Finance Act, 1993
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Exchanges. |
104.—(1) In this section “the First Schedule” means the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891. | |
(2) Any instrument executed on or after the passing of this Act and effecting a conveyance or transfer of any immovable property in exchange for any other property, wherever situated, whether movable or immovable and with or without the payment of any consideration, shall be chargeable in respect of such conveyance or transfer under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities, or a policy of insurance, or a policy of life insurance.” in the First Schedule, with the substitution of the value of immovable property situated in the State thereby conveyed or transferred for the amount or value of the consideration for the sale. | ||
(3) The First Schedule is hereby amended by the substitution in the Heading “EXCHANGE — instruments effecting.” of “ section 104 of the Finance Act, 1993” for “ section 12 of the Finance Act, 1953 ”. | ||
(4) Section 73 of the Stamp Act, 1891, shall not apply to any exchange to which this section applies. | ||
(5) Section 12 of the Finance Act, 1953 , is hereby repealed. |