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Date: 2026-05-06 Category: Extra Ordinary State: Union Government Country: India

Notification regarding extension of the Indian Stamp Punjab Amendment Act, 2001

Issued by Ministry of Home Affairs · UT DIVISION

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Executive Summary & Key Takeaways

**Executive Summary** The Ministry of Home Affairs issued notifications S.O. 2259(E) and S.O. 2260(E) on May 6, 2026, extending the Indian Stamp (Punjab Amendment) Acts of 2001 and 2003 to the Union Territory of Chandigarh. These amendments introduce stringent market value assessment protocols, new stamp duty categories for property agreements, and interest penalties for deficient duty payments. The provisions are effective from the date of their publication in the Official Gazette (May 6, 2026). **Key Points / Main Content** **Administrative Adaptations** * **Territorial Substitution:** All references to the "State of Punjab" and "State Government" in the original acts are substituted with "Union Territory of Chandigarh" and "Administrator of the Union Territory of Chandigarh," respectively. * **Definition of Commissioner:** The term "Commissioner" is defined as a person appointed by the Government to lead a Division. **Valuation and Reference Procedures** * **Undervaluation Checks:** If the market value of a property in an instrument is lower than the minimum value determined by the Registration Act, 1908, the Registering Officer must refer the case to the Collector for market value determination. * **Collector's Inquiry:** Upon receiving a reference, the Collector must provide parties a reasonable opportunity to be heard and conduct an enquiry to determine the correct value and proper duty. **Expanded Stamp Duty Categories (Schedule I-A)** * **Agreements to Sell:** Agreements for the sale of immovable property that involve the delivery of possession are now subject to the same duty as a conveyance deed (under Entry No. 23). * **Possession Authorizations:** Instruments authorizing the possession of immovable property given for consideration are also charged at the same rate as a conveyance deed. * **Duty Adjustment:** Any stamp duty paid on these agreements will be adjusted against the total duty payable at the time of the final execution of the conveyance. **Interest and Penalties** * **Mandatory Interest:** Deficient stamp duty amounts attract interest at a rate of 12% per annum, calculated from the date of registration to the date of payment. * **Penal Interest:** An additional penal interest of 3% per annum is applicable if there was an intentional omission or failure to set forth the correct market value of the property. * **Recovery Provisions:** Section 48 of the Act is amended to explicitly include interest and penal interest among the sums recoverable as duties and penalties. **Impact Analysis** **Property Buyers and Executants** **Impact** Individuals entering into property agreements with possession will face significantly higher upfront stamp duty costs, equivalent to conveyance rates. They are also exposed to financial liabilities through mandatory interest and penal interest if the property value is under-reported. **Action Required** Executants must ensure that the market value declared in instruments meets the minimum prescribed values and pay all deficient duties promptly to avoid the 12%–15% annual interest charges. **Registering Officers and Collectors** **Impact** These officials are granted expanded oversight powers and responsibilities. Registering officers have a mandate to flag undervalued instruments, while Collectors must conduct formal inquiries and determine interest liabilities. **Action Required** Registering officers must compare all submitted instruments against prescribed minimum market values. Collectors must establish inquiry procedures to calculate deficient duty and the associated interest/penal interest. **Chandigarh Administration** **Impact** The Administrator of the Union Territory of Chandigarh assumes the regulatory and executive powers previously held by the State Government regarding these stamp amendments. **Action Required** The administration must update its regulatory framework and publicize the new duty structures and interest penalties to ensure compliance within the Union Territory.

