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What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement ?

April 26, 2017Agreement consideration duty market meant Payable Property stamp value

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What is meant by the market value of the property and is Stamp Duty payable on the market value of the property or on consideration as stated in the agreement ?

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Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher.