IS Act 4Chapter II · A.--Of the liability of instruments to duty
Section 4 · Several instruments used in single transaction of sale, mortgage or settlement
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(1) Where, in
the case of any sale, mortgage or settlement, several instruments are employed for completing the
transaction, the principal instrument only shall be chargeable with the duty prescribed in Schedule I, for
the conveyance, mortgage or settlement, and each of the other instruments shall be chargeable with a duty
of one rupee instead of the duty (if any) prescribed for it in that Schedule.
(2) The parties may determine for themselves which of the instrument so employed shall, for the purposes of sub-section (1), be deemed to be the principal instrument:
Provided that the duty chargeable on the instrument so determined shall be the highest duty which would be chargeable in respect of any of the said instruments employed.
1[(3) Notwithstanding anything contained in sub-sections (1) and (2), in the case of any issue, sale or transfer of securities, the instrument on which stamp-duty is chargeable under section 9A shall be the principal instrument for the purpose of this section and no stamp-duty shall be charged on any other instruments relating to any such transaction.]
STATE AMENDMENT
Himachal Pradesh.--
Amendment of section 4.-- In sub-section (1) of section 4 of the said Act--
(a) for the word and figure "Schedule I" the word, figure and letter "Schedule I-A" shall be substituted, and
(b) for the words one rupee, the words "two rupees" shall be substituted.
[Vide Himachal Pradesh Act 4 of 1953, s. 4]
Orissa.--
Amendment of section 4. --In section 4 of the Indian Act, 1899 (2 of 1899) (hereinafter referred to as the principal Act) in sub-section (1), for the words, "one rupee", and eight annas the words "ten rupees" shall be substituted.
[Vide Orissa Act 1 of 2003, s. 2]
Manipur
Amendment of sections 4 and 6.-In sub-section (1) of section 4 and in the proviso to section 6 of the Indian Stamp Act, 1899 s application to the State of Manipur hereinafter referred to as the Principal Act the words "two rupees" wherever they occur, the words "two rupees and paise fifty" shall be substituted.
[Vide Manipur Act 4 of 1989, s. 2]
(2) The parties may determine for themselves which of the instrument so employed shall, for the purposes of sub-section (1), be deemed to be the principal instrument:
Provided that the duty chargeable on the instrument so determined shall be the highest duty which would be chargeable in respect of any of the said instruments employed.
1[(3) Notwithstanding anything contained in sub-sections (1) and (2), in the case of any issue, sale or transfer of securities, the instrument on which stamp-duty is chargeable under section 9A shall be the principal instrument for the purpose of this section and no stamp-duty shall be charged on any other instruments relating to any such transaction.]
STATE AMENDMENT
Himachal Pradesh.--
Amendment of section 4.-- In sub-section (1) of section 4 of the said Act--
(a) for the word and figure "Schedule I" the word, figure and letter "Schedule I-A" shall be substituted, and
(b) for the words one rupee, the words "two rupees" shall be substituted.
[Vide Himachal Pradesh Act 4 of 1953, s. 4]
Orissa.--
Amendment of section 4. --In section 4 of the Indian Act, 1899 (2 of 1899) (hereinafter referred to as the principal Act) in sub-section (1), for the words, "one rupee", and eight annas the words "ten rupees" shall be substituted.
[Vide Orissa Act 1 of 2003, s. 2]
Manipur
Amendment of sections 4 and 6.-In sub-section (1) of section 4 and in the proviso to section 6 of the Indian Stamp Act, 1899 s application to the State of Manipur hereinafter referred to as the Principal Act the words "two rupees" wherever they occur, the words "two rupees and paise fifty" shall be substituted.
[Vide Manipur Act 4 of 1989, s. 2]
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