Key Entities Referenced

Indian Stamp (Punjab Amendment) Act, 2001: A state-level amendment act to the Indian Stamp Act, 1899, which is extended by this notification to the Union Territory of Chandigarh with specific modifications. Indian Stamp (Punjab Amendment) Act, 2003: An amending act that modifies provisions related to stamp duty and interest rates, extended to the Union Territory of Chandigarh. Indian Stamp Act, 1899: The principal central legislation governing the levy of stamp duty on instruments, which serves as the base for the Punjab amendments being extended. Union Territory of Chandigarh: The specific administrative region where the Punjab amendments to the Indian Stamp Act are made applicable through this central government notification. Punjab Reorganisation Act, 1966: The primary legislation under which Section 87 empowers the Central Government to extend laws in force in a state to the Union Territory of Chandigarh.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सससीीी...जजजीीी...---डडडीीी...एएएललल...---अअअ...---000667000555222000222666---222777222222999222 xxxGIDHxxx CCCGGG---DDDLLLxx---EEExG---I000D667E000x555x222x000 222666---222777222222999222 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2170] नई दिल्ली, बुधवार, मई 6, 2026/विै ाख 16, 1948 No. 2170] NEW DELHI, WEDNESDAY, MAY 6, 2026/VAISAKHA 16, 1948 गहृ मत्रं ालय अजधसचू ना नई दिल्ली, 6 मई, 2026 का.आ. 2259(अ).— केन्द्रीय सरकार, पंिाब पनु गगठन अजधजनयम, 1966 (1966 का 31) की धारा 87 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय स्ट्टाम्प (पंिाब संिोधन) अजधजनयम, 2001 (पंिाब अजधजनयम स.ं 14 सन ् 2001) (जिसे इसमें इसके पश्चात “मलू अजधजनयम” कहा गया ह)ै , िो पंिाब राज्य म ें प्रवर्तगत ह,ै को इस अजधसूचना के रािपत्र में प्रकािन की तारीख से संघ राज्यक्षेत्र चण्डीगढ़ में जनम्नजलजखत उपांतरणों के अधीन जवस्ट्ताररत करती है, अर्ागत:् — 1. इस अजधजनयम का संजक्षप्त नाम, भारतीय स्ट्टाम्प (पंिाब संिोधन) अजधजनयम, 2001, िैसा दक यह संघ राज्यक्षेत्र चण्डीगढ़ म ेंजवस्ट्ताररत दकया गया है, ह।ै 2. मूल अजधजनयम म,ें— (क) िहा ाँकहीं “पंिाब राज्य” िब्ि आत े ह,ैं वहााँ “संघ राज्यक्षत्रे चण्डीगढ़” िब्ि रखे िाएाँग;े (ख) िहा ाँकहीं “राज्य सरकार” िब्ि आत े हैं, वहााँ “संघ राज्य क्षेत्र चण्डीगढ़ का प्रिासक” िब्ि रख े िाएाँगे। [फा. स. ं U-11020/2/2026-यटू ीएल] प्रवीण कुमार राय, संयुक् त सजचव 3176 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] पजं ाब सरकार का राजपत्र (असाधारण) 21 दिसबं र, 2001 (अगहन 30. 1923 शक) भाग 1 विवि और वििायी काय य विभाग, पजं ाब अविसचू ना 21 दिसबं र, 2001 संख्या 24, वििायी/2001. पंजाब राज्य वििानमंडल के वनम्नवलवित अविवनयम को 11 दिसंबर, 2001 को भारत के राष्ट्रपवत की स्िीकृवत प्राप्त हुई और इस ेएतद्वारा सियसािारण की जानकारी के वलए प्रकावशत दकया जाता ह।ै भारतीय स्टाम्प (पंजाब संशोिन) अविवनयम, 2001 (पंजाब अविवनयम संख्या 14, 2001) अविवनयम पंजाब राज्य पर इसके लाग ू होने के विषय म,ें भारतीय स्टाम्प अविवनयम, 1899 म ेंऔर संशोिन करने हते ु भारतीय गणराज्य के बािनि ें िषय में पंजाब राज्य वििान मडं ल द्वारा वनम्नवलवित रूप म ेंअविवनयवमत हो :- 1 (1) इस अविवनयम का संजक्षप्त नाम भारतीय स्टाम्प (पंजाब सशं ोिन अविवनयम, संविप्त नाम और प्रारंभ 2001) हlै (2) यह तरु ंत प्रभाि स ेलाग ू होगा 2 भारतीय स्टाम्प अविवनयम, 1899 (वजसे इसमें इसके पश्चात मूल अविवनयम कहा केंद्रीय अविवनयम 1899 गया ह)ै , पंजाब राज्य पर लागू होने के संबंि म,ें िारा 2 म.