THE KARNATAKA STAMP (AMENDMENT) ACT, 2014
(Received the assent of the Governor on the Twenty–eighth day of February, 2014)
KARNATAKA ACT NO 19 OF 2014
(First Published in the Karnataka Gazette Extra-ordinary on the Twenty–eighth day of February, 2014)
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:-
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.
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 allotee, 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:06-02-2013 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:23-04-2003."
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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