KARNATAKA
STAMP (AMENDMENT) ACT, 2014
Preamble - THE KARNATAKA STAMP (AMENDMENT) ACT, 2014
THE KARNATAKA STAMP (AMENDMENT) ACT, 2014
[Act No. 19 of 2014]
[28th February, 2014]
PREAMBLE
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), for the purposes hereinafter appearing;
Be it
enacted by the Karnataka State Legislature in the sixty-fifth year of the
Republic of India as follows:-
Section 1 - Short title and commencement
(1)
This Act may be called the Karnataka Stamp
(Amendment) Act, 2014.
(2)
It shall come into force with effect from the
first day of March 2014.
Section 2 - Amendment of Section 9
In the
Karnataka Stamp Act, 1957, (Karnataka Act 34 of 1957) (hereinafter referred to
as the Principal Act), in section 9, in sub-section (1), in clause (a),-
(i)
after the sixth proviso, the following shall
be inserted, namely:-
"Provided
also that, the State Government may, in public interest, by notification,
reduce or remit stamp duty on an instrument, to be specified therein from time
to time, executed,-
(a)
by or between the Bangalore Development
Authority and the concerned allottee, in connection with the allotment of
alternate equivalent site, consequent to de-notification of the land in
question and pursuant to the cancellation of the preceding sale deed which is
duly stamped; and
(b)
by or between the concerned persons, in
connection with the Karnataka Aerospace Policy 2013-23, specified in the Government
Order No. CI 17 SPI 2012, dated 6-2-2013 or specified by the State Government
from time to time.
(ii)
after the seventh proviso, the following
shall be inserted, namely:-
"Provided
also that, the State Government may, in public interest by notification reduce
or remit stamp duty payable on instruments specified in notification No. RD 144
MuNoMu 2003 dated: 23-4-2003."
Section 3 - Amendment of Schedule
In the
schedule to the principal Act, in Article 5,-
(i)
in clause (e), in column (3), for the proviso
at the end the following shall be substituted; namely:-
"Provided
that the duty paid on power of attorney under Articles 41(e) or 41(eb), as the
case may be, is adjustable towards the duty payable on agreement for sale under
Article 5(e) or instrument of sale or transfer, as the case may be, executed
between the same parties and in respect of the same property;"
(ii)
for clause (f), and the entries relating
thereto, the following shall be substituted, namely:-
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(f) If relating
to construction or development of immovable property, including a multi unit
or multi storied house or building or apartment of flat, or portion of it,
executed by and between owner or lessee, as the case may be, and developer,
having a stipulation, whether express or implied, that, in consideration of
the owner orlessee conveying or transferring or disposing off, in any way,
the undivided share or portion ofland or immovable property; the developer
agrees to conveyor transfer or dispose off, in any way, the proportionate or
agreed share or portion of the constructed or developed building or immovable
property to the owner or lessee, as the' case may be.
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Two Rupees for
everyone hundred rupees or part thereof, on the Market Value of such
undivided share or portion of land or immovable property, consideration and
money advanced, if any; or On the Market Value of such share or portion of
the constructed or developed building or immovable property, consideration
and money advanced, if any; Whichever is higher: Provided that, if the
proper stamp duty is paid under clause (ea) of the Article 41 on power
Attorney, executed by and between the same parties and in respect of the same
property, then the stamp duty payable on the corresponding agreement under
clause (f) of Article 5, shall not exceed rupees two hundred."
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Explanation: The
term "Developer" includes promoter or builder or by whatever name called
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Explanation: The
term "money advanced" in this Article, means and includes the
security deposit whether refundable or adjustable.
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(iii)
for article 11, and the entries relating
thereto the following shall be , substituted, namely:-
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"11. Award,-
that is to say, any decision in writing by an arbitrator or umpire, not being
an award directing a partition, on a reference made otherwise than by an
order of the Court in the course of a suit.
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(a) If the
property, which is the subject matter of award, is immovable
property.
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The same duty as
the conveyance [under Article 20(1)] on the market value of the such
property, or consideration, whichever is higher.
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(i) where the
amount or market value of the property, as set forth in the award, does not
exceed Rupees fifty lakhs.
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3/4 % of the
amount or market value
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(ii) Where the
amount or market value of the property exceeds rupees fifty lakhs but does
not exceed rupees five Crores.
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Rupees thrity
seven thousand five hundred plus 1/2% of the amount or market value exceeding
Rupees fifty lakhs.
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(iii) Where the
amount or market value of the property exceeds rupees five
Crores.
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Rupees thirty
seven thousand five hundred plus two lakhs twenty five thousand plus 1/4% of
the amount or market value exceeding Rupees five crores".
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(iv)
In article 24,-
(a)
against the entries in column 2, in column 3
the following shall be inserted, namely:-
"One
rupee for everyone thousand rupees or part thereof on the value of such
goods.";
(b)
items (i) and (ii) in column 2 shall be
omitted; and
(c)
in column 2, at the end, the following shall
be inserted, namely:-
"Exemption.-
Goods imported which are exempted from levy of customs duty by the Government
of India."
(v)
In article 41,-
(a)
in clause (e) in column 3, for the proviso,
the following shall be substituted, namely:-
"Provided
that the duty paid on agreement for sale under Article 5(e) or instrument of
sale or transfer as the case may be, is adjustable towards the duty payable on
such power of attorney under Article 41(e), executed between the same parties
and in respect of the same property.";
(b)
for clause (ea) and the entries relating
thereto, the following shall be substituted, namely:-
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"(ea) If
relating to construction or development of immovable property, including a
multi unit or multi storied house or building or apartment or flat, or
portion of it, executed by and between owner or lessee, as the case may be,
and developer, having a stipulation, whether express or implied, that, in
consideration of the owner or lessee conveying or transferring or disposing
off, in any way, the undivided share or portion of land or immovable property;
the developer agrees to conveyor transfer or dispose off, in any way, the
proportionate or agreed share or portion of the constructed or developed
building or immovable property to the owner or lessee, as the case may be.
Explanation: The
tern "Developer" includes promoter or builder or by whatever name
called.
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Two Rupees for
everyone hundred rupees or part thereof, on the Market Value of such
undivided share or portion of land or immovable property, consideration and
money advanced, if any; or On the Market Value of such share or portion of
the constructed or developed or building or immovable property, consideration
and money advanced, if any; whichever is higher.
Provided that,
if the proper stamp duty is paid under clause (f) of the Article 5 on an
agreement for sale, executed by and between the same parties and in respect
of the same property, then the stamp duty payable on the corresponding power
of attorney under clause (ea) of, Article 41 shall not exceed rupees two
hundred."
Explanation: The
term "money advanced" in this Article, means and includes the
security deposit whether refundable or adjustable.
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(c)
in clause (eb) in column 3, for the proviso,
the following shall be substituted, namely:-
"Provided
that the duty paid on agreement for sale under Article 5(e) or instrument of
sale or transfer as the case may be is adjustable toward the duty payable on
such power of attorney under Article 41 (eb), executed between the same parties
and in respect of the same property."
Section 4 - Validation
Notwithstanding
anything contained in section 9 of the principal Act, as existed prior to
commencement of the Karnataka Stamp (Amendment) Act, 2014 the
exemption/remission of stamp duty granted under notification
No.RD.144.Munomu.2003 dated 23-4-2003 shall be deemed to have been granted
under section 9, as amended by the Karnataka Stamp (Amendment) Act, 2014.
I
hereby certify that this Bill is Money Bill within the meaning of Article 199
of the Constitution of India.