THE KERALA STAMP (AMENDMENT) BILL, 2002

 

A Bill further to amend the Kerala Stamp Act, 1959

Preamble.- WHEREAS , it is necessary and expedient further to amend the Kerala Stamp Act, 1959 for the purposes herein after appearing;

BE it enacted in the Fifty – third Year of the Republic of India as follows:

1. Short title and Commencement.- (i) This Act may be called the Kerala Stamp (Amendment) Act, 2002.

(2) It shall come into force at once.

2. Amendment of the Schedule to the Kerala Stamp Act:- In the Schedule to the Kerala Stamp Act, 1959, –

(a)in column (3) against serial No.14, for the entry “Five rupees for every Rs.100 or part thereof of the amount or value secured” the entry “Two rupees fifty paise for every Rs.100 or part thereof of the amount or value secured”, shall be substituted;

(b) 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 rupees fifty paise for every Rs.100 or part thereof of the fair lalue of the properly or value of the consideration for such conveyance which ever is higher" shall be substituted;

(c)in column (3) against serial number 22 for the entry “Eight rupees fifty paise for every Rs.100 or part thereof of the amount or value of the consideration for such conveyance” the entry “three rupees for every Rs.100 or part thereof of the fairvalue of the property or value of the consideration for such conveyance which every is higher " shall be substituted.

Statement of objects and Reasons

The Law Reforms Committee appointed by the State Government to revise the laws applicable to State has recommend to reduce the stamp duty under entries 14,21 and 22 of the Stamp Act and also strictly insist for the imposition of stamp duty on conveyance based on the fair value of the property.

The Bill seeks to amend the Kerala Stamp Act, 1959 in order to reduce the stamp duty on items 14,21 and 22.

Financial Memorandum

The Bill, if enacted and brought into operation, would not involve any additional expenditure from the consolidated Fund of the State.