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Genuine Sale Transactions Through Gpa is Not Barred by Supreme Court Decision for Karnataka

Genuine Sale Transactions Through Gpa is Not Barred by Supreme Court Decision for Karnataka

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Law relating to karnataka - The karnataka act regarding GPA is amended in 2009 amendment and subsequently which runs like below. The gpa sales is regulated by law, to avoid stamp duty evasion and illegal transaction. Hence the observations of Supreme Court does not apply to the transactions as done using the below provisions of law by paying full stamp duty and consideration vide GPA.
Law relating to karnataka - The karnataka act regarding GPA is amended in 2009 amendment and subsequently which runs like below. The gpa sales is regulated by law, to avoid stamp duty evasion and illegal transaction. Hence the observations of Supreme Court does not apply to the transactions as done using the below provisions of law by paying full stamp duty and consideration vide GPA.

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12/16/2011

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The supreme court Judgment by Bench consisting of JUSTICE R.V.Raveendran, JUSTICE A.K. Patnaik, JUSTICE H.L. Gokhale in their Judgment incase of Suraj Lamp Industries (P) ... vs State Of Haryana & Anr. Decided on 11October, 2011, regarding GPA sales in para 19 of its judgment says like this
Inseveral States, the execution of such development agreements and powers of attorney are already regulated by law and subjected to specific stamp duty.Our observations regarding `SA/GPA/WILL transactions' are not intended toapply to such bonafide/genuine transactions.
 
The karnataka act regarding GPA is amended in 2009amendment and subsequently which runs like below. Thegpa sales is regulated by law, to avoid stamp duty evasionand illegal transaction. Hence the observations of SupremeCourt does not apply to the transactions as done using thebelow provisions of law by paying full stamp duty andconsideration vide GPA.
Art. 41. Power of Attorney - (as defined by Sectionbeing a proxy-
 (a) when executed for the sole purpose of procuring theof one or more documents in relation to a singleor for admitting execution of one or more such;
1
[One hundredrupees](b) when authorising one person or more to act in a singleother than the case mentioned in clause (a);
2
[One hundredrupees](c) when authorising not more than five persons to actseverally in more than one transaction or generally;
3
[One hundredrupees]
1. Substituted for the words "ten rupees by Act No. 7 of 2000, w.e.f. 1.4.2000.
 
 2. Substituted for the words "Twenty rupees" by Act No.10 of 1990, w.e.f. 1.4.1990
 
 3. Substituted for the words "Forty one rupees" by Act No.10 of 1990, w.e.f. 1.4.1990
 
(d) when authorising more than fivebut not more than ten persons to actointly and severally in more thanone transaction or generally;
1
[Two hundred rupees]
2
[ (e) when given for considerationand or when coupled with interestand authorising the attorney to sellany immovable property;The same duty as a conveyance [ under Article 20(1)] onconsideration or on market value of the property (which isthe subject matter of such power of attorney) whichever is
 
higher..
3
[Provided that the duty paid on such power of attorney isadjustable towards the duty payable on agreement for saleunder Article 5(e) or intrument of sale or as the case maybe,executed between the same parties and in respect of thesame property.]
4
(ea)xxxxxx
4
[xxxxxxx]
Explanation 1(1) The expression "Lease" shallmean a holder of a lease, for a periodexceeding thirty years or more or inperpetuity or does not purport to befor any definite term.(2) The expression "building" shallmean a building having more thanone apartment or flat or officeaccommodation or portion of amultistoried building or both.Provided that, when proper stamp duty is paid under"clause (e), or clause (f) of the article 5, as the case may be,on such agreement or records thereof or memorandum of an agreement executed between the same parties and inrespect of the same property, the duty chargeable underthese clauses shall be as per article 41(f)".
1. Clause (e) substituted by Act No.9 of 2009 w.e.f. 1-4-2009.,
 2. clause (e) and (ea) substitued by Act No.9 of 2009 w.e.f 1-4-2009.,3. Substituted by Act No.16 of 2011, w.e.f. 1.4.20114. Clause (ea) omitted by Act No.16 of 2011, w.e.f.1-4.-2011
escription of Instrument
 
 Proper Stamp Duty
 
1
(eb) When given to person other than the father, mother,wife or husband, sons /daughters, brothers, sisters inrelation to the executant authorising such person to sellimmovable property situated in Karnataka State.
2
[
3
[The same duty as a conveyanceunder Article 20(1) on the marketvalue of the property which is thesubject matter of power of attorney.
4
[ Provided that the duty paid on suchpower of attorney is adjustable towardsthe duty payable on agreement for saleunder article 5(e) or on the instrumentof sale or transfer,as the case may be,executed between the same parties inrespect of the same property.]
5
[(f) When executed by a principal or client for the solepurpose of authorizing the agent or broker to carry out alllawful acts and deeds relating to his/her tradingoperations inlcudeing sale/purchase of marketablesecurities, transfer of securities towards stock exchange,receiving/ releasing funds and securities from/to otherparties on behalf of the principal or client.
5
[(g) When executed by a principal or client for the solepurpose of authorizingthe depository participant to carryout all lawful acts and deeds relating to his/her demataccount as per the bye-laws of thedepositories/regulations governing such operations.6(h) in any other case.
5
[Rupees fifty]
5
[Rupees fifty]
7
[Two hundred rupees.]

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