Section 53 Stamp Duties Act

Section 53 of Stamp Duties Act 1939 is about How ad valorem duty is to be calculated in respect of stock and securities. It provides as follows:

(1) Where the consideration, or any part of the consideration,for a conveyance on saIe’ consists of any stock or marketable security, the conveyance shall be charged with ad valorem duty in respect of value of the stock securities.

(2) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any security not being a marketable security, the conveyance shall be charged with ad valorem duty in respect of the amount due on the day of the date thereof for principal and interest upon the security.