Duty on transfer of immovable properties.- The duty on

¹ Substituted by Act 8 of 2003 w.e.f. 1.4.2003.

transfer of immovable property shall be levied in the form of a surcharge at the rate of two percent of the duty imposed by the Karnataka Stamp Act, 1957, on instruments of sale, gift, mortgage, exchange or lease in perpetuity of all immovable property situated within the limits of a larger urban area.]