Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 3] [Entire Act]

State of Kerala - Section

Section 3 in Kerala Finance Act, 2016

3. Amendment of Act 17 of 1959.

- In the Kerala Stamp Act, 1959 (17 of 1959),
(1)in section 2, -
(a)for clause (d), the following clause shall be substituted,namely:-
"(d) "Conveyance" includes, -
(i)a conveyance on sale;
(ii)deed of amalgamation of two or more companies whether in pursuance of an order of the National Company Law Tribunal or not;
(iii)deed of amalgamation in pursuance of the order under section 44A of Banking Regulation Act, 1949; and
(iv)every other instrument, by which property, whether movable or immovable or any interest in any property is transferred inter vivos and which is not otherwise specifically provided in the Schedule."
(b)in clause (l), after item (vii), following items shall be inserted, namely:-
"(viii) an agreement relating to installation of ATM/CDM or both of them between banks and the land owner or renewal of such an agreement;
(ix)an agreement relating to installation of Mobile Tower, between a company and the land owner or renewal of such an agreement."
(2)after section 28A, a new section 28B shall be inserted, namely:-"28B. valuation of Flat/Apartment. - Notwithstanding anything contained in this Act, -
(i)an instrument transferring land including flat/apartment, chargeable with duty, shall fully and truly set forth the value of the flat/ apartment therein. For this purpose, the party executing the instrument shall furnish a valuation certificate of the flat/apartment conforming to the criteria approved by the Central Public Works Department tor determining value of flat/apartment, issued by a competent authority, to be authorised by the Government, by notification in the Official Gazette, to perform such functions as may be specified by Government in that behalf;
(ii)the registering officer shall, before registering an instrument mentioned in clause (i) shall verify that it is accompanied by the valuation certificate issued by the competent authority and ensure that the value of such flat/apartment set forth in the instrument is not less than the value assessed by the competent authority."
(3)in the Schedule, -
(a)in serial number 4, in column (3), for the words "Twenty Five rupees" , the words "Fifty rupees" shall be substituted;
(b)in serial number 5, -
(i)clauses (e) and (f) and the entries against it in column (3), shall be omitted;
(ii)clause (g) shall be re-lettered as clause (e);
(c)in serial number 21, in clause (i), in column (3), for the words "Six rupees" the words "Eight rupees" shall be substituted;
(d)in serial number 22, in clauses (i) and (iv), in column (3), for the words "Six rupees" the words "Eight rupees" shall be substituted;
(e)after serial number 22 and the entries against it in columns (2) and (3), the following serial number and entries shall, respectively, be inserted, namely: -
"22A. Conveyance as defined in item (ii) and (iii) of section 2 (d)not being a transfer charged or exempted under No.55. Five rupees for every 100 rupees or part thereof ofthe fair value of the land and the value of other immovableproperties of the transferor company, which is the subject matterof the conveyance; or the aggregate of the market value of sharesor other marketable securities, which is the subject matter ofthe conveyance issued or allotted in exchange or otherwise; orthe amount of consideration paid for such amalgamation whicheveris higher".
(f)in serial number 23, for the existing entries in columns (2) and (3), the following entries shall be substituted, namely: -
"Copy or extract, certified to be a truecopy or extract by or by order of any pub lie officer and notchargeable under the law for the time being in force relating tocourt fees Fifty rupees
Exemptions  
Copy of any paper which a public officer isexpressly required by law to make or furnish for record in anypublic office or tor any public purpose."  
(g)in serial number 31, for the entries in columns (2) and (3), the following entries shall be substituted, namely: -
"Gift-instrumentnot being a settlement or will or transfer,  
(a) Where the gift is in favour of father.mother, grandfather, grandmother, husband, wife, son, daughter,brother, sister or grandchildren of a person and if -  
(i) the extent of land involved in the property transferred bythe instrument is five acres or less Two rupees for every rupees 100 or part thereof of the fair valueof the property and the value of the other properties set forthin the instrument or the value of all the properties set forth inthe instrument whichever is higher, subject to a maximum ofRupees 1000.
