Duty on transfer of immovable properties

(1) The duty on transfer of immovable property shall be levied in the form of a surcharge at the rate of two percent of the duty imposed under the Karnataka Stamp Act, 1957 (Karnataka Act No 34 of 1957), on instruments of sale, gift, mortgage, exchange or lease in perpetuity of all immovable property situated within the limits of a Corporation. (2) The Government shall remit the surcharge collected by it every month and upon failure to remit such amounts beyond six months, the Government shall transfer such amounts with an interest of nine percent.