What is the stamp duty payable on several instruments used in a single transaction like sale, mortgage settlement? What is the stamp duty payable on instruments falling under several descriptions on the schedule of Karnataka Stamp Act?
With regard to several instruments used in a single transaction of sale, mortgage or settlement the principal instrument only attracts the stamp duty as prescribed. The other documents attract a stamp duty of Rs.100/- each, instead of the duty prescribed. The parties may determine which of the instruments are to be charged as principal instruments, provided that the duty chargeable on such instrument shall be highest duty which would be chargeable in respect of any of the said instruments employed.
In certain cases an instrument may satisfy the different descriptions mentioned in the schedule of the Karnataka stamp Act for which duty payable also varies. Such documents are chargeable with the highest of such duties.