AAL Act 6

धारा 6 · Power to levy and collect Reclassification Premium

- With effect from the date of commencement of this Act,-

(i)

every owner of agricultural land specified under both subsection (1) and (2) of section 4 shall pay a Reclassification Premium at the rate of 10% of the prevailing minimum zonal value in respect of the said agricultural land in that area in respect of reclassification or at the rate of 15% of the prevailing minimum zonal value for the said agricultural land in that area in respect of reclassification-cum-transfer, before issue of the No objection Certificate (NOC) by the Deputy Commissioner, under sub-section (7) of section 5:

Provided that in the case of the value of consideration for reclassification-cum-transfer is more than the prevailing minimum zonal value for the said agricultural land, the 15% Reclassification Premium applicable shall be assessed on the value of consideration and charged accordingly.

(ii)

For the purposes of this section, the minimum zonal value of the land shall be fixed in such manner as may be prescribed.

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