ें िडं (9) के पश्चात, का 2, की िारा 2 का वनम्नवलवित िंड अंतःस्ट्र्ाजपत दकया जाएगा, अर्ायत ्ः संशोिन (9-अ) "आयुक्त" स ेराज्य सरकार द्वारा वनयुक्त दकसी मंडल का आयुक्त अजभप्रेत ह।ै "। 3 मूल अविवनयम की, िारा 47-अ म,ें- 1899 के केंद्रीय अविवनयम 2 की िारा (1) उपिारा (1) के स्र्ान पर, वनम्नवलवित उपिारा रखी की जाएगी, अर्ायत ्ः- 48-A का संशोिन। "(i) यदि दकसी संपवि का बाजार मल्ू य, जो दकसी ऐसे जलखत का विषय ह ैवजस पर ऐस ेजलखत म ेंवनिायररत बाजार मूल्य के अनुसार शुल्क िये ह,ै ऐसे विलेि म ेंवनिायररत न्यूनतम मल्ू यों स े भी कम ह,ै तो पंजीकरण अविवनयम, 1908 के अधीन बनाए गए वनयमों के अनुसार वनिायररत न्यूनतम मल्ू य स े भी कम ह,ै तो विलेि को पंजीकृत[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 करने के बाि, उसे कलेक्टर को ऐसी संपवि के बाजार मूल्य और उस पर िये उवचत शुल्क के वनिायरण के वलए भेजेगा: (ii) उपिारा (4) म,ें "वजला न्यायािीश" शब्िों के स्र्ान पर, "आयक्तु ” शब्ि रखा जाएगा। 4 मूल अविवनयम म,ें अनुसूची ।-क म ें केंद्रीय अविवनयम 1899 का 2 की अनुसूची I-क म ें (1) प्रविवि 5 म,ें मि (ग) के पश्चात, वनम्नवलवित मि को अतं ःस्ट्र्ाजपत दकया संशोिन जाएगा, अर्ायत ्ः- "(गग) जवक्रय के करार के मामले म,ें वजसके बाि या वजसके द्वारा जवक्रय की जाने इस अनुसूची की प्रविवि िाली अचल संपवि का कब्जा प्रिान दकया जाता ह;ै संख्या 23 के स्तंभ 2 के अधीन िये शुल्क के समान शुल्क, ऐसे समझौते के अनुसरण म ें दकए गए हस्तांतरण के वनष्पािन के समय प्रभायय शुल्क के समायोजन के अिीन होगा।": (2) प्रविवि 48 म,ें मि (च) के पश्चात, वनम्नवलवित मिों को अंतःस्ट्र्ाजपत दकया जाएगा, अर्ायत: "(चच) जब प्रवतफल के बिले और/या अचल संपवि पर कब्जा करन े के वलए इस अनुसूची की प्रविवि अविकृत करने हते ु दिया गया हो: संख्या 23 के स्तंभ 2 के अधीन िये शुल्क के समान शुल्क, ऐसे समझौते के अनुसरण म ें दकए गए हस्तांतरण के वनष्पािन के समय प्रभायय शुल्क के समायोजन के अिीन, लाग ू होगा।" एस.एस. ग्रेिाल, सवचि, पंजाब सरकार, विवि और वििायी मामलों का विभाग।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 6th May, 2026 S.O. 2259(E).— In exercise of the powers conferred by section 87 of the Punjab Reorganisation Act, 1966 (31 of 1966), the Central Government hereby extends the Indian Stamp (Punjab Amendment) Act, 2001 (Punjab Act No. 14 of 2001) (hereinafter referred to as the principal Act) as in force in the State of Punjab, to the Union territory of Chandigarh, from the date of publication of this notification in the Official Gazette, subject to the following modifications, namely:— 1. This Act shall be called the Indian Stamp (Punjab Amendment) Act, 2001 as extended to the Union Territory of Chandigarh. 2. In the principal Act,— a) for the words “State of Punjab” wherever they occur, the words “Union Territory of Chandigarh” shall be substituted; b) for the words “State Government” wherever they occur, the words “Administrator of the Union Territory of Chandigarh” shall be substituted. [F. No. U-11020/2/2026-UTL] PRAVEEN KUMAR RAI, Jt. Secy. PUNJAB GOVT. GAZ (Extra) DEC. 21, 2001 (AGHN 30, 1923 SAKA) PART I DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS PUNJAB NOTIFICATION The 21st December, 2001 No. 24. Leg./2001.