The INDIAN STAMP (MIZORAM AMENDMENT) ACT, 2016

The Mizoram GazetteEXTRA ORDINARY
Published by Authority
RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008
VOL - XLV     Aizawl,    Friday    22.4.2016     V aisakha  2,    S.E.  1938,     Issue No. 85
NOTIFICA TION
No. H. 12018/76/2016-LJD, the 18 th  April, 2016. The following Act is hereby published for general
information.
The Indian Stamp (Mizoram Amendment) Act, 2016
(Act No. 4 of 2016)
{Received the assent of the Governor of Mizoram on the 31st March, 2016}
THE INDIAN STAMP (MIZORAM AMENDMENT) ACT, 2016
AN
ACT
Further to amend the Indian Stamp Act, 1899
Whereas it is expedient to amend the Indian Stamp Act, 1899 (Act No. 2 of 1899), in its application
to the State of Mizoram for the purposes hereinafter appearing.
It is enacted by the Mizoram State Legislative Assembly in the Sixty-seventh year of Republic of
India as follows:-
1. Short title, extend and commencement:
(1) This Act may be called the Indian Stamp (Mizoram Amendment) Act, 2016.
(2) It extends to the whole of the State of Mizoram.
(3) It shall come into force on such date as the State Government may, by notification in the Official
Gazette, appoint.
2. Insertion of new section 47A and 47B in the Act No. 2 of 1899:
After section 47 of the principal Act, the following new sections shall be inserted, namely-
“47A. Instrument of conveyance, etc. undervalued how to be dealt with.-
(1) If the registering officer appointed under the Registration Act, 1908 (Central Act XVI of 1908)
while registering any instrument of conveyance, gift, exchange of property; settlement, has
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reason to believe having regard to the estimated market value published by the Committee
constituted under section 47B, if any or otherwise, that the market value of the property which
is the subject matter of such instrument has not been truly set forth, he shall, after arriving at
the estimated market value, communicate the same to the parties and unless the parties pay
the duty on the basis of such valuation, within the period specified by the Registering Officer
shall keep pending the process of registration and refer the matter along with a copy of such
instrument to the Deputy Commissioner for determination of the market value of property and
the proper duty payable thereon.
(2) On receipt of a reference under sub-section (1), the Deputy Commissioner shall, after giving
the parties a reasonable opportunity of being heard and after holding an inquiry in such manner
as the State Government may by rules prescribe, determine by order within ninety days from
the date of receipt of such reference the market value of the property which is the subject
matter of instrument specified in sub-section (1) and the duty payable thereon. The difference,
if any, in the amount of duty, shall be payable by the person liable to pay the duty with interest
at twelve percent per annum if he does not pay such difference within ninety days from the
date of order of the Deputy Commissioner.
(3) The Deputy Commissioner may, suo motu within two years from the date of registration of any
instrument specified in sub-section (1) not already referred to him under sub-section (1), call
for and examine the instrument for the purpose of satisfying himself as to the correctness of
the market value of the property which is the subject matter of any instrument specified in sub-
section (1) and the duty payable thereon and if after such examination he has reason to believe
that the market value of such property has not been truly set forth in the instrument, he may
determine by order the market value of such property and the duty payable thereon in accordance
with the procedure provided for in sub-section (2). The difference, if any, in the amount of
duty, shall be payable by the person liable to pay the duty with interest at twelve percent per
annum if he does not pay such difference within ninety days from the date of order of the
Deputy Commissioner.
(4) The order of the Deputy Commissioner under sub-section (2) or (3) shall be communicated to
the person liable to pay the duty. A copy of every such order shall be sent to the registering
officer concerned.
(5) Any person aggrieved by an order of the Deputy Commissioner under sub-section (2) or sub-
section (3) may, prefer an appeal before the Appellate Authority who is the Inspector General
of Registration and all such appeals shall be preferred within such time and be heard and
disposed off in such manner as the State Government may by rules prescribe.
Provided that no appeal shall be admitted unless the person aggrieved has deposited, in the
prescribed manner, fifty percent of the difference in the amount of duty as determined by the
Deputy Commissioner under sub-section (2) or (3):
Provided further that where after the determination of the market value by the Appellate
Authority or determined again by the Deputy Commissioner on a remand of the case the
stamp duty borne is found to be sufficient, the amount deposited shall be returned to the person
concerned :
Provided also that such person shall pay the difference in duty along with interest at twelve
percent per annum if he does not pay such difference within ninety days from date of order of
the Deputy Commissioner or sixty days from the date of order of the Appellate Authority.
47B. Constitution of V aluation Committee :
(1) The State Government may, by notification, constitute a Valuation Committee, under the
chairmanship of Inspector General of Registration and Commissioner of Stamps, for estimation,
publication and revision of market value guidelines of properties in any area in the State at such
intervals and in such manner as may be prescribed, for the purpose of section 47A.
(2) The Valuation Committee is the final authority for the formulation of policy, methodology and
administration of the market value guidelines in the State and may for the said purpose constitute
market valuation sub-committees in each sub-district and district comprising of such members
as may be prescribed, for estimation and revision of the market value guidelines in the State.
(3) Sub-committees so constituted shall function under the Valuation Committee and shall follow
such procedures as may be prescribed and shall be subject to reconstitution whenever found
necessary”.
2. Amendment of the Schedule:
1) Amendment of Article 5 : In Article 5 of the schedule to the Principal Act-
(a) Clause (e) shall be omitted.
(b) Clause (g) shall be omitted
2) Amendment of Article 23 : In Article 23 of the Schedule to the Principal Act, for clauses
(a), (b), (c) and (d). the following shall be substituted,
namely-
“23. CONVEYANCE (as defined by clause
10 of Section 2 of the Principal Act) not
being a transferred charge or exempted under
No. 62, or the market value of the property
which is the subject matter of the conveyance.
Secretary,
Law & Judicial Department,
Govt. of Mizoram.
Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram
Printed at the Mizoram Government Press,  Aizawl.   C/200
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Two
percent
of the
market
value.”

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