KARNATAKA
STAMP (AMENDMENT) ACT, 2017
Preamble - KARNATAKA STAMP (AMENDMENT) ACT, 2017
THE KARNATAKA STAMP (AMENDMENT) ACT, 2017
[Act No. 17 of 2017]
[31st March, 2017]
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-eighth Year of Republic
of India as follows:-
Section 1 - Short title and commencement
(1)
This Act may be called the Karnataka Stamp
(Amendment) Act, 2017.
(2)
It shall come into force with effect from the
first day of April, 2017.
Section 2 - Amendment of section 30
In the
Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957) (hereinafter referred to
as the Principal Act), in section 30, after clause (f), and the entries
relating thereto, the following shall be inserted, namely:-
"(g) ?in the case of an acknowledgement of debt
[Art. 1(i)]-by the Debtor;
(h)? ?in the case of an acknowledgement of a letter,
article, etc., [Art. 1(ii)]-by the Person owning the letter, article etc.,;
(i)?? ?in the case of an adoption deed [Art. 3]-by
the adopter;
(j) ???in the case
of an affidavit [Art. 4]-by the executant;
(k) ??in the case
of an agreement for sale of bill of exchange [Art. 5(a)]-by the Purchaser;
(l) ??in the case
of an agreement for purchase or sale of a Government security [Art. 5(b)]-by the
purchaser;
(m)? ?in the case of an agreement for purchase or
sale of shares, stocks [Art. 5(c)]-by the purchaser;
(n)? ?in the case of an agreement for transaction of
lease-cum-sale[Art. 5(d)]-by the lessee;
(o) ??in the case
of any instrument of lease-cum-sale effected by the Bengaluru Development
Authority or the Karnataka Housing Board [Art. 5 (da)]-by the Lessee;
(p) ??in the case
of agreement for sale of immovable property [Art. 5(e)]-by the purchaser;
(q) ??in the case
of agreement for construction or development of an immovable property [Art.
5(f)]-by the developer;
(r) ???in the case
of agreement for sale of movable property [Art. 5(g)]-by the purchaser;
(s)? ?in the case of agreement to mortgage [Art.
5(h)]-by the mortgager;
(t)? ??in the
case of contract between the Depository Participant and client for opening
de-mat account [Art. 5 (i)]-by the client;
(u)? ?in the case of agreement relating to contract
between stock broker or sub broker and client (principal) for Stock Market
operations [Art. 5 (i-a)]-by the client;
(v) ??in the case
of agreement relating to advertisement or telecasting or broadcasting of
programs for promotion and development of business [Art. 5(i-b)]-by the
advertiser;
(w)? ?in the case of agreement relating to
assignment or transfer of intellectual property rights [Art. 5(i-c)]-by the
assignee;
(x) ??in the case
of agreement relating to building works or labour or services (works contracts)
[Art. 5 (i-d)]-by the person entrusting the works or availing the services;
(y)? ?in the case of chit agreement [Art. 5(i-e)]-by
the chitster;
(z)? ?in the case of agreement if not otherwise
provided for [Art. 5(j)]-by the executant;
(za)? in the case
of appointment in execution of a power [Art. -7]-by the executant;
(zb) ?in the case
of appraisement or valuation [Art. -8]-by the person availing the services;
(zc) ?in the case
of apprenticeship deed [Art. -9]-by the apprentice;
(zd) ?in the case
of articles of association of a company [Art. -10]-by the company;
(ze) ?in the case
of award [Art. -11]-by the awardee;
(zf) ??in the case
of cancellation of instruments [Art. -14]-by the executant;
(zg) ?in the case
of certificate or other document evidencing the title of the holder thereof or
any other person, either to any share, scrip or stock [Art. -16]-by the company
issuing share, scrip or stock;
(zh)? in the case
of charter-party [Art. -18]-by the charterer or shipper;
(zi) ??in
the case of clearance list [Art. 18-A]-by the investors;
(zj) ?in the case
of composition deed [Art. 19]-by the debtor;
(zk) ?in the case
of copy or extract [Art. 21]-by the applicant;
(zl) ??in the case
of counterpart or duplicate [Art. 22]-by the person who paid the stamp duty on
the original document;
(zm? )in the case
of delivery order in respect of goods [Art. 24]-by the importer;
(zn)? in the case
of divorce deed of marriage [Art. 25]-by the divorcer;
(zo) ?in the case
of gift deed [Art. 28]-by the donee;
(zp) ?in the case
of letter of allotment of shares, in any company [Art. 31]-by the company;
(zq) ?in the case
of letter of licence [Art. 32]-by the debtor;
(zr) ?in the case
of licence of immovable or moveable property [Art. 32-A]-by the licensee;
(zs) ?in the case
of memorandum of association of a company [Art. 33]-by the company;
(zt) ?in the case