—The following Act of the Legislature of the State of Punjab received the assent of the President of India on the 11th December, 2001 and is hereby published for general information: - THE INDIAN STAMP (PUNJAB AMENDMENT) ACT, 2001 (Punjab Act No. 14 of 2001) AN ACT Further to amend the India Stamp Act, 1899, in its application to the State of Punjab. Be it enacted by the Legislature of the State of Punjab in the Fifty-second Year of the Republic of India as follows:- 1 (1) This Act may be called the Indian Stamp (Punjab Amendment Act, 2001 Short title and Commencement (2) It shall come into force at once 2. In the Indian Stamp Act, 1899 (hereinafter referred to as the Principal Amendment of Act), in its application to the State of Punjab in section 2, after clause (9), Section 2 of Central Act 2 of the following clause shall be inserted, namely:- 1899 “(9-A) “Commissioner” means the commissioner of a Division appointed as such by the State Government.”. 3. In the Principal Act, in section 47-A,- Amendment of Section 48-A of (I) For sub-section (i) the following sub-section shall be substituted Central Act 2 of namely:- 1899 “(i) If the market value of any property, which is the subject of any instrument on which duty is chargeable on market value as set[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 5 forth in such instrument, is less than even the minimum value as set forth in such instrument, is less than even the minimum value as determined in accordance with the rules made under this Act, the Registering Officer appointed under the Registration Act, 1908, shall after registering the instrument, refer the same to the Collector for determination of the market value of such property and the proper duty payable thereon”; and (ii) In sub-section (4), for the words “District Judge”, the word “Commissioner” shall be substituted. 4. In the Principal Act, in Schedule I-A Amendment of Schedule I-A of (i) In entry 5, after item © the following item shall be inserted namely:- Central Act 2 of 1899 “(CC) in the case of agreement to sell followed by or evidencing delivery of The same duty as is possession of the immoveable property agreed to be sold; leviable under column 2 of entry No. 23 of this Schedule, subject to the adjustment of duty chargeable at the time of execution of conveyance made in pursuance of such agreement”, and (ii) in entry 48, after item (f), the following items shall be inserted namely:- The same duty as is “ (ff) when given for consideration and/or for authorizing possession of the leviable under immovable property: column 2 of entry No. 23 of this Schedule, subject to the adjustment of duty chargeable at the time of execution of conveyance made in pursuance of such agreement. S. S. GREWAL, Secretary to Government of Punjab Department of Legal and Legislative Affairs.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] अजधसचू ना नई दिल्ली, 6 मई, 2026 का.आ. 2260(अ).— केन्द्रीय सरकार, पंिाब पनु गगठन अजधजनयम, 1966 (1966 का 31) की धारा 87 द्वारा प्रित्त िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय स्ट्टाम्प (पंिाब संिोधन) अजधजनयम, 2003 (पंिाब अजधजनयम सं. 2004 का 15) (जिसे इसमें इसके पश्चात “प्रधान अजधजनयम” कहा गया ह)ै , िो पंिाब राज्य में प्रवर्तगत ह,ै को इस अजधसूचना के रािपत्र म ेंप्रकािन की तारीख से संघ राज्यक्षेत्र चंडीगढ़ म ेंजनम्नजलजखत उपांतरणों के अधीन जवस्ट्ताररत करती है, अर्ागत:् — 1. इस अजधजनयम का संजक्षप्त नाम, भारतीय स्ट्टाम्प (पंिाब संिोधन) अजधजनयम, 2003, िैसा दक यह संघ राज्य क्षेत्र चंडीगढ़ म ेंजवस्ट्ताररत दकया गया ह,ै ह।ै प्रधान अजधजनयम म,ें — (क) िहा ाँकहीं “पंिाब राज्य” िब्ि आत े ह,ैं वहााँ “संघ राज्य क्षेत्र चंडीगढ़” िब्ि रख े िाएाँगे; (ख) िहा ाँकहीं “राज्य सरकार” िब्ि आत े हैं, वहााँ “संघ राज्य क्षेत्र चंडीगढ़ का प्रिासक” िब्ि रखे िाएगाँ े। [फा. स. ं U-11020/2/2026-यटू ीएल] प्रवीण कुमार राय, संयुक्त सजचव पिं ाब सरकार का रािपत्र (असाधारण) 1 िलु ाई, 2004 (असाढ़, 10. 