Q.
a) The Stamp Duty Act 1949 provides the imposition of duty or tax according to the value of the property from every transaction of property. Explain what a stamp duty is and clarify the two types of stamp duty including the respective instruments related to both type of duty. (15 marks)
b) The date for determining the market value of any property being transferred, settled or gifted is clearly stipulated under Section 12A of the Stamp Duty Act 1949. Explain. (10 marks)
(25 marks, 2012 Q3)
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