of mortgage of a crop [Art. 35]-by the mortgagor;
(zu) ?in the case
of Notarial act [Art. 36]-by the applicant;
(zv) ?in the case
of Note or Memorandum or record of transactions (electronic or otherwise)-Sent
by a broker or agent [Art. 37]-by the Investors;
(zw) ?in the case
of Note of protest by the master of a ship [Art. 38]-by the charterer or
shipper or the consignee or the importer as the case may be;
(zx)? in the case
of partnership-instrument of constitution [Art. 40(A)]-by the partnership firm;
(zy) ?in the case
of partnership-instrument of reconstitution [Art. 40(B)]-by the partnership
firm;
(zz) ?in the case
of partnership-instrument of dissolution [Art. 40-(C)(a)]-by the outgoing
partner to whom the property is allotted;
(zza) in any other case [Art. 40-(C)(b)]-by the
partnership firm;
(zzb) ?in the case
of limited liability partnership [Art. 40-A]-by the limited liability
partnership;
(zzc) ?in the case
of protest of bill or note [Art. 42]-by the beneficiary;
(zzd)? in the case
of protest by the master of a ship [Art. 43]-by the charterer or shipper or the
consignee or the importer as the case may be;
(zze) in the case of share warrants, to bearer issued
under the Companies Act. [Art. 49]-by the company;
(zzf) in the case of shipping order [Art. 50]-by the
shipper;
(zzg) in the case of surrender of lease [Art. 51]-by the
lessee;
(zzh) in the case of transfer-of any property under
section 25 of the Administrator General Act, 1963 [Art. 52-(c)]-by the
beneficiary;
(zzi) in the case of transfer-of any trust property [Art.
52-(d)]-by the trust or trustee or beneficiary as the case may be;
(zzj) in the case of transfer of lease [Art. 53]-by the
transferee;
(zzk) in the case of transfer of licence [Art. 53-A]-by
the transferee;
(zzl) in the case of Trust-declaration of or concerning,
any property [Art. 54]-by the author of the Trust; and
(zzm) in the case of warrant for goods [Art. 55]-by the
owner of the goods;"
Section 3 - Amendment of section 52-A
In
section 52-A of the Principal Act,
(i)
in clause (i) the word 'or' shall be omitted;
and
(ii)
the clause (ii) and the entries relating
thereto shall be omitted.
Section 4 - Insertion of new section 52-B
After
section 52-A of the principal Act, the following shall be inserted, namely:-
"52-B.
Invalidation of stamps.-Notwithstanding anything contained in Sections 47, 48,
49, 50, 51 and 52, any stamps, which have been purchased, but have not been
used or in respect of which no allowance has been claimed as under the
provisions of the Act and the period of six months from the date of purchase of
such stamps has not elapsed, may be used before a period of six months from the
date of purchase of stamps or delivered for claiming the allowance within the
period allowed for claiming the same under the relevant provisions of the Act;
but not beyond the period of six months from the date of commencement of the
Karnataka Stamp (Amendment) Act, 2017 whichever is later and any stamps not so
used or not so delivered within the period aforesaid shall be rendered
invalid."
Section 5 - Amendment of Schedule
In the
schedule to the Principal Act,-
(A)
in article 20, in clause (4), in column 2,
for the words and figures "under Section 394 of the Companies Act,
1956", the words and figures "or appropriate Tribunals or appropriate
Authorities under the Companies Act, 2013" shall be substituted.
(B)
in article 37,-
(i)
in clause (a) for the entries, in column (3),
the following shall be substituted, namely:-
"Thirty
paise for every ten thousand or part thereof on the value of goods or
commodities or currencies.";
(ii)
in clause (b), for the entries, in column
(3), the following shall be substituted, namely:-
"Thirty
paise for every ten thousand or part thereof on the value of such security at
the time of its purchase or sale, as the case may be.";
(iii)
in clause (c), for the entries, in column
(3), the following shall be substituted, namely:-
"Thirty
paise for every ten thousand or part thereof on the value of such security at
the time of its purchase or sale, as the case may be.";
(iv)
in clause (d), for the entries, in column
(3), the following shall be substituted, namely:-
"Thirty
paise for every ten thousand or part thereof."
(v)
in clause (e), for the entries, in column
(3), the following shall be substituted, namely:-
"Thirty
paise for every ten thousand or part thereof."; and
(vi)
in clause (f), for the entries, in column
(3), the following shall be substituted, namely:-
"Thirty
paise for every ten thousand or part thereof."