1926 िक) जवजध और जवधायी काय गजवभाग पिं ाब अजधसचू ना 1 िलु ाई, 2004 सं. 24 – जवधायी/95.- पंिाब राज्य जवधानमडं ल के जनम्नजलजखत अजधजनयम को 23 िनू , 2004 को भारत के राष्ट्रपजत की स्ट्वीकृजत प्राप्त हुई और इसे अतिद्वारा सवग साधारण की िानकारी के जलए प्रकाजित दकया िाता हIै भारतीय स्ट्टाम्प (पिं ाब सिं ोधन) अजधजनयम, 2003 (पंिाब अजधजनयम संख्या 2004 का 15) अजधजनयम भारतीय स्ट्टाम्प अजधजनयम, 1899 को पंिाब राज्य में उसके उपयोग के संबंध में और संिोजधत करने के जलए। भारत गणराज्य के चौवनवें वर् ग में पंिाब राज्य की जवधान सभा द्वारा जनम्नजलजखत अजधजनयजमत हो : 1. (1) इस अजधजनयम का संजक्षप्त नाम भारतीय स्ट्टाम्प (पंिाब संिोधन) अजधजनयम, 2003 ह।ै (2) यह तत्काल प्रभाव से लागू होगा।[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 7 2. भारतीय स्ट्टाम्प अजधजनयम, 1899 (जिस े इसम ें इसके पश्चात कूल अजधजनयम कहा गया ह)ै के पिं ाब राज्य म ें अनप्रु योग म,ें धारा 47-क म—ें (i) उपधारा (2) के स्ट्र्ान पर जनम्नजलजखत उपधारा रखी की िाएगी, अर्ातग ्— “(2) उपधारा (1) के अधीन संिभग प्राप्त होन े पर, कलेक्टर पक्षकारों को सुनवाई का युजियुिक अवसर िने े के पश्चात और इस अजधजनयम के अधीन बनाए गए जनयमों के अनुसार िांच करने के उपरांत, मल्ू य या प्रजतफल तर्ा उि अनुसार िेय िल्ु क का जनधागरण करेगा, तर्ा यदि कोई िुल्क की कमी हो, तो उस कमी की राजि पर बारह प्रजतित प्रजत वर्ग की िर से ब्याि सजहत, संबंजधत संपजत्त के िस्ट्तावेि के पंिीकरण की तारीख से लेकर उस कमी की राजि के भगु तान की तारीख तक, िल्ु क िने े के जलए उत्तरिायी व्यजि द्वारा िेय होगा; परंत ु यदि संपजत्त के वास्ट्तजवक बािार मूल्य को ििागन े में दकसी व्यजि द्वारा िानबूझकर चूक या त्रुरट की गई हो, तो वह तीन प्रजतित प्रजत वर्ग की िर से िडं ात्मक ब्याि िने े के जलए भी उत्तरिायी होगा।” (ii) उपधारा (3) म,ें “यदि कोई हो, तो िुल्क का भगु तान करने के जलए उत्तरिायी व्यजि द्वारा िये होगा,” िब्िों के स्ट्र्ान पर जनम्नजलजखत को रखा िाएगा, अर्ागत—् “यदि कोई हो, तो उस कमी की राजि पर बारह प्रजतित प्रजत वर्ग की िर से ब्याि सजहत, संबंजधत संपजत्त के िस्ट्तावेि के पंिीकरण की तारीख से लेकर उस कमी की राजि के भुगतान की जतजर् तक, िुल्क िेन े के जलए उत्तरिायी व्यजि द्वारा िेय होगा; परंत ुयदि संपजत्त के वास्ट्तजवक बािार मूल्य को ििानग े में दकसी व्यजि द्वारा िानबूझकर चूक या त्रुरट की गई हो, तो वह तीन प्रजतित प्रजत वर् ग की िर से िडं ात्मक ब्याि िेन े के जलए भी उत्तरिायी होगा।” 3. मूल अजधजनयम की धारा 48 म,ें “सभी िुल्क, िाजस्ट्तयों और अन्द्य राजियों” िब्िों के स्ट्र्ान केंरीय अजधजनयम पर “सभी िुल्क, िाजस्ट्तयां, ब्याि, िडं ात्मक ब्याि और अन्द्य राजियााँ” िब्ि रख े िाएंगे। 1899 का 2 की धारा 48 का संिोधन पिं ाब सरकार के सजचव जवजध और जवधायी काय गजवभाग।8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF HOME AFFAIRS NOTIFICATION New Delhi, the 6th May, 2026 S.O. 2260(E).— In exercise of the powers conferred by section 87 of the Punjab Reorganisation Act, 1966 (31 of 1966), the Central Government hereby extends the Indian Stamp (Punjab Amendment) Act, 2003 (Punjab Act No. 15 of 2004) (hereinafter referred to as the principal Act) as in force in the State of Punjab, to the Union territory of Chandigarh, from the date of publication of this notification in the Official Gazette, subject to the following modifications, namely:— 1. This Act shall be called the Indian Stamp (Punjab Amendment) Act, 2003 as extended to the Union Territory of Chandigarh. 