West Bengal Finance Act, 2012
No: 2 Dated: Mar, 31 2012
THE WEST BENGAL FINANCE ACT, 2012
West Bengal Act II of 2012
An Act to amend the Indian Stamp Act, 1899, in its application to West Bengal, the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979, the West Bengal Sales Tax Act, 1994, and the West Bengal Value Added Tax Act, 2003.
WHEREAS it is expedient to amend the Indian Stamp Act, 1899, in its application to West Bengal, the West Bengal State Tax on Professions, Trades, Callings and Employments Act, 1979, the West Bengal Sales Tax Act, 1994, and the West Bengal Value Added Tax Act, 2003, for the purposes and in the manner hereinafter apearing:
It is hereby enacted in the Sixty-third Year of the Republic of India. by the Legislature of West Bengal, as follows:—
1. Short title and commencement:- (1) This Act may be called the West Bengal Finance Act, 2012.
(2) Save as otherwise provided, it shall come into force on such date, or shall be deemed to have come into force on such date as the State Government may, by notification in the Official Gazette, appoint. and different dates may be appointed for different provisions of this Act.
2. Application and amendment of Act 2 of 1899:- (1) The Indian Stamp Act, 1899 (hereinafter referred to as the principal Act), shall, in its application to West Bengal, be amended for the purposes and in the manner hereinafter provided.
(2) In Schedule IA to the principal Act,—
(a) in article 5, after clause (e) in the first column and the entry relating thereto in the second column. the following clause in the first column and entries relating thereto in the second column shall be inserted:—
"(f) if relating to an agreement giving authority to a promoter or developer, by whatever name called, for construction on, or sale of, or transfer (in any manner whatsoever) of. any immovable property—
| (i) where the market value of the property does not exceed rupees thirty lakh | Rupees five thousand |
| (ii) where the market value of the property exceeds rupees thirty lath but does not exceed rupees sixty lakh; | Rupees seven thousand. |
| (iii) where the market value of the property exceeds rupees sixty lakh but does not exceed one crore; | Rupees ten thousand. |
| (iv) where the market value of the property exceeds rupees one crore but does not exceed rupees one and half crore; | pees twenty thousand. |
| (v) where the market value of the property exceeds rupees one and half crore but does not exceed rupees three crore; | Rupees forty thousand. |
| (vi) where the market value of the property exceeds rupees three crore; | Rupees seventy-five thousand |
(b) article 23A in the first column under the heading "Description of Instruments" shall be renumbered as article 23AA;
(c) in article 48, for clause (g) in the first column and the entry relating thereto in the second column, the following clause in the first column and entries relating thereto in the second column shall be substituted:—