KARNATAKA STAMP (AMENDMENT)
ACT, 1966 [1]THE KARNATAKA STAMP (AMENDMENT) ACT, 1966 [Act No. 17 of 1966] [16th May, 1966] An Act
further to amend the Karnataka Stamp Act, 1957, Whereas
it is expedient further to amend the Karnataka Stamp Act, 1957 (Karnataka Act
34 of 1957); Be it
enacted by the Karnataka State Legislature in the Seventeenth Year of the
Republic of India as follows:-- (1) ??This Act may
be called the Karnataka Stamp (Amendment) Act, 1966.
Preamble - KARNATAKA STAMP (AMENDMENT) ACT, 1966PREAMBLE
Section 2 - Amendment of Section 3
In
clause (1) of the proviso to Section 3 of the Karnataka Stamp Act, 1957
(Karnataka Act 34 of 1957) (hereinafter referred to as the Principal Act), for
the word "Government" in the two places where it occurs, the words
"State Government", shall be substituted,
Section 3 - Amendment of Section 28
Section
28 of the Principal Act shall be renumbered as sub-section (1) thereof and
after the sub-section as so renumbered, the following sub-section shall be
inserted, namely:--
"(2)
In the case of instruments relating to immovable property chargeable with an ad
valorem duty on the value of the property, and not on the value set forth, the
instrument shall fully and truly set forth the annual land revenue in the case
of revenue paying land, the annual rental or gross assets, if any, in the case
of other immovable property, the local rates, municipal or other taxes, if any,
to which such property may be subject, and any other particulars which may be
prescribed by rules made tinder this Act."
Section 4 - Insertion of new Section 63-A
After
Section 63 of the Principal Act, the following Section shall be inserted,
namely:-
"63-A.
Penalty for contravention of other provisions.--
Any
person who willfully acts in contravention of any of the provisions of this Act
in respect of which no other provision has been made in this Chapter, shall be
punishable with imprisonment which may extend to six months, or with fine which
may extend to five hundred rupees, or with both."
Section 5 - Insertion of new Section 67-B
After
Section 67-A of the Principal Act, the following Section shall be inserted,
namely:--
"67-B.
Deputy Commissioner's power to authorise officers to enter premises and inspect
certain documents.--
The
Deputy Commissioner may, where he has reason to believe that any of the
instruments specified in Articles 5 and 37 of the Schedule have not been
charged at all or incorrectly charged with duty leviable under this Act,
authorise in writing any officer to enter upon any premises where he has reason
to believe that any registers, books, records, papers, documents or proceedings
relating to or in connection with any such instrument are kept and to inspect
them and to take such notes and extracts as such officer deems necessary. Every
person having in his custody or maintaining such registers, books, records,
papers, documents or proceedings shall at all reasonable times permit the
officer authorised by the Deputy Commissioner to inspect them and take the
notes and extracts as he may deem necessary."
Section 6 - Amendment to the Schedule
In the
Schedule to the Principal Act,--
(1)
for Article 5, the following Article shall be
substituted, namely:--
|
Description of
instrument |
Proper
stamp-duty |
|
"5.
Agreement or Memorandum of an agreement-- |
|
|
(a) If relating
to the sale of a bill of exchange, |
Fifty paise. |
|
(b) if relating
to the purchase or sale of a Government security. |
Subject to a
maximum of forty rupees and twenty-five paise for every ten thousand rupees
or part thereof of the value of the security at the time of its purchase or
sale, as the case may be. |
|
(c) if relating
to the purchase or sale of shares, scrips, stocks, bonds, debentures, or any
other marketable security of a like nature, in or of any incorporated company
or other body corporate.-- |
|
|
(i) when such
agreement or memorandum of an agreement is with or through a member or
between members of a Stock Exchange recognised under the Securities Contracts
(Regulation) Act, 1956. |
Fifteen paise
for every two thousand and five hundred rupees or part thereof of the value
of the security at the time of its purchase or sale, as the case may be. |
|
(ii) in other
cases |
Fifty paise for
every two thousand and five hundred rupees or part thereof of the value of
the security at the time of its purchase of sale, as the case may be. |
|
(d) if not otherwise
provided for Exemptions.-- |
Three rupees |
|
Agreement or
Memorandum of agreement--- |
|
|
(a) for or
relating to the purchase or sale of goods or merchandise exclusively, not
being a note or memorandum chargeable under Article 37; |
|
|
(b) made in the
form of tenders to the Central Government for or relating to any loan." |
|
(2)
in clause (a) of Article 11, the words,
"as set forth in such award", shall be omitted.
(3)
for Article 28, the following Article shall
be substituted, namely:--
"28
Gift.--
|
Instrument of
not being a Settlement (No. 48) or Will or Transfer (No. 52). |
The same duty as
a Conveyance (No. 20), for a consideration equal to the value of the property
which is the subject matter of the gift: Provided that
where an instrument - of gift contains any provision for the revocation of
the gift, the value of the property, wext of Foot note hich is the subject
matter of the gift, shall, for the purposes of duty, be determined as if no
such provision were contained in the instrument." |
(4)
for Article 37, the following Article shall
be substituted, namely:--
"37.
Note or Memorandum--
Sent
by a Broker or Agent to his Principal intimating the purchase or sale on
account of such Principal--
|
(a) of any goods
exceeding in value twenty rupees. |
Fifty paise |
|
(b) of any
share, scrip, stock, bond, debenture, debenture stock or other marketable
security of a like nature exceeding in value twenty rupees, not being a
Government security. |
Fifteen paise
for every two thousand and five hundred rupees or part thereof of the value
of the security at the time of its purchase or sale, as the case may be. |
|
(c) of a
Government security, |
Subject to a
maximum of forty rupees and twenty-five paise for every to thousand rupees or
part thereof of the value of the security at the time of its purchase or
sale, as the case may be, |
(5)
in Article 48?
(i)
in clause A, in the second column, the words
"as set forth", shall be omitted.
(ii)
in clause B, in the second column, the words
"as set forth", shall be omitted.