In the Karnataka Municipal Corporations Act, 1976 (Karnataka Act 14 of 1977 ), for section 140, the following shall be substituted, namely:-



"140. Duty on transfers of immovable properties:-(1) The duty on transfers 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 and lease in perpetuity, of immovable property situated within the limits of a larger urban area:"