(ii) the extent of land involved in the property transferred bythe instrument is above five acres Two rupees for every rupees 100 or part thereof of the fair valueof the property and the value of the other properties set forthin the instrument or the value of all the properties set forth inthe instrument whichever is higher.
(b) in any other case The same duty as a conveyance (No. 21 or 22 as the case may be)."
(h)in serial number 39, in column (3), for the words "Fifty rupees", the words "One hundred rupees" shall be substituted;
(i)in serial number 42, for the entries in columns (2) and (3), the following entries shall be substituted, namely: -
"Partition-Instrumentof as defined by section 2 (k):  
(a) Where the partition is among all or some of the members ofthe family and it:-  
(i) the extent of land involved in the property divided by theinstrument is five acres or less One rupee for every rupees 100 or part thereof of the fair valueof the separated share or shares of property and the value ofother properties in such separated share or shares set forth inthe instrument, or of the value of all the properties of theseparated share or shares as set forth in the instrument,whichever is higher, subject to the maximum of rupees 1 ,000.
(ii) the extent of land involved in the property divided by theinstrument is above five acres. One rupee for every rupees 100 or part thereof of the fair valueof the separated share or shares of property and the value ofother properties in such separated share or shares set forth inthe instrument, or of the value of all the properties of theseparated share or shares as set forth in the instrument,whichever is higher.
(b) in any other case Six rupees for every rupees 100 or part thereof of the amount ofthe value or fair value of the separated share or shares of theproperty whichever is higher."
(j)in serial number 48, for title entries in columns (2) and (3), the following entries shall be substituted, namely: -
"Release,that is to say, any instrument (not being such a release as isprovided in section 24), whereby a person renounces a claim uponanother person or against any specified property-  
(a) When such release operates in favour of father, mother,grandfather, grandmother, husband, wife, son, daughter, brother,sister, grandchildren or legal heirs of the deceased children ofa person and if -  
(i) the extent of land involved in the property in which rightrelinquished by the instrument is five acres or less One rupee for every rupees 100 or part thereof of the amount ofthe fair value of other properties or claims of which the rightis relinquished in proportion to right relinquished or value ofall the properties or claims of which the right is relinquishedin proportion to the right relinquished or consideration for therelease, whichever is higher, subject to a maximum of Rupees1,000.
(ii) the extent of land involved in the property in which rightrelinquished by the instrument is above five acres One rupee for every rupees 100 or part thereof of the amount ofthe fair value of other properties or claims of which the rightis relinquished in proportion to right relinquished or value ofall the properties or claims of which the right is relinquishedin proportion to the right relinquished or consideration for therelease, whichever is higher.
(b) in any other case The same duty as a conveyance (No. 21 or 22 as the case may be)for such amount or value of the property or claim or fair valueof the property of which the right is relinquished in proportionto right relinquished or consideration for the release, whicheveris higher."
(k)in serial number 51, clause (a), for the entries in columns (2) and (3), the following entries shall be substituted, namely:"
Settlement-  
A. instrument of (including a deed of dower),  
(a) Where the settlement is in favour of father,mother, grandfather, grandmother, husband, wife, son, daughter.brother, sister or grandchildren of a person and if-  
  (i) the extent of land involved in the propertysettled by the instrument is five acres or less Two rupees for every rupees 100 or part thereof of the amount ofthe fair value of other properties set forth in the instrumentsor the value of all properties set forth in such instrument,whichever is higher, subject to a maximum of Rupees 1,000.
  (ii) the extent of land involved in the propertysettled by the instrument is above five acres Two rupees for every rupees 100 or part thereof of the fair valueof the land and the value of other properties set forth in theinstrument or the value of all properties set forth in suchinstrument, whichever is higher.
(b) in any other case The same duty as Bottomry Bond (No. 14) for a sum equal to amountor value of the property settled as set forth in such instrumentor fair value of land, whichever is higher.