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 28A, for sub-section (1B), the following sub-section shall be substituted, namely:-- "(1B) Notwithstanding anything contained in this Act or the rules made thereunder, the Government may, by notification published in the Official Gazette, make an increase of a fixed percentage in the fair value of land fixed as per sub-section (1) or revised fair value under sub-section (1A) from time to time and the value so increased shall be deemed to be the fair value of the land."; (2) in the schedule,-- (a) in serial number 16, in column (2), for the words "or other Revenue Officer", the words and symbol", other Revenue Officer or a Civil Officer" shall be substituted; (b) for serial number 33 and the entries against it in columns (1), (2) and (3) and explanation thereto, the following serial number, entries and explanation shall respectively be substituted, namely:-- "33. Lease-including an underlease or sub-lease and any agreement to let or sub-let-- Where such lease purports to be -- (a) for a term less than one year: Rupees 500 (b) for a term not less than one year but not more than 5 years: Same duty as a conveyance (No. 21 or 22, as the case may be) on ten percentage of the value of the property subject to a minimum of Rupees 500. (c) for a term exceeding 5 years but not exceeding 10 years: Same duty as a conveyance (No. 21 or 22, as the case may be) on twenty percentage of the value of the property subject to a minimum of Rupees 1000. (d) for a term exceeding 10 years but not exceeding 20 years: Same duty as a conveyance (No. 21 or 22, as the case may be) on thirty five percentage of the value of the property subject to a minimum of Rupees 2000. (e) for a term exceeding 20 years but not exceeding 30 years: Same duty as a conveyance (No. 21 or 22, as the case may be) on sixty percentage of the value of the property. (f) for a term exceeding 30 years or not for any definite term: Same duty as a conveyance (No. 21 or 22, as the case may be) on ninety percentage of the value of the property. Explanation I:-- For the purpose of this serial number, "the value of the property" means for land where the fair value has been fixed under section 28A, such fair value, and for leases where no fair value has been fixed for the land or for leases of Government land, the market value declared in the lease deed. Explanation II:-- Any consideration in the form of premium or money advanced or to be advanced, by whatever name called, shall be added to the fair value for the assessment of stamp duty. Explanation III:-- If a lease relates to only one item of property and that property is a building, or if an instrument relates to more than one item of property and one or more such item is or are building or buildings, the whole rental amount payable or deliverable under such lease, and/or any consideration in the form of premium or money advanced or to be advanced, or the proportionate fair value of the land in which the building is situated, whichever is higher, shall deemed to be the value of the property. Explanation IV:-- The renewal period, if specifically mentioned, shall be treated as part of the present lease. Explanation V:-- If the lease of property is for the installation of mobile tower, the fair value of the land or the whole rental amount payable, whichever is higher, shall deemed to be the value of the property for assessment of stamp duty.; (c) in serial number 43,-- (i) for item (b), the following item shall be substituted, namely:-- “(b) Instrument of Reconstitution of Partnership that is to say, where on reconstitution of the partnership any immovable property is taken as his share by a partner other than a partner who brought in that property as his share of contribution in partnership Eight percent on the fair value of the property subject to a minimum of rupees One thousand”; (ii) after item (b) so substituted the following items shall be inserted, namely:-- "(c) Dissolution of partnership deed, where on a dissolution of the partnership any immovable property is taken as his share by a partner other than a partner who brought in that property as his share of contribution in the partnership Eight percent on the fair value of the property subject to a minimum of rupees One thousand (d) in any other case One thousand rupees" (d) in serial number 44, in item (g), for entry in column (2), the following entry shall be substituted, namely:-- "when giving authority or power to a promoter or a developer, by whatsoever name called, to make construction on or development of, (in any manner whatsoever) any immovable property situated in Kerala and not being a power of attorney authorising sale or transfer of immovable property in any manner."