Stamp Act, 1899 — section 27

27. Facts affecting duty to be set forth in instrument..—The consideration (if any) and all other facts and circumstances affecting the chargeability of any instrument with duty, or the amount of the duty with which it is chargeable, shall be fully and truly set forth therein. 4 [27A Valuation of immovable property.—(1) Where any instrument chargeable with ad valorem duty under Articles 23,31 or 33 of Schedule-I relates to an immovable property, the value of the immovable property shall be calculated according to the valuation table notified by the district collector in respect of immovable property situated in the locality.

(2)Where an instrument, mentioned in sub-section (1), relates to immovable property consisting of land and structure, it shall state the value of the land and structure separately and the value of the structure stated in the instrument shall, subject to the provisions of this Act, be accepted. 1 Subs. by the Indian Stamp (Amdt.) Act, 1904 (Act No. XV of 1904), s. 4, for the original proviso. 2 The original words “the Secretary of State in Council” were first subs. by A.O., 1937 and then amended by A.O., 1961, Art. 2 (with effect from the 23rd March, 1956), to read as above. 3 The original words “the said Secretary of State in Council” were first subs. by A.O., 1937 and then amended by A.O.,1961, Art. 2 (with effect from 23rd March, 1956), to read as above. 4 Ins. by Finance Act, 2019 (Act No. V of 2019), s.2, (as is in force in the Islamabad Capital Territory).

(3)Where the value of immovable property stated in an instrument to which sub-section (1) applies is more than the value fixed according to the valuation table, the value declared in the instrument shall be accepted as value for the purposes of stamp duty.

(4)Where the value given in the valuation table notified under sub-section (1), when applied to any immovable property, appears to be excessive, the deputy commissioner or commissioner (revenue) or any other person notified by the Government for this purpose may, on application made to him by the aggrieved person, determine its correct value and for that purpose the provisions of sections 31 and 32 shall apply as nearly as possible.]