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State of Kerala - Section

Section 206 in Kerala Panchayat Raj Act, 1994

206. Duty on transfer of property.

(1)The duty on transfer of property shall be levied -
(a)in the form of a surcharge on the duty imposed by the Kerala Stamp Act, 1959, on every instrument of the description specified below, which relates to the immovable property situated in the area under the jurisdiction of a village panchayat; and
(b)at such rate as may be fixed by the Government not exceeding five per cent on the amount specified below against such instruments:
Description of instrument Amount on which duty should be levied
(1) (2)
(i) Sale of immovable property The amount or value of the consideration for thesale as set forth in the instrument.
(ii) Exchange of immovable property The value of the property of the greatest valueas set forth in the instrument.
(iii) Gift of immovable property The value of the property as set forth in theinstrument
(iv) Mortgage with possession of immovableproperty The amount secured by the mortgage as set forthin the instrument
(v) [ (a) assignment on lease of immovableproperty for more than one year [Inserted by Act 7 of 1995.] The same stamp duty on a bottomry bond (item 14of the Schedule to the Kerala Stamp Act, 1959) which may beremitted or payable as per the lease deed.
(b) assignment on lease of immovable propertyfor not less than one year but not more than five years. The same stamp duty on a bottomry bond (item 14of the Schedule to the Kerala Stamp Act 1959) on one year'saverage lease amount or price fixed.
(c) assignment on lease of immovable propertyfor more than five years but not exceeding ten years. The same stamp duty on a sale deed (items 21 or22, as the case may be, of the Schedule to the Kerala Stamp Act,1959) for a consideration equal to the average of lease amountfixed for an year.
(d) assignment on lease of immovable propertyexceeding ten years but not being a perpetual lease If the lease is subsisting for a very longperiod the same stamp duty as on a sale deed (item 21 or 22, asthe case may be, of the Kerala Stamp Act, 1959) for aconsideration equal to three times the average yearly leaseamount or price remitted or paid for the first ten years.
153 Inserted by Act 7 of 1995.  
(e) Perpetual lease of immovable property Total amount of lease remitted or paid duringthe first fifty years, as shown in the instrument]
(vi) Release, that is to say, any instrumentwhereby a person renounces a claim upon another person or againstany specified property when such release does not operate infavour of his or her spouse or children. The amount or value as set forth in the releaseddeed.
(2)On the introduction of the duty as aforesaid, -
(a)Section 28 of the Kerala Stamp Act, 1959 shall be read as if it specifically required the particulars to be set forth separately in respect of property situated in the area under the jurisdiction of a village panchayat and in respect of property situated outside such area; and
(b)Section 62 of the Kerala Stamp Act, 1959 shall be read as if it referred to the village panchayat as well as Government.
(3)The Government may make rules not inconsistent with this Act for regulating the collection of the duty, the payment thereof to the Village Panchayat and the deduction of any expenses incurred by the Government in the collection thereof.
(4)The amounts collected in all the village panchayats in the State as duty on transfer of property under this section shall be pooled every year for the entire State and distributed among the village panchayats after deducting three per cent thereof towards collection charges.
(5)Seventy-five per cent of the amounts payable to the village panchayats under subsection
(4)shall be distributed among all the village panchayats in the State in proportion to the population of the village panchayat areas as ascertained at the latest census of which the relevant figures have been published. The balance of twenty-five per cent of the amounts shall be distributed to the village panchayats in such proportion as may be fixed by the Government or such other officer as they may authorise by special or general order having regard to the area, available resources, needs of development and cost of Panchayat administration.