Punjab Finance Act, 1975

From: 1975-06-28 - To: 0000-00-00 An Act to continue and levy certain taxes and fees in the Province of the Punjab Preamble.— WHEREAS it is expedient to continue and levy certain taxes and fees in the Province of the Punjab; It is hereby enacted as follow:- 1. Short title, extent and commencement.— (1) This Act may be called the Punjab Finance Act, 1975. (2) It shall extend to the whole of the Province of the Punjab. (3) It shall come into force on and from the first day of July, 1975. 2. Definitions.— In this Act, unless there is anything repugnant in the subject or context the following expressions shall have the meanings hereby respectively assigned to them, that is to say— (a) “Government” means the Government of the Punjab; (b) “rural area” means an area not within the boundaries of a city, municipality or a cantonment board; (c) “agricultural land” means any land in the rural area other than a village abadi or a town. 2. Amendment of Stamp Act, 1899, (Act II of 1899).— In Schedule I to the Stamp Act, 1899 (Act II of 1899) the following amendments shall be made:- (i) For the existing Article 23, the following shall be substituted:- “23. CONVEYANCE as defined by section 2(10) not being a TRANSFER charged or exempted under No. 62— (a) In the case of agricultural Land. Rupees three for every rupees one hundred or part thereof of the value of land. (b) In any other case. Five rupees for every rupees one hundred or part thereof of the value of the property.” (ii) For the existing Article 31, the following shall be substituted:- “31. EXCHANGE OF PROPERTY— Instrument of— (a) When executed in respect of agricultural land. One rupee for every rupees one hundred or part thereof of the value of the property. (b) In any other case. Five rupees for every rupees one hundred or part thereof of the value of the property.” (iii) For the existing Article 33, the following shall be substituted:- “33. GIFT— Instrument of, not being a SETTLEMENT (No. 58) OR WILL OR TRANSFER (No. 62). (a) When executed in favour of legal heirs in respect of agricultural land. One rupee for every rupees one hundred or part thereof of the value of the Property as set forth in such instrument. (b)…