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Stamp Duty Law: Stamp Duty on Power of Attorney

Description: This quiz is designed to test your knowledge on Stamp Duty Law, specifically focusing on the Stamp Duty applicable to Power of Attorney.
Number of Questions: 15
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Tags: stamp duty law power of attorney indian law
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What is the general rate of Stamp Duty applicable to Power of Attorney in India?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: B
Explanation:

The general rate of Stamp Duty applicable to Power of Attorney in India is 1% of the value of the property or subject matter of the Power of Attorney.

Is Stamp Duty payable on Power of Attorney executed for non-transferable property?

  1. Yes

  2. No


Correct Option: B
Explanation:

Stamp Duty is not payable on Power of Attorney executed for non-transferable property, such as a Power of Attorney to manage property or to represent someone in a legal proceeding.

What is the Stamp Duty rate applicable to Power of Attorney executed for the sale of immovable property?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: D
Explanation:

The Stamp Duty rate applicable to Power of Attorney executed for the sale of immovable property is 2% of the value of the property.

Is Stamp Duty payable on Power of Attorney executed for the transfer of shares?

  1. Yes

  2. No


Correct Option: A
Explanation:

Stamp Duty is payable on Power of Attorney executed for the transfer of shares, typically at a rate of 0.5% of the value of the shares.

What is the Stamp Duty rate applicable to Power of Attorney executed for the purpose of creating a mortgage?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: C
Explanation:

The Stamp Duty rate applicable to Power of Attorney executed for the purpose of creating a mortgage is 1.5% of the value of the loan amount.

Is Stamp Duty payable on Power of Attorney executed for the purpose of leasing property?

  1. Yes

  2. No


Correct Option: A
Explanation:

Stamp Duty is payable on Power of Attorney executed for the purpose of leasing property, typically at a rate of 0.5% of the annual rent.

What is the Stamp Duty rate applicable to Power of Attorney executed for the purpose of appointing a guardian for a minor?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: A
Explanation:

The Stamp Duty rate applicable to Power of Attorney executed for the purpose of appointing a guardian for a minor is 0.5% of the value of the property or subject matter of the Power of Attorney.

Is Stamp Duty payable on Power of Attorney executed for the purpose of managing property?

  1. Yes

  2. No


Correct Option: B
Explanation:

Stamp Duty is not payable on Power of Attorney executed for the purpose of managing property, as it is considered a non-transferable property.

What is the Stamp Duty rate applicable to Power of Attorney executed for the purpose of representing someone in a legal proceeding?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: A
Explanation:

The Stamp Duty rate applicable to Power of Attorney executed for the purpose of representing someone in a legal proceeding is 0.5% of the value of the subject matter of the legal proceeding.

Is Stamp Duty payable on Power of Attorney executed for the purpose of authorizing someone to sign documents on behalf of another person?

  1. Yes

  2. No


Correct Option: A
Explanation:

Stamp Duty is payable on Power of Attorney executed for the purpose of authorizing someone to sign documents on behalf of another person, typically at a rate of 0.5% of the value of the property or subject matter of the Power of Attorney.

What is the Stamp Duty rate applicable to Power of Attorney executed for the purpose of authorizing someone to collect debts on behalf of another person?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: A
Explanation:

The Stamp Duty rate applicable to Power of Attorney executed for the purpose of authorizing someone to collect debts on behalf of another person is 0.5% of the value of the debts.

Is Stamp Duty payable on Power of Attorney executed for the purpose of authorizing someone to manage the affairs of a company?

  1. Yes

  2. No


Correct Option: A
Explanation:

Stamp Duty is payable on Power of Attorney executed for the purpose of authorizing someone to manage the affairs of a company, typically at a rate of 0.5% of the value of the company's assets.

What is the Stamp Duty rate applicable to Power of Attorney executed for the purpose of authorizing someone to sell property on behalf of another person?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: B
Explanation:

The Stamp Duty rate applicable to Power of Attorney executed for the purpose of authorizing someone to sell property on behalf of another person is 1% of the value of the property.

Is Stamp Duty payable on Power of Attorney executed for the purpose of authorizing someone to purchase property on behalf of another person?

  1. Yes

  2. No


Correct Option: A
Explanation:

Stamp Duty is payable on Power of Attorney executed for the purpose of authorizing someone to purchase property on behalf of another person, typically at a rate of 1% of the value of the property.

What is the Stamp Duty rate applicable to Power of Attorney executed for the purpose of authorizing someone to enter into a contract on behalf of another person?

  1. 0.5%

  2. 1%

  3. 1.5%

  4. 2%


Correct Option: B
Explanation:

The Stamp Duty rate applicable to Power of Attorney executed for the purpose of authorizing someone to enter into a contract on behalf of another person is 1% of the value of the contract.

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