Section 5 — Several instruments used in single transaction of sale, mortgage, agreement or any other document (memorandum etc.) relating to the deposit of title deeds or settlement

(1) Where, in case of any of sale, mortgage, ²[agreement or any other document (memorandum etc.) relating to the deposit of title deeds] or settlement, several instruments are employed for completing the transaction, only the principal instrument shall be chargeable with the duty prescribed for it in the Schedule ³[and each of the other instruments shall be chargeable with a duty of two hundred rupees instead of the duty, if any, prescribed for it in that Schedule.]

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(2) The parties may determine for themselves which of the instruments so employed shall, for the purposes of sub-section (1), be deemed to be the principal instrument:

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Provided that the duty chargeable on the instrument so determined shall be the highest duty which would be chargeable in respect any of the said instruments employed.