Punjab Finance Act, 2008

From: 2008-06-30 - To: 0000-00-00 An Act to levy tax and alter the rates of tax and duties in the Punjab. Preamble.– Whereas it is expedient to levy tax and alter the rates of tax and duties in the Punjab and connected matters. It is hereby enacted as follows:- 1. Short title, extent and commencement.– (1) This Act may be cited as the Punjab Finance Act 2008. (2) It shall extend to the whole of the Punjab. (3) It shall come into force on the first day of July 2008. 2. Government.– In this Act, Government means the Government of the Punjab. 3. Amendment in Act II of 1899.– In the Stamp Act, 1899 (II of 1899), in the Schedule I, the following amendments shall be made:- (1) after Article 27, the following Article 27-A shall be inserted: “27-A. DECREE, RULE OF A COURT OR AN ORDER OF A COURT based on mutual consent of parties in cases involving transfer of an immovable property including sale, exchange, gift or mortgage, declaring or conferring a right in or title to an immovable property. Two percent of the value of the property.”; EXPLANATION.– Value, in this Article, means value of the property in accordance with the valuation table as notified by the Collector or where valuation table is not available, the average sale price of a property of similar nature in the same revenue estate or locality in the preceding year as may be determined by the Collector. (2) after Article 63, the following Article 63-A shall be inserted: “63-A. TRANSFER OF RIGHT OR INTEREST RELATING TO AN IMMOVABLE PROPERTY, that is to say, transfer of a right or interest relating to an immovable property or an acknowledgement of such transfer, by a development authority, housing authority, statutory body, cooperative housing society,…