Amendment status not verified — confirm the current text below against the official source.
Substituted by Act 04 of 2024 w.e.f. 03.02.2024. 55 EXEMPTIONS Affidavit or declaration in writing when made,— (a) as a condition of enlistment to the Armed Forces of the Union; (b) for the immediate purpose of being filed or used in any Court or before the officer of any Court; or (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. 5.Agreement or 1[its records or]1 Memorandum of an Agreement,— 2[(a) if relating to the sale of a One rupee for every rupees ten bill of exchange. thousand or part thereof. (b) if relating to the purchase One rupee for every rupees ten or sale of a Government security. thousand or part thereof of the value of the security at the time of its purchase or sale, as the case may be, 21[XXX]21 (c) If relating to the purchase or sale of shares, scripts, stocks, bonds, debentures, debenture stocks or any other marketable security of a like nature in or of any in-corporated company or other body corporate,- (i) when such agreement or One rupee for every rupees ten memorandum or an agreement is with thousand or part thereof of the or through a member or between value of the security at the members of Stock Exchange recognised time of its purchase or sale as under the Security Contracts (Regula- the case may be tion) Act, 1956 (XLII of 1956) (ii) In any other case One rupee for every rupees ten thousand or part thereof of the value of the security at the time of its purchase or sale as the case may be.]2 3[(d) if relating to a transaction of The same duty as a conveyance lease-cum-sale in connection with the (20) for a market value equal to the allotment of a building site, with or with- security deposit and the amount of out building thereon, effected by the average annual rent reserved Bangalore Development and the amount under such agreement]3 Authority constituted under the Bangalore Development Authority Act, 1976 (Karnataka Act 12 of 1976), the City Improvement Trust Board, Mysore constituted under the City of Mysore Improvement Act, 1903 (Mysore Act III of 1903), the Karnataka Housing Board constituted under the Karnataka Housing Board Act, 1962, (Karnataka Act 10 of 1963), the Improve-ment Boards constituted under the Karnataka Improvement Boards Act, 1976 56 (Karnataka Act 11 of 1976) 4[,House Building Co-operative Societies registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959)]4 5[,or the allotment of industrial sheds and plots by the Karnataka Industrial Areas Development Board established under the Karnataka Industrial Area Development Act, 1966 (Karnataka Act 18 of 1966), the Karnataka Small Scale Industrial Development Corporation, the Karnataka State Industrial Investment and Development Corporation and the Karnataka State Electronics Development Corporation, registered as a company under the Companies Act, 1956 (Central Act 1 of 1956), or the allotment of land or site with or without building to the market functionaries in the yard by the Agricultural Produce Market Committees constituted under the Karnataka Agricultural Produce Marketing (Regulation) Act, 1966 (Karnataka Act 27 of 1966)]5 6[,Municipal Corporation constituted under the Karnataka Municipal Corporations Act, 1976, (Karnataka Act 24 of 1978), Municipal Councils or Town Panchayats constituted under the Karnataka Municipalities Act, 1964 (Karnataka Act 22 of 1964), Urban Development Authorities Constituted under the Karnataka Urban Development Authorities Act, 1987 (Karnataka Act 34 of 1987), Grama Panchayats, Taluk Panchayats and Zilla Panchayats constituted under the Karnataka Panchayat Raj Act, 1993 (Karnataka Act 14 of 1993)]6 and such other authorities as may be specified by the Government. 6[(da) Where any instrument of lease- The duty payable shall be as a cum-sale effected by the Bangalore Dev- conveyance [No. 20(3)] for the eploment Authority constituted under the market value equal to the security Bangalore Development Authority Act, deposit and the amount of average 1976 (Karnataka Act 12 of 1976), the annual rent reserved under such Karnataka Housing Board constituted agreement.]6 under the Karnataka Housing Board Act, 1962 (Karnataka Act 10 of 1963) pertaining to premises of a Flat or Apartments. 2[e) If relating to sale. of immovable property wherein part performance of the contract,- (i) possession of the property is Same duty as a conveyance (No. delivered or is agreed to be delivered 20) on the market value of the 20 [before]20 executing the conveyance; property. 57 16[11[provided that the duty paid on power of attorney under Articles 41(e) or 41(eb), as the case may be, is adjustable towards the duty payable on agreement for sale under Article 5(e) or instrument of sale or transfer, as the case may be, executed between the same parties and in respect of the same property] 11] 16 7[(ii) possession of the property is not delivered Explanation-I,- When a reference, of a Power of Attorney granted separately by the seller to the purchaser in respect of the property which is the subject matter of such agreement, is made in the agreement, then the possession of the property is deemed to have been delivered for the purpose of this clause. Explanation-II,- For the purpose of clause (e) and clause (h) where subsequently conveyance or mortgage as the case may be, is executed between the same parties in pursuance of such agreement or its records or memorandum, the stamp duty, if any, already paid and recovered on the agreement or its record or memorandum shall be adjusted towards the total duty leviable on the