-2022).
5. Ins. by Delhi Act 6 of 2003, s. 23 (w.e.f. 1-8-2003).