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  "id": "punjab-code-17b9af7abad56850",
  "title": "PUNJAB FINANCE ACT 1986",
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  "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/ADVVZlNhBjc-",
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  "text": "THE PUNJAB FINANCE ACT , 1986 \r\n(IV of 1986) \r\nCONTENTS \r\n1. Short title, extent and commencement \r\n2. Amendment of Stamp Act 1899 (II of 1899)  \r\n3. Repeal of section 16 of Act IX of 1963 \r\n \r\nTEXT  \r\n1\r\nTHE PUNJAB FINANCE ACT , 1986 \r\n(IV of 1986) \r\n[14th June, 1986] \r\nAn \r\nAct \r\nto continue and levy certain taxes and fees in the Province of the Punjab  \r\nPreamble.– WHEREAS it is expedient to continue and levy certain taxes and fees in \r\nthe Province of the Punjab; \r\nIt is hereby enacted as follows:– \r\n1. Short title, extent and commencement. – (1) This Act may be called the \r\nPunjab Finance Act, 1986. \r\n(2) It extends to whole of the Province of the Punjab. \r\n(3) It shall come into force at once. \r\n2. Amendment of Stamp A ct 1899 (II of 1899). – In the Stamp Act, 1899 (II of \r\n1899)– \r\n(i) after the existing Section 27, the following new Section 27 -A shall be \r\nadded:– \r\n“27-A. Valuation of Urban Land – (1) Where any instrument \r\nchargeable with ad valorem duty under sub -article (b) of  article 23 or \r\nsub-article (b) of article 31 of Schedule 1, relates to land only or land \r\nwith any building or structure thereon, the value of the land shall be \r\ncalculated according to the valuation table notified by the Collector in \r\nrespect of land situated in the area or locality concerned. \r\n(2) Where an instrument, mentioned in sub -section (1), \r\nrelates to land with building or structure thereon, it shall state the value \r\nof the land and the building or structure separately and the value of the \r\nbuilding or s tructure so stated shall, subject to the provisions contained \r\nin this Act, be accepted. \r\n(3) Where the value of land stated in an instrument to which \r\nsub-section (1) applies is more than the value fixed according to the \r\nvaluation table, the value declared i n the instrument shall be accepted \r\nas value for the purposes of duty. \r\n(4) Where the value given in the valuation table notified \r\nunder sub -section (1), when applied to any land, appears to be \r\nexcessive, the Commissioner may, on application made to him by th e \r\n                                                                 \r\n1This Act w as passed by the Punjab Assembly on 5th June, 1986; assented to by the Governor of the Punjab on 14th June, \r\n1986; and, w as published in the Punjab Gazette (Extraordinary), dated 14th June, 1986, Pages 1307-1310. \r\naggrieved person, determine its correct value and for that purpose the \r\nprovisions of section 31 and section 32 shall apply mutatis mutandis.” \r\n(ii) In Schedule 1, for article 23, the following shall be substituted:– \r\n“23. CONVEYANCE as defined by section \r\n2(10) not being a TRANSFER charged or \r\nexempted under No.62 – \r\n \r\n (a) In case of agricultural land:  Rupees four for every rupees one \r\nhundred or part thereof of the value of \r\nthe land. \r\n (b) In case of immovable \r\nproperty in an urban area:  \r\nRupees eight and a half  for every \r\nrupees one hundred or part thereof of \r\nthe value of the property. \r\n (c) In any other case:  Rupees five and a half for every rupees \r\none hundred or part thereof of the value \r\nof the property. \r\nExplanation I. – For the purpose of sub -article (b)– \r\n(1) “urban areas” shall mean – \r\n(i) an area specified by Government under section 3 of the \r\nPunjab Urban Immovable Property Tax Act, 1958; and  \r\n(ii) any built up area including land situated within or adjoining \r\nsuch area, specified by notification by the Govern ment to be \r\nan urban area for the purpose of this clause.  \r\nExplanation. – For the purpose of sub-clause (ii), “built up area” shall mean land which is \r\noccupied as site of a building or enclosure and is not used for agricultural purpose or a \r\npurpose subservient to agriculture. \r\n(2) Duty chargeable in respect of instruments relating to property in an \r\nurban area specified by the Government under clause (1) shall be effective from the date \r\nsuch area is specified as urban area. \r\nExplanation II .– Any reference in S chedule 1 to article 23 shall mean a reference to \r\nsub-articles (a) and (c) only.”  \r\n(iii) in Schedule 1, for article 31, the following shall be substituted– \r\n“31. EXCHANGE OF PROPERTY– Instrument of– \r\n \r\n(a) When executed in respect of \r\nagricultural land: \r\nOne r upee for every rupees \r\none hundred or part thereof of \r\nthe value of the property.  \r\n(b) When executed in respect of \r\nimmovable property in an urban area \r\nas defined in No.23: \r\nRupees eight  for every rupees \r\none hundred or part thereof of \r\nthe value of the property . \r\n(c) In any other case:  Rupees five for every rupees \r\none hundred or part thereof of \r\nthe value of the property.”  \r\n3. Repeal of section 16 of Act IX of 1963. – Section 16 of the Punjab Finance \r\nAct, 1963 (IX of 1963) is repealed.",
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