- (1.) A lease is chargeable to stamp duty under the provision of the Indian Stamp Act (hereinafter referred to as "the Act") in accordance with Article 35 of Schedule 1-B of the Act.
(2.) Article 35 of the of Schedule 1-B of the Act provides for stamp duty on the lease as under: 35. Lease, including an under-lease or sub-lease and any agreement to let or subject: (a) whereby such lease the rent is fixed and no premium is paid or delivered: (i) ... (ii) ... (iii) ... (iv) ... (v) where the lease pur- The same duty as a Con- ports to be for a term veyance No. 23 Clause (a), exceeding twenty for a consideration equal to years but not exceed- six times the amount or ing thirty years value of the average annual rent reserved (vi) where the lease pur- The same duty as a Con- ports to be for a term ex- veyance No. 23 Clause (a), ceeding thirty years or in for a consideration equal to perpetuity or does not market value of the prop- purport to be for any defi- erty which is the subject of nite term the lease.
(3.) Under Clause (v) on a lease which purports to be for a term exceeding twenty years but not exceeding thirty years stamp duty as a conveyance for a consideration equal to six times the amount or value of the average annual rent reserved is payable, whereas under Clause (vi) where the lease purports to be for a term exceeding 30 years or in perpetuity the stamp duty as a conveyance equal to market value of the property which is subject of the lease is payable.;