Atul mortgages his house of the value of ₹50,000 to Vijay. After some time Vijay buys the house from Atul for ₹25,000. Decide the amount on which Vijay has to pay the stamp duty under Indian Stamp Act, 1889.

Section 24 of the Indian Stamp Act, 1889 provides that in the case of sale of property subject to mortgage or other encumbrances, any unpaid mortgage money or money charged together with the interest, if any, due on the same shall be deemed to be part of the consideration for the sale provided that where property subject to a mortgage is transferred to the mortgagee he shall be entitled to deduct from the duty payable on the transfer the amount of any duty already paid in respect of the mortgage. In the given problem, Atul mortgages a house of the value of ₹50,000/- to Vijay for ₹25,000/-. Afterwards Vijay buys the house from Atul. A Stamp duty is payable by Vijay as per expenditure specified in Section 24 of the Act is on ₹50,000/- less the amount of stamp duty already paid for the mortgage.