Panchayat:Repo18/Law Manual Page0267

54[(v)(a) assignment on lease of immovable property for more thanone year. -- The same stamp duty on a bottomry bond (item 14 of the Schedule to the Kerala Stamp Act, 1959) which may be remitted or payable as per the lease deed.

(b) assignment on lease of immovable property for not less than one year but not more than five years -- The same stamp duty on a bottomry bond (item 14 of the Schedule to the Kerala StampAct, 1959) on one year's average lease amount or price fixed.

(c) assignment on lease of immovable property for more than five years but not exceeding ten years -- The same stamp duty on a sale deed items 21 or 22, as the case may be, of the Schedule to the Kerala Stamp Act, 1959) for a consideration equal to the average of lease amount fixed for an year.

(d) assignment on lease of immovable property exceeding ten years but not being a perpetual lease -- If the lease is subsisting for a very long period the same stamp duty as on a sale deed (item 21 or 22, as the case may be, of the Kerala Stamp Act, 1959) for a consideration equal to three times the average yearly lease amount or price remitted or paid for the first ten years.

(e) perpetual lease of immovable property Total amount of lease remitted or paid during the first fifty years, as shown in the instrument].

(vi) Release, that is to say, any instrument whereby a person renounces a claim upon another person or against any specified property when such release does not operate in favour of his or her spouse or children. --- The amount or value as set forth in the released deed.

(2) On the introduction of the duty as aforesaid, -

(a) section 28 of the Kerala Stamp Act, 1959 shall be read as if it specifically required the particulars to be set forth separately in respect of property situated in the area under the jurisdiction of a Village Panchayat and in respect of property situated outside such area; and

(b) section 62 of the Kerala Stamp Act, 1959, shall be read as if it referred to the Village Panchayat as well as Government.

(3) The Government may make rules not inconsistent with this Act for regulating the collection of the duty, the payment thereof to the Village Panchayat and the deduction of any expenses incurred by the Government in the collection thereof.

(4) The amounts collected in all the Village Panchayats in the State as duty on transfer of property under this section shall be pooled every year for the entire State and