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[Cites 0, Cited by 1] [Section 270] [Entire Act]

State of Kerala - Subsection

Section 270(1) in Kerala Municipality Act, 1994

(1)There shall be levied a duty on transfer of property in the form of a surcharge on the duty imposed by the Kerala Stamp Act, 1959 (17 of 1959) on every instrument of the description specified in column (1) of the table below which relates to immovable property situated within a Municipal area, at such rate as fixed by the Government, which shall not exceed five per cent of the amount described in column (2) thereof against each instrument, namely:-Table
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 the
sale, as set forth in the instrument.    
(ii) Exchange of immovable property   The value of the property, of the greatervalue, as 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.
(iv) [(a) Transfer of assignment on leaseother than sub lease of immovable property [Substituted by Act 34 of 2005.]   The same stamp duty on sale deed for aconsideration equal to the amount of consideration of transfer.(item 21 or 22, as the case may be, of the Schedule to the KeralaStamp Act, 1959)
(b) assignment on lease of immovable property for not less thanone 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 the price fixed.
(c) assignment on lease of immovable property for more than fiveyears 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 property exceeding ten yearsbut 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.
(e) perpetual lease of immovable property   An amount equal to one sixth of the total amountof lease remitted or paid for the first fifty years as shown inthe 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 same duty as a conveyance (Sl.No.21 or 22 ofthe Schedule to the Kerala Stamp Act, 1959, as the case may be)for such amount or value as set forth in the release.
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