Karnataka Stamp (Amendment) Act, 2009

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 Sixtieth year of Republic of India as follows,-

1. Short title and commencement.- (1) This Act may be called the Karnataka Stamp (Amendment) Act, 2009.

(2) It shall come into force with effect from First day of April, 2009.

2. Amendment of Section 45-A.- In the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957) (hereinafter referred to as the 'principal Act'), in Section 45-A, in sub-section (1),-

(a) in clause (h) and entries relating thereto, the following shall be substituted, namely,-

"(h) a lease covered under item (iv) of Article 30".

(b) in clause (i), for the words, brackets and letters "under clause (eb) and clause (ea)", the words, brackets and letters "under clause (e), clause (ea) and clause (eb)" shall be substituted.

3. Amendment of the Schedule.- In the schedule to the principal Act,-

(1) In Article 5,-

(a) in clause (e), for sub-clause (ii) and entries relating thereto, the following shall be substituted, namely,-

"(ii) possession of the property is not delivered 0.25 rupee for every one hundred rupees or part thereof on the market value equal to the amount of consideration".

(b) for clause (f), and the entries relating thereto, the following shall be substituted, namely,-

"(f) If relating to construction or development or sale of an immovable property, including a multi-unit house or building or unit of apartment or flat or portion of a multistoried building by a person having a stipulation that after construction or development, such property shall be held jointly or severally by that person and the owner or lessee, as the case may be, of such property, or that if shall be sold jointly or severally by them or that a part of it shall be held jointly or severally by them and the remaining part thereof shall be sold jointly or severally by them One rupee for every one hundred rupees or part thereof on the market value of the property or the estimated cost of construction or proposed construction or development or proposed development of the property, as the case may be (which is the subject-matter of such transfer under the agreement in accordance with the provisions of Section 28 of the Karnataka Stamp Act, 1957) or on the consideration for such transfer whichever is higher:

Explanation I:-

(1) The expression "lessee" shall mean a holder of a lease, for a period exceeding thirty years or more, or in perpetuity or does not purport to be for any definite term. Provided
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