Amendment status not verified — confirm the current text below against the official source.
Method of assessment of duty on transfer of property.— (1) There shall be levied a duty on transfer of property in the form of a surcharge on the duty imposed by the Kerala Stamp Act, 1959 (17 of 1959) on every instrument of the description specified in column (1) of the table below which relates to immovable property situated within a Municipal area, at such rate as fixed by the Government, which shall not exceed five per cent of the amount described in column (2) thereof against each instrument, namely:- Table Description of instrument Amount on which duty should be levied (1) (2) (i) Sale of immovable property The amount or value of the consideration for the sale, as set forth in the instrument. (ii) Exchange of immovable property The value of the property, of the greater value, as set forth in the instrument. (iii) Gift of immovable property The value of the property, as set forth in the instrument. (iv) Mortgage with possession of immovable property The amount secured by the mortgage, as set forth in the instrument. 61A[(iva) Transfer of assignment on lease other than sub lease of immovable property. The same stamp duty on sale deed for a consideration equal to the amount of consideration of transfer (item 21 or 22, as the case may be of the schedule to the Kerala StampAct, 1959)] 61B[(v) (a) assignment on lease of immovable property for less than one year The same stamp duty on a Bottomry Bond (item 14 of the Schedule to the Kerala Stamp Act, 1959) on the amount which may be remitted or payable as per the lease deed. (b) assignment on lease of immovable property for not less than one year but not more than five years The same stamp duty on a Bottomry Bond (item 14 of the Schedule to the Kerala Stamp Act, 1959) on one year's average lease amount or the price fixed. (c) assignment on lease of immovable property for more than five years but not exceeding ten years The same stamp duty on a sale deed (items 21 or 22, as the case may be, of the Schedule to the Kerala Stamp Act, 1959)for a consideration equal to the average of lease amount fixed for an year. (d) assignment on lease of immovable property exceeding ten years but not being a perpetual lease If the lease is subsisting for a very long period the same stamp duty as on a sale deed (item 21 or 22, as the case may be, of the Kerala Stamp Act, 1959) for a consideration equal to three times the average yearly lease amount or price remitted or paid for the first ten years. (e) perpetual lease of immovable property An amount equal to one sixth of the total amount of lease remitted or paid for the first fifty years as shown in the instrument.] (vi) Release, that is to say, any instrument whereby a person renounces a claim upon another person or against any specified property when such release does not operate in favour of his or her spouse or children The same duty as a conveyance (Sl.No.21 or 22 of the Schedule to the Kerala Stamp Act, 1959, as the case may be) for such amount or value as set forth in the release. (2) On the introduction of the duty on transfer- (a) section 28 of the Kerala Stamp Act, 1959(17 of 1959) shall be read as if it specifically required the particulars to be set forth separately in respect of property situated within and without the municipal area; (b) section 62 of the said Act shall be read as if it referred to the Municipality concerned as well as the Government. (3) The Government may make rules not inconsistent with this Act for regulating the collection of the duty, the payment thereof to the Municipalities concerned and the deduction of any expenses incurred by the Government in the collection thereof. 61A. Inserted by Act 33 of 2005, w. e. f. 24/08/2005. 61B. Substituted by Act 8 of 1995.