C.A. No. 008388 / 2017

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Under the Indian Stamp Act, 1899, as applicable to Uttar Pradesh, stamp duty on a conveyance is payable on the market value of the property prevailing on the date of execution of the sale deed, irrespective of the consideration mentioned in the instrument or any prior agreement for sale. When a tenant purchases a tenanted property, appropriate deduction from market value is warranted to account for the encumbrance of tenancy, as a hypothetical willing buyer would pay less for such encumbered property. This analysis is brought to you by casestatus.in, where Indian court judgments are tracked and summarised for legal clarity.