Amendment status not verified — confirm the current text below against the official source.
In the Kerala Stamp Act, 1959 (17 of 1959),-- (1) in section 2, after clause (q), the following clause shall be inserted, namely:-- "(qq) "Stamp" means any mark, seal or endorsement by any agency or person duly authorised by the State Government and includes an adhesive or impressed stamp for the purposes of duty chargeable under this Act."; (2) after section 10, the following section shall be inserted, namely:-- "10 A. Deduction of stamp duty by a member of a stock exchange or commodity exchange or intermediary thereof.-- (1) A member of a stock exchange or commodity exchange or intermediary thereof who issues a contract note or memorandum in respect of purchase or sale of goods or stock or security in this State at first instance of any such transaction which is ultimately concluded in the State shall deduct the stamp duty payable thereon. (2) The stamp duty deducted for any calendar month under sub-section (1) shall be remitted into the Government treasury on or before the seventh day of succeeding month and if the stamp duty so deducted is not remitted in time, it shall be remitted with interest at the rate of twelve per cent per annum from the date of default. (3) Any default in the deduction of stamp duty under sub section (1) or failure to remit the stamp duty under sub section (2) shall be punishable with fine which may extend to fifty thousand rupees."; (3) in the SCHEDULE -- (a) in serial number 5, existing clause (c) shall be re-numbered as clause (d) and before clause (d) as so renumbered and entries against it in columns (2) and (3), the following clause and entries shall respectively be inserted, namely:-- "(c) if relating to giving authority or power to a promoter or developer, by whatsoever name called, for construction, development or sale or transfer (in any manner whatsoever) of any immovable property. The same duty as a conveyance (under 21 or 22 as the case may be) on the value or the estimated cost of proposed construction/ development of such property, as the case may be."; (b) under the entries in column (3) against Serial No. 21, the following proviso shall be added, namely:-- "provided that if the conveyance relates to any transfer of undivided share of any land and refers to any agreement relating to the construction of any building or part of building, including flat or apartment or room etc., the value of such building or such part of the building shall also be included in such consideration, and the stamp duty if any paid in respect of such agreement shall be deducted from the stamp duty payable for the conveyance."; (c) under the entries in column (3) against serial No. 22, the following proviso shall be added, namely:-- "provided that if the conveyance relates to any transfer of undivided share of any land and refers to any agreement relating to the construction of any building or part of building, including flat or apartment or room etc., the value of such building or such part of the building shall also be included in such consideration, and the stamp duty if any paid in respect of such agreement shall be deducted from the stamp duty payable for the conveyance."; (d) for the entries against serial No. 40 in columns (2) and (3), the following entries shall respectively be substituted, namely:-- "Note or memorandum, electronically orotherwise, sent by a broker or agent to his principal, intimating the purchase or sale on account of such principal,-- (a) if relating to sale or purchase of Government securities. Fifty rupees for every rupees one crore or part thereof of the value of security subject to a maximum of Rupees five hundred. (b) if relating to purchase or sale of goods or stock or securities, other than those falling under item (a) above,-- (i) in case of delivery part thereof One rupee for every 10,000 rupees or subject to a maximum of Rs. 250. (ii) in case of non-delivery part thereof One rupee for every 50,000 rupees or subject to a maximum of Rs. 250. (b)if relating to futures and options trading part thereof One rupee for every 50,000 rupees or subject to a maximum of Rs. 250. (d) if relating to forward contracts of commodities traded rupees or part thereof One rupee for every 100,000 subject to a maximum of Rs. 250 (e) in serial number 44, the existing clause (f) shall be renumbered as clause (g) and before clause (g) as so renumbered and the entries against it in columns (2) and (3), the following clause and the entries shall respectively be inserted, namely:-- "(f) when authorising a person other than his father, mother, wife or husband, son, daughter, brother or sister to sell immovable property situated in Kerala The same duty as a conveyance (No. 21or 22 as the case may be) for the amount of consideration/ estimate."