Valuation for stamp duty (immovable property)
- To any property (other than immovable property which is gifted) and to any date, means the prize which in the opinion of the Assessor , property would have fetched in the open market on that day,
- To any immovable property which is gifted , being immovable property which was acquired by donor on or before march 31, 1977 means-
- The price which in the opinion of the Assessor that property would have fetched if sold in the open market on march 31,1977 increased by an amount equal to the cost of the improvements. alterations and additions, if any, made to such property after march 31. 1977 and prior to the date of the instrument by which such property is gifted; or
- The price, which, in the opinion of the Assessor, that property would have fetched if sold in the open market on the date of the instrument by which such property is gifted.
Whichever price is the lower,
- Any immovable property which is gifted, being immovable property which was acquired by the donor after march 31,1977 means-
- The price which, in the opinion of the Assessor, such property would have fetched if sold in the open market on the date on which such property was acquired by the donor, increased by and amount equal to the cost of the improvement , alterations and additions. if any, made to such property after the date on which the property was acquired by the donor , and prior to date of the instrument by which such property is gifted or
- The price which, in the opinion of the Assessor , that property would have fetched , if sold in the open market on the date of the instrument by which such property was gifted.
Whichever price is the lower
- Duty is payable at the time of execution of the instrument
- Stamp duty payable on an instrument relating to a transfer to a immovable property may be paid to prescribed bank which shall issue a certificate in the prescribed from payment of the amount of stamp duty paid and the date of payment of such duty and such instrument shall have affixed on the certificate of payment issued by the bank
- These payment certificate could be purchased from every People’s Banks or a Bank of Ceylon.
About the author
