Clause 18

The First Schedule to the principal Act is amended by inserting, immediately after paragraph (a) of Article 10, the following paragraph:“(aa)on sale of any residential property In addition to duty under paragraph (a), where the property is disposed of in the following periods from the date of its acquisition: Within 1 year Exceeding 1 year but not exceeding 2 years Exceeding 2 years but not exceeding 3 years An amount equal to the duty paid or payable by the grantee or transferee. An amount equal to two-thirds of the duty paid or payable by the grantee or transferee. An amount equal to one-third of the duty paid or payable by the grantee or transferee.”.