(1) The duty imposed by the Indian Stamp Act, 1899(Act No. II of 1899), on any deed of transfer of immovable property shall, in the case of immovable property situated within the area in which this Act is in force, be increased by two per cent [on the amount or value of the consideration with reference to which the duty is calculated under the said Act]:
Provided that the Board may, with the previous approval of the State Government, enhance the aforementioned per centage of the increase in stamp duty up to five.
(2) All collections resulting from the said increase shall, after deduction of incidental expenses, if any, be allocated and paid by the State Government to the Board alone or to the Board ad the Nagar Mahapalika or the municipal board, as the case may be, in such proportions as may from time to time be determined in such manner and in accordance with such principles as may be prescribed.
(3) For the purposes of this section, Section 27 of the Indian Stamp Act, 1899(Act No. II of 1899), shall be read as if it specifically required the particulars referred to therein to be separately set forth in respect of- (a) the property situated within the area where this Act is in force, and (b) the property situated outside such area.
(4) For the purposes of this section, Section 64 of the Indian Stamp Act, 1899 (Act No. II of 1899), Shall be read and construed as if it refereed to the Board as well as to the State Government.
(5) The provisions of clause (g) of sub-section(2) of Section 172 and Section 1991 of the Uttar Pradesh Nagar Mahapalika Adhiniyam, 1959 (U.P. Act No. II of 1959), and of clause (xiii-B) of Section 128 and Section 128-A of the U.P. Municipalities Act, 1916(U.P. Act No. II of 1916) 18 1shall not apply in relation to any local area in which this Act is in force, and the provisions of this section shall prevail. [The provisions of Sections 6, 8 and 24 of the U.P. General Clauses Act, 1904, shall apply in relation to such cesser as they apply in relation to repeal and re-enactment.]