ORDINANCE
No. 6 OF 2003 [1]
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THE
KERALA STAMP (AMENDMENT) ORDINANCE, 2003
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| Promulgated
by the Governor of Kerala in the Fifty-fourth year of the
Republic of India |
AN
ORDINANCE
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| further
to amend the Kerala Stamp Act, 1959 |
Preamble .- WHEREAS the Law Reforms Committee constituted by the
Government have recommended to levy stamp duty on conveyance
based strictly on the fair value of the property at a reduced
rate;
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AND
WHEREAS, the Legislative Assembly of the State of Kerala
is not in session and the Governor of Kerala is satisfied
that circumstances exist which render it necessary for
him to take immediate action;
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NOW,
THEREFORE, in exercise of the powers conferred by clause
(1) of article 213 of the Constitution of India, the Governor
of Kerala is pleased to promulgate the following Ordinance:-
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1. Short
title and commencement.-(1) This Ordinance may be
called the Kerala Stamp (Amendment) Ordinance, 2003.
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(2)
It shall come into force at once. |
2. Act
17 of 1959 to be temporarily amended.- During the
period of operation of this Ordinance, the Kerala Stamp
Act, 1959 (17 of 1959) (hereinafter referred to as the
Principal Act), shall have effect subject to the amendments
specified in sections 3 and 4.
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3. Insertion
of new section.- After section 30 of the principal
Act, the following section shall be inserted, namely:-
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"30
A. Ceiling on surcharge on stamp duty.-Notwithstanding
anything contained in the Kerala Panchayat Raj Act, 1994
(13 of 1994), or the Kerala Municipality Act, 1994 (20
of 1994), the rate of surcharge on stamp duty leviable
on any instrument by a Grama Panchayat or a Municipality
shall not exceed two percent of the amount on which such
stamp duty is payable.".
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| 4. Amendment
of the Schedule.- In the Schedule to the principal
Act,- |
| (a) |
in
column (3), against serial number 21, for the entry "Six
rupees for every Rs. 100 or part thereof of the amount
or value of the consideration for such conveyance",
the entry "Two ruppes for every Rs.100 or part thereof
of the fair value of the property or the amount or value
of the consideration for such conveyance, whichever is
higher " shall be substituted;
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| (b) |
for
serial number 22 and the entries relating thereto in columns(2)
and (3), the following serial number and entries shall,
respectively, be substituted, namely:-
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"22.
Conveyance as defined by section 2 (d), not being tranfer
charged or exempted under No.55, of immovable property
situated within,-
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(i)
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the
Municipalities other than Municipal Corporations |
Three
Rupees for every Rs. 100 or part thereof of the fair
value of the property or the amount or value of the
consideration for such conveyance, whichever is higher.
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(ii)
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the
Municipal Corporations |
Four
rupees for every Rs. 100 or part thereof of the fair
value of the property or the amount or value of the
consideration for such conveyance, whichever is higher.".
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