The Government of Karnataka on February 03, 2024, issued the Karnataka Stamp (Amendment) Act, 2023, to further amend the Karnataka Stamp Act, 1957.
The following amendments have been stated:
• In section 30, which states “Duties by whom payable”, in clause (a), for Article No. [52] (b) and the entries relating thereto, the following shall be substituted, namely:
“No. [52] (b) (Transfer of any interest secured by a bond, mortgage deed or policy of insurance), No. [56] (if relating to paper bank guarantee and e-bank guarantee).”
• In the Schedule, which states “Stamp Duty on Instruments”:
a) In Article 3, in column (3), for the words “five hundred rupees”, the words “one thousand rupees” shall be substituted.
b) In Article 4, in column (3), for the words “twenty rupees”, the words “One hundred rupees” shall be substituted.
c) In Article 10, for the entries in column (3), the following shall be substituted, namely:
“Rupees Five thousand for every rupees ten lakhs or part thereof subject to a maximum of rupees One Crore.”
[Notification No 04 OF 2024]
