Karnataka Stamp (second Amendment) Act, 2016, India-legitquest

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KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2016

KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2016

Preamble - KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2016

THE KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2016

[Act No. 07 of 2016]

[31st March, 2016]

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-seventh year of Republic of India as follows.--

Section 1 - Short title and commencement

(1) This Act may be called the Karnataka Stamp (Second Amendment) Act, 2016.

(2) It shall come into force with effect from the First day of April, 2016.

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), after the last proviso, the following shall be inserted, namely.--

"Provided also that, the State Government may, in public interest, by notification, remit the stamp duty payable on instruments executed by or in favour of the Government of Karnataka, the Government Institutions, Public Sector Undertakings, farmers or other persons as specified in Notification No. RD 71 MuNoMu 2014, dated 10-2-2016, in the following circumstances, namely. --

(i) when the farmer's land is acquired and in lieu of compensation amount, when developed land is given as compensation;

(ii) when the farmer's land is acquired and from the compensation amount if the farmer purchases agricultural or non-agricultural land; and

(iii) when the farmer's or other's land is acquired and from the ' compensation amount, if the farmer or other person purchases agricultural or non-agricultural land;

for the purpose of the above exemption a certificate to that effect issued by the Deputy Commissioner or the concerned Authority has to be furnished containing the details of the land acquired and the details of the compensation given."

Section 3 - Amendment of Schedule

In the schedule to the Principal Act.-

(A) In Article 5.-

(a) in clause (e), in sub-clause (i), in column (2), for the word "without", the word "before" shall be substituted;

(b) in clause (g), in sub-clause (i), in column (3), for the words "Two per cent", the words "Three per cent" shall be substituted;

"(i-e)	Chit Agreement, executed in the State of Karnataka under Section 6 of the Chit Funds Act, 1982.-
	(i) where the value of the chit does not exceed rupees one lakh	Rupees one hundred
	(ii) where the value of the chit exceeds rupees one lakh	Rupees one hundred plus rupees fifty for every rupees one lakh or part thereof, exceeding rupees one lakh."

(B) In Article 20-

(i) in clause (4).-

(a) in sub-clause (i), in column (3), for the words "two per cent", the words "Three per cent" shall be substituted;

(b) in sub-clause (ii), in column (3), for the words "two per cent", the words "Three per cent" shall be substituted;

(ii) ???in clause (5), in sub-clause (i), in column (3), for the words "Two per cent", the words "Three per cent" shall be substituted;

(iii) ??in clause (7), in column (3).--

(a) for the figure "1%", the words "Three per cent" shall be substituted;

(b) the following proviso, shall be inserted at the end, namely.-

"Provided that, if the proper duty is paid under clause (ec) of Article 41 on Power of Attorney, executed by and between the same parties and in respect of the same property, then the duty payable on the corresponding conveyance under Article 20(7), shall not exceed rupees two hundred."

(c) In Article 28, in clause (b), in column (3), for the words "Rupees one thousand", the following shall be substituted, namely.-

"(i) ??If the property is situated within the limits of Bangalore Metropolitan Regional Development Authority or Bruhat Bangalore Mahanagara Palike or City Corporation ............... Rupees five thousand;

(ii) ??If the property is situated within the limits of City or Town Municipal Council or Town Panchayat area ............ Rupees three thousand;

(iii)? ?If the property is situated within the limits other than the limits specified in items (i) and (ii)..................... Rupees one thousand:

Provided that, if the property is situated in any of the combinations of limits, mentioned in items (i), (ii) and (iii) above the duty payable shall be the maximum of the duties specified in items (i), (ii) and (iii) above."

(d) In Article 30, in clause (1), in sub-clause (vi), in column (3), in the second proviso, for the words "rupees one thousand", the following shall be substituted, namely.-

(ii)? ?If the property is situated within the limits of City or Town Municipal Council or Town Panchayat area ............ Rupees three thousand;

(iii) ??If the property is situated within the limits other than the limits specified in .items (i) and (ii)........................Rupees one thousand:

Provided that, if the property is situated in any (of the combinations of limits, mentioned in items (i), (ii) and (iii) above the duty payable shall be the maximum of the duties described in items (i), (ii) and (iii) above."

(e) In Article 40-

(a) ??for Clause A, and the entries relating thereunder in columns (2) and (3), the following shall be substituted, namely.-

"A.

Instrument of Constitution

Rupees Two Thousand."

(b) ??in Clause B, in sub-clause (a), in column (3), for the words, brackets and figures "The same duty as conveyance (No. 20)", the words "Three per cent", shall be substituted; and

(c) ??in Clause C, in sub-clause (a), in column (3), for the words, brackets and figures "The same duty as conveyance (No. 20) for", the words "Three per cent on" shall be substituted.

(f) In Article 40-A.-

(a) In Clause A, in sub-clause (b), in column (3), for the words "Rupees five hundred", the words "Rupees one thousand plus rupees five hundred for every rupees five lakhs or part thereof, exceeding rupee ten lakhs capital amount, subject to a maximum of rupees ten lakhs" shall be substituted;

(b) In Clause B, in column (3), for the words "Two per cent", the words "Three per cent" shall be substituted;

(g) In Article 41, after clause (eb), and the entries relating thereto, the following shall be inserted, namely.-

"(ec)

When given to person other than the father, mother, wife or husband, sons, daughters, brothers, sisters in relation to the executant authorising such person to sell Transferable Development Rights relating to immovable property situated in Karnataka State

The same duty as a conveyance under Article 20(7) on the market value of the property which is the subject-matter of Power of Attorney."

(h) In Article 45, in clause (b), in column (3), for the words "Rupees one thousand", the following shall be substituted, namely.-

(i) "If the property is situated within the limits of Bangalore Metropolitan Regional Development Authority or Bruhat Bangalore Mahanagara Palike or City Corporation......Rupees five thousand;

(ii)??? If the property is situated within the limits of City or Town Municipal Council or Town Panchayat area ............. Rupees three thousand;

(iii)?? If the property is situated within the limits other than the limits specified in items (i) and (ii)......................Rupees one thousand:

(I) ???In Article 48, in clause (A), in sub-clause (ii), in column (3), for the words "Rupees one thousand", the following shall be substituted, namely.--

(ii) ??If the property is situated within the limits of City or Town Municipal Council or Town Panchayat area ........... Rupees three thousand;

(iii) ??If the property is situated within the limits other than the limits specified in items (i) and (ii)................. Rupees one thousand:

Section 4 - Validation

Notwithstanding anything contained in Section 9 of the Principal Act, as existed prior to commencement of this Act, the exemption or remission of stamp duty granted under Notification No. RD 71 MuNoMu 2014, dated 10-2-2016, shall be deemed to be valid and effective and have been granted under Section 9, as amended by this Act.

KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2016