conveyance or mortgage, as the case may be 22[fifty paise]22 for every one hundred rupees or part thereof on the market value equal to the amount of consideration 22[but not less than rupees five hundred]22 Provided that if the proper stamp duty is paid on power of attorney under Article 41(e) or 41 (eb) as the case may, be executed between the same parties in respect of the same property, then the stamp duty chargeable on such agreement under Article 5(e) shall not exceed rupees two hundred.]7 (b) Where such agreement or Fifty rupees memorandum of an agreement does not relate to monetary transactions or transactions not susceptible to valuation in terms of money 12[(f) XXX] 12 17[14[ (f) If relating to construction or development of immovable property, including a multi unit or multi storied house or building or apartment or flat, or portion of it, executed by and between owner or lessee, as the case may be, and developer, having a stipulation, whether express or implied, that, in consideration of the owner or lessee conveying or transferring or disposing off, in any way, the undivided share or portion of land or immovable property; the developer agrees to convey or transfer or dispose off, in any way, the proportionate or agreed share or portion of the constructed or developed building or immovable property to the owner or lessee, as the case may be. Two Rupees for every one hundred rupees or part thereof, on the Market Value of such undivided share or portion of land or immovable property, consideration and money advanced, if any; or On the Market Value of such share or portion of the constructed or developed building or immovable property, consideration and money advanced, if any; Whichever is higher: Provided that, if the proper stamp duty is paid under clause (ea) of the Article 41 on power of Attorney, executed by and between the same parties and in respect of the same property, then the stamp duty payable on the corresponding 58 Explanation: The term "Developer" includes promoter or builder or by whatever name called. agreement under clause (f) of article 5, shall not exceed rupees two hundred." Explanation: The term "money advanced" in this Article, means and includes the security deposit whether refundable or adjustable. ]15]17 18[(g) if relating to sale of moveable property,- (i) possession of the property is delivered or is agreed to be delivered without executing the conveyance 20[Three per cent]20 of the consideration or market value of the property, whichever is higher : Provided that, where a deed of cancellation of earlier agreement is executed by and between the same parties in respect of the same property and if proper stamp duty has been paid on such agreement, the duty on such "deed of cancellation" shall not exceed rupees five hundred. (ii) possession of the property is not delivered Ten paise for every one hundered rupees or part thereof on the market value equal to the amount of consideration subject to a maximum of rupees twenty thousand but not less than rupees five hundred".]18 (h) If relating to the mortgage Same duty as under article 34 (a) or (b) as the case may be. 11[(i) if relating to contract between Depository Participant (as defined in ―The Depository Act, 1996‖) and client, for opening de-mat account Rupees fifty (ia) if relating to contract between stock broker or sub broker(agent) and client(principal), for Stock Market operations Rupees fifty]11 14[(ib) If relating to advertisement or telecasting or broadcasting of programs for promotion and development of business (ic) If relating to assignment or transfer of intellectual property rights (i.e., patent rights, copy rights or trade marks rights.) (i-d) If relating to building Works or labour or services (works contracts) (i) Where the amount or consideration in the One Rupee for every one thousand rupees or part there of on the amount or consideration in the agreement, but not less than Rupees two hundred. One Rupee for every one thousand rupees or part there of on the amount or consideration in the agreement, but not less than Rupees two hundred. 22[Rupees Five hundred]22 59 agreement does not exceed Rupees ten lakhs (ii) where the amount or consideration in the agreement exceeds Rupees ten lakhs 22[Rupees Five hundred and in addition Rupees Five hundred for every Rupees ten lakhs or part thereof in excess of Rupees ten lakhs, subject to a maximum of Rupees Ten lakhs.]14]22 20[19[(i-e) Chit Agreement, executed in the State of Karnataka under Section 6 of the Chit Funds Act, 1982.- (i) where the value of the chit does not exceed rupees one lakh 22[Rupees five hundred]22 (ii) where the value of the chit exceeds rupees one lakh 22[Rupees five hundred plus rupees hundred for every rupees one lakh or part thereof, in excess of rupees one lakh.]19]20]22 13[(j)]13 If not otherwise provided for 22[9[five hundred rupees]9]22 Explanation: 10[(I) x x x]10 (II) For the purpose of 8[sub-clause (i) and (ii)]8 of clause (e) and clause (h), where subsequently conveyance or mortgage as the case may be, is executed in pursuance of such agreement or its records or memorandum the stamp duty, if any, already paid and recovered on the agreement or its record or memorandum shall be adjusted towards the total duty leviable on the conveyance or mortgage, as the case may be.]2 EXEMPTIONS Agreement or memorandum of Agreement,- (a)for or relating to the purchase or sale of goods, or merchandise exclusively, not being a note or memorandum chargeable under Article 37. (b)made in the form of tenders to the Central Government, for or relating to any loan.