Section 99 - Duty on Transfers of Immovable Properties in Karnataka Municipalities Act, 1964
Duty on Transfers of Immovable Properties.
99. Duty on transfers of immovable properties.--
(1) The duty on transfers of immovable property shall be levied in the form of a surcharge on the duty imposed by the1[Karnataka] Stamp Act, 1957, on instruments of sale, gift, mortgage, exchange and lease in perpetuity, of immovable property situated within the limits of the2[municipal area] at a rate not exceeding2[two per centum] on, as the case may be,3[the market value of the property which is the subject matter of sale or gift or the amount secured by the mortgage, the market value of the property of greatest value which is the subject matter of exchange] or on the value of the rents for the first ten years in the case of a lease, as set forth in the instrument:
Provided that no such duty is leviable in respect of a mortgage where the amount secured by the mortgage does not exceed two thousand and five hundred rupees.
(2) On the introduction of the transfer duty, --
(a) section 28 of the1[Karnataka] Stamp Act, 1957, shall be read as if it specifically required the particulars to be set forth separately in respect of property situated within and without the2[municipal area];
(b) section 61 of the same Act shall be read as if it referred to the municipal council as well as the Government.
(3) The Government may make rules for regulating the collection of theduty, the payment thereof to the municipal council and the deduction of any expenses incurred by the Government in the collection thereof.
(4) No duty shall be chargeable, --
(i) in respect of any instrument executed by or on behalf of or in favour of the Government in cases where but for this exemption the Government would be liable to pay the transfer duty under this section in respect of such instrument, or
(ii) in respect of any instrument exempt from stamp duty under the1[Karnataka] Stamp Act, 1957.
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1. Adapted by the Karnataka Adapatations of Laws order, 1973 w.e.f. 1.11.1973.
2. Substituted by Act 36 of 1994 w.e.f. 1.8.1997 by notification. Text of notification is at page 895.
3. Substituted by Act 2 of 1976 w.e.f. 20.10.1975.