Duty on transfer of immoveable properties.

205. 1[Duty on transfer of immovable properties]1.- 1[[2[(1) The duty on transfers of immovable property shall be levied in the form of a surcharge at the rate of three percent of the duty imposed by the Karnataka Stamp Act, 1957 on instruments of sale, gift, mortguage, exchange and lease in perpetuity, of immovable property situated within the limits of the area of a Taluk Panchayat:]2 1. Substi tuted by Act 17 of 1996 w.e.f. 23.9.1996. Provided that no 1[duty on transfers]1 is leviable in respect of a mortgage where the amount secured by a mortgage does not exceed two thousand rupees : 150 Provided further that no 1[duty on transfers]1 shall be chargeable in respect of any instrument exempt from stamp duty under the Karnataka Stamp Act, 1957.]1 (2) The Government may, by notification, specify the r ate of 1[duty on transfers]1 leviable under sub -section (1), from time to time. (3) On the introduction of the 1[duty on transfers]1, section 28 of the Karnataka Stamp Act, 1957 shall be read as if it spe cifically required the particulars to be set forth separately in respect of the property situated within and without the limits of a taluk. (4) The entire amount collected under sub -section (1) as 1[duty on transfers]1 in respect of the lands and other properties situated in the taluk shall be passed on to the Taluk Panchayats in the State in proportion to the population of the taluk. (5) The Government m ay make rules for regulating collection of 1[duty on transfers]1 and the payment thereof.