THE KARNATAKA STAMP (SECOND AMENDMENT) ACT, 2020
KARNATAKA ACT NO. 55 OF 2020
(First Published in the Karnataka Gazette Extra-ordinary on the 30th day of December, 2020)
(Received the assent of the Governor on the 30th day of December, 2020)
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 Seventy first year of the Republic of India as follows:-
1. Short title and commencement.– (1) This Act may be called the Karnataka Stamp (Second Amendment) Act, 2020.
(2) It shall be deemed to have been come into force with effect from 19th November, 2020.
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, reduce or remit, the stamp duty payable on any instruments to be specified therein, executed by new and existing micro, small, medium enterprises (MSME) Large, Mega, Ultra Mega, Super Mega Enterprises including expansion, modernization and diversification project and in respect of any such projects as specified in the Karnataka Industrial Policy 2020-25 subject to production of certificate to that effect from the Director of Industries and Commerce.”
3. Amendment of schedule.- In the schedule to the Principal Act, in article 20,-
(i) in clause (2) after the words “pertaining to premises of Flat” the words, figures and brackets “other than premises of Flat referred in clause (2A)” shall be inserted.; and
(ii) after clause (2) and the entries relating thereto, the following shall be inserted, namely:-
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"(2A) where an instrument of conveyance relating to the first sale of flat or apartment, and,-
(i) where the market value of which is rupees twenty lakhs or less than twenty lakhs.
(ii) where the market value of which is above rupees twenty lakhs but upto and inclusive of thirty five lakhs.
two percent of the value
three percent of the value
"
4. Repeal and savings.-(1) The Karnataka Stamp (Amendment) Ordinance, 2020 (Karnataka Ordinance 24 of 2020) is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the principal Act, as amended by the said Ordinance, shall be deemed to have been done or taken under principal Act, as amended by this Act.
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