ASHISH KUMAR Vs. DEPUTY COMMISSIONER STAMP

JUDGEMENT

(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:

(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.