2. In the principal Act,— a) for the words “State of Punjab” wherever they occur, the words “Union Territory of Chandigarh” shall be substituted; b) for the words “State Government” wherever they occur, the words “Administrator of the Union Territory of Chandigarh” shall be substituted. [F. No. U-11020/2/2026-UTL] PRAVEEN KUMAR RAI, Jt. Secy. PUNJAB GOVT. GAZ. (EXTRA.) JULY 1, 2004 (ASAR, 10, 1926 SAKA) Part I DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS, PUNJAB NOTIFICATION The 1st Jul, 2004 No. 24-Leg./95.- The following Act of the Legislature of the State of Punjab received the assent of the President of India on the 23rd June, 2004, and is hereby published for general information:- THE INDIAN STAMP (PUNJAB AMENDMENT) ACT, 2003 (Punjab Act No. 15 of 2004) AN ACT Further to amend the Indian Stamp Act, 1899, in its application to the State of Punjab. Be it enacted by the Legislature of the State of Punjab in the Fifti-fourth year of the Republic of India as follows: 1. (1) This Act may be called the Indian Stamp (Punjab Amendment) Act, 2003. Short title and commencement (2) It shall come into force at once. 2. In the Indian Stamp Act, 1899 (hereinafter referred to as the principal Act), in its Amendment of application to the State of Punjab, in section 47-A,- section 47-A of (i) for sub-section (2), the following sub-section shall be substituted, Central Act of 1899. namely:- “(2) On receipt of reference under sub-section (1), the Collector shall, after giving the parties reasonable opportunity of being heard and after holding an enquiry in such manner as may be prescribed by rules under this Act, determine the value or consideration and the duty as aforesaid, and the deficient amount of duty, if any, alongwith interest at the rate of twelve per cent per annum on such deficient amount, shall be payable by the person liable to pay the duty from the date of registration of the[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 9 instrument relating to such property to the date of payment of deficient amount of the duty: Provided that a person shall also be liable to pay penal interest at the rate of three per cent per annum, if there was an intentional omission or lapse on his part in not setting forth the correct market value of such property.”; and (ii) In sub-section (3), for the words “if any, would be payable by the person liable to pay the duty.”, the following shall be substituted, namely:- “if any, alongwith interest at the rate of twelve per cent per annum on such deficient amount, would be payable by the person liable to the pay of duty from the date of registration of the instrument relating to such property to the date of payment of deficient amount of the duty; Provided that a person shall also be liable to pay penal interest at the rate of three per cent per annum, if there was an intentional omission or lapse on his part in not setting forth the correct market value of such property.”. 3. In the principal Act, in section 48, for the words “All durites, penalties and Amendment of other sums”, the words “All duties, penalties, interest, penal interest and other section 48 of Central Act of 1899 sums” shall be substituted. Secretary to Govt. of Punjab, Department of Legal and Legislative Affairs. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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