What is meant by market value of land/property?

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 In the transaction of immovable property between two parties, the market value of land/property means the price which such property would have fetched if sold in open market on the date of execution/signing of such instrument or the consideration stated in the instrument, whichever is higher.

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For which document, the true market value as per Annual Statement of Rates is taken into consideration?

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  In the case of instruments or subject matter of instruments such as Agreement to sale,Conveyance deed, Deed of exchange, Certificate of sale, partition deed, Power of attorney given to a third person to sell property with or without consideration, Settlement deed, Lease deed, Transfer of lease and development agreement, the stamp duty as per the true market value of the property is taken into consideration.
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