Karnataka Stamp (Amendment) Act, 2022
[Karnataka Act 11 of 2022][5th March, 2022]
CONTENTS
1. Short title and commencement
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 third year of the Republic of India as follows:—
1. Short title and commencement.—(1) This Act may be called the Karnataka Stamp (Amendment) Act, 2022.
(2) It shall come into force at once.
2. Amendment of ## Section 2.—In the Karnataka Stamp Act, 1957, (Karnataka Act 34 of 1957) (hereinafter referred to as the Principal Act), in Section 2, in sub-section (1), for clause (r), the following shall be substituted, namely:—
“(r) “Stamp” means impressed stamp or digital e-stamp which is generated electronically and “Stamp paper” means a paper bearing the impressed stamp.”
3. Amendment of ## Section 9.—In 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, remit, during the policy period of five years from the date of 04-11-2019 or till a new policy is announced, stamp duty payable on the instruments to be specified therein, executed by or in favour of the eligible enterprises, in connection with the Karnataka New Textile and Garment Policy, 2019-24, specified in the Government Order No. CI 115 JAKAIEE 2017, dated: 04.11.2019 or specified by the State Government from time to time subject to production of certificate to that effect from the Prescribed Authority.”
4. Amendment of Schedule.—In the Principal Act, in the schedule, in Article 20, in column (3), for the second proviso, the following shall be substituted, namely:—
“Provided also that notwithstanding anything contrary contained in this Act, where a lease-cum-sale agreement was in respect of a site allotted by any house Building Co-operative Society registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959), and in furtherance of such agreement a conveyance is subsequently executed, the duty payable on such conveyance shall be on the market value of such site as on the date of execution of the lease-cum-sale agreement”.
By Order and in the name of the Governor of Karnataka.