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THE Additional District

Sub-RegistrarsOf W. B. Regn. & Stamp RevenueOf W. B. Regn. & Stamp Revenue

ServiceService

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W.B. Stamp (Prevention ofW.B. Stamp (Prevention of

UnderUnder--Valuation ofValuation ofInstruments) Rules, 2001Instruments) Rules, 2001

Presentation byPresentation by

S. A. JamilS. A. JamilDeputy Inspector General ofDeputy Inspector General of

Registration, RangeRegistration, Range--I, AliporeI, Alipore

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Manner of determination of

Market Value

On the basis of -

1. Highest price for which sale of any land or any

land with building, of similar nature and area and insame locality or in a comparable locality during the

five consecutive years immediately preceding the

date of execution of the instrument..

2. Courts decision after hearing the State Govt.

3. Information, report or record available from any

court or any officer or authority of the Central/State

Govt. or any local authority or local body.

4. Consideration set forth

Whichever is greater.

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Sale / Lease cum Sale

Conveyance Gift

Settlement Partition

Exchange

Assignment of lease

Power of attorney with consideration

Promoters / Developers power

Market Value : the subject matter

of the documents

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1. If the M/V is not set forth and

2. If the facts and circumstances

affecting the chargeability and

the particulars relating to such

facts and circumstances are notfully and truly set forth and not

furnished in Form No. I/ II/ III / IV.

Rule 3(6)

The Registering officer may refuse

registration of such instrument :-

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Rule 3(7) : He May take such enquiries

and take into account court decision ,information, report or record

from any Court or any officer or

authority of the Central/State Govt. or

any local authority or local bodyor from any person having knowledge

relating to market value

as he deems fit.

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Rule 3(8) : R.O. Shall communicate in

writing what he believes to be the M/V

in form No. V.

Notice will be given to the person by whom

the stamp duty is payable u/s 29 of I. S. Act

or to his authorized agent or authorized

advocate to make payment of deficit Stamp

duty within a period of 30 days from the

date of receipt of such notice.

The party may deposit the deficit stampduty through Treasury challan or Bank

draft from agency bank in favour of

Registering officer u/s 41 of I. S. Act.

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Reference to be made

to the Collector

If the party does not comply to pay

deficit Stamp duty within 30 days ---

Rule 4 : Reference is to be made to the

Collector under Sec. 47A(3) of I. S. Act

for determination of the market value of

the property which is the subject matter

of the instrument.

The Registering officer shall record the

particulars of such reference in a

register in form No. VI.

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Determination ofM/V by the

Collector on reference (Rule 5)

If the Collector, on receipt of a reference

from R.O. or on receipt of any information

orsuo motu within 5 years from the date ofregistration has reason to believe that the

m/v is not truly set forth or not correctly

ascertained, he shall issue notice in form

No. VIII to every person by whom, and

every person in whose favour

the instrument had been executed.

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Collector shall pass an order

determining m/v and proper stamp

duty payable.

Collector shall issue a notice in Form No.

IX to the person by whom the stamp dutyis payable u/s 29 or his authorised agent

intimating the market value and directing

to pay the deficit Stamp duty

within such time, ordinarily not before 15days from the date of issue of the notice.

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2% interest for non2% interest for non--payment ofpayment of

deficit stamp duty withindeficit stamp duty within

stipulated periodstipulated period Rule 5(7)Rule 5(7)

If the person liable to pay, does not make

such payment within the stipulated period,

he shall be liable -

TO PAY AN INTEREST @ 2% FOR EACH

BRITISH CALENDAR MONTH OF DEFAULT

FROMTHE FIRST DAY OF SUCH MONTH

FOLLOWING THE MONTH IN WHICH SUCHPERSON WAS REQUIRED TO MAKE

PAYMENT UPTO THE MONTH PRECEDING

THE MONTH OF FULL PAYMENT.

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R. O. shall accept deficit StampR. O. shall accept deficit Stamp

Duty for referred casesDuty for referred cases

In cases of references made to the

Collector u/s 47(A)(3) of I. S. Act read

with Rule 4(1) of PUVI Rulesand before receipt of communication

from the Collector intimating the m/v and

amount of deficit Stamp duty

the party makes payment of deficit S.D.as ascertained by the R.O.

the officer shall accept such payment

and intimate such registration to the

Collector in Form No. VIIA.

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The Divisional commissioner

shall be the Appellate authority.

After considering all evidences,

the Appellate authority shalldetermine the M/V and proper

S.D. and communicate to the

appellant, the Collector, and the

R.O. concerned.

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The party shall deposit the deficit

S.D. as modified by the Appellateauthority together with 2% interest

on modified amount.

Period from the date of admission

of the appeal to the date of receiptof the order by the person shall be

excluded for the purpose of

computing the interest.

If the modified amount of Stamp duty is

higher than the Stamp duty already paid

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Chief Controlling Revenue Authorityon his own motion shall examine the

order passed by Collector U/S 47A or

by Appellate Authority U/S 47B and

hold an inquiry U/S 47C. He will issue notice in Form XII

directing party to pay deficit stamp

duty with 2% interest.

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If the M/V as revised by the

Chief Controlling RevenueAuthority is less than the

amount for which S.D. had been

paid , he shall order refund of

excess S.D. & interest so paid.

The concerned R.O. shall

prepare bill & arrange for

refund.

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