THE KARNATAKA STAMP (AMENDMENT) ACT, 2008
KARNATAKA ACT NO. 8 OF 2008
(First Published in the Karnataka Gazette Extra-ordinary on the Second day of August, 2008)
(Received the assent of the Governor on the First day of August, 2008)
An Act further to amend the Karnataka Stamp Act, 1957.
Whereas, it is expedient further to amend the Karnataka Stamp Act, 1957 (Karnataka Act No.34 of 1957) for the purposes hereinafter appearing;
Be it enacted by Karnataka State Legislature in the Fifty-ninth year of the Republic of India, as follows:-
1. Short title and commencement.- (1) This Act may be called the Karnataka Stamp (Amendment) Act, 2008.
(2) It shall come into force with effect from the first day of August, 2008.
2. Amendment of the Schedule.- In the Schedule to the Karnataka Stamp Act, 1957 (Karnataka Act No.34 of 1957),-
(1) in Article 6,-
(i) in clause (1),-
(a) for sub-clause (a) and entries relating thereto, the following shall be substituted, namely:-
“(a) if such loan or debt is repayable on
demand for more than three months from the date of instrument evidencing the agreement.
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If drawn singly
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If drawn in set of two, for each part of
the set
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If drawn in set of three for each part of
the set
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Rs.P
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Rs.P
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Rs.P
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(i) when the amount of the loan or debt does
not exceed Rs.500
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1.25
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1.00
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0.50
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(ii) When it exceeds Rs.500 but does not
exceed Rs.1,000
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2.50
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2.00
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1.00
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(iii) When it exceeds Rs.1,000 but does not
exceed Rs.5,000
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12.50
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6.25
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5.00
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(iv) When it exceeds Rs.5,000 but does not
exceed Rs.10,000
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25.00
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12.50
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10.00
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(v) When it exceeds Rs.10,000 for every additional Rs.5,000 or part thereof in excess
of Rs.10,000.
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12.50
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6.25
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5.00
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Subject to a maximum of Rupees five lakhs.”
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(b) in sub-clause (b), in column 3, for the words “for the amount secured” the words “for the amount secured subject to a maximum of Rupees five lakhs” shall be substituted.
(ii) in clause (2), after sub-clause (b), in column 2, for the “Exemption” and the entries relating thereto, the following shall be substituted, namely:-
“Exemption:
1. Instruments of Pawn or pledge of jewels wherein such loan or debt is upto Rupees ten thousand.
2. Instruments of pawn or pledge of goods, if unattested.”
(2) In Article 20, in clause (4),-
(a) in item (i), in column 3, for the words, figures and brackets “same duty as a conveyance under Article 20(1) on the market value of the property” the words and figures “5% on the market value of the property” shall be substituted.
(b) in item (ii), in column 3, for the words, figures and brackets “same duty as a conveyance under Article 20(1) on the market value of the property” the words and figures “5% on the market value of the property” shall be substituted.
(c) after item (ii), the following shall be inserted, namely:-
“Exemption:- Amalgamation of sick companies with others, under the orders of Board of Industrial Finance and Reconstruction (BIFR)”
(3) In Article 30, in clause (1),-
(a) in sub-clause (a), in item (iii), in column 2, for the words “less than five years” the words “more than five years” shall be substituted.
(b) in sub-clause (c), in item (ii), in column 3, before the third proviso the following explanation shall be inserted, namely:-
“Explanation: the term “money advanced”, in this Article, means and includes the security deposit, whether re-fundable or adjustable towards the rent.”
(c) sub-clause (d) and entries relating thereto shall be omitted.
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