The Karnataka Government issued a notification regarding the Karnataka Stamp (Amendment) Act, 2023, which was published on 3rd February, 2024. These amendments involve alterations to the amounts specified in various articles, such as increasing the stamp duty from 500 to 1000 rupees in Article 3 and from 20 to 100 rupees in Article 4.
Additionally, the amendments cover adjustments in percentages and amounts for different types of transactions, such as loan or debt amounts, bank guarantees, and share-related transactions, along with modifications to the Official Language Act, 1963.
The Act provides for changes in stamp duty amounts, particularly in relation to various transactions and instruments. These changes encompass adjustments in stamp duty rates for different types of bonds, mortgage deeds, insurance policies, bank guarantees, and share-related transactions.
The amendments also include modifications to the Karnataka Official Language Act, 1963, in conjunction with the Stamp Act, indicating comprehensive updates to the legislative framework governing stamp duties and official language usage in the state.
