205. [Duty on transfer of immovable properties] [Substituted by Act 17 of 1996 w.e.f. 23.9.1996.].
- [[[(1) The duty on transfers of immovable property shall be levied in the form of a surcharge at the rate of three percent of the duty imposed by the Karnataka Stamp Act, 1957 on instruments of sale, gift, mortguage, exchange and lease in perpetuity, of immovable property situated within the limits of the area of a Taluk Panchayat:] [Substituted by Act 17 of 1996 w.e.f. 23.9.1996.]Provided that no [duty on transfers] [Substituted by Act 8 of 2003 w.e.f. 1.4.2003.] is leviable in respect of a mortgage where the amount secured by a mortgage does not exceed two thousand rupees :Provided further that no [duty on transfers] [Substituted by Act 8 of 2003 w.e.f. 1.4.2003.] shall be chargeable in respect of any instrument exempt from stamp duty under the Karnataka Stamp Act, 1957.](2)The Government may, by notification, specify the rate of [duty on transfers] [Substituted by Act 8 of 2003 w.e.f. 1.4.2003.] leviable under sub-section (1), from time to time.(3)On the introduction of the [duty on transfers] [Substituted by Act 8 of 2003 w.e.f. 1.4.2003.], section 28 of the Karnataka Stamp Act, 1957 shall be read as if it specifically required the particulars to be set forth separately in respect of the property situated within and without the limits of a taluk.(4)The entire amount collected under sub-section (1) as [duty on transfers] [Substituted by Act 8 of 2003 w.e.f. 1.4.2003.] in respect of the lands and other properties situated in the taluk shall be passed on to the Taluk Panchayats in the State in proportion to the population of the taluk.(5)The Government may make rules for regulating collection of [duty on transfers] [Substituted by Act 8 of 2003 w.e.f. 1.4.2003.] and the payment thereof.
