Back
0

Stamp Duty Law: Stamp Duty on Mortgage Deeds

Description: This quiz is designed to test your knowledge of Stamp Duty Law, specifically focusing on Stamp Duty on Mortgage Deeds.
Number of Questions: 14
Created by:
Tags: stamp duty law mortgage deeds
Start the Quiz
Attempted 0/14 Correct 0 Score 0
‹
›

What is the purpose of Stamp Duty on Mortgage Deeds?

  1. To generate revenue for the government

  2. To protect the interests of the lender

  3. To ensure that the mortgage deed is legally valid

  4. All of the above

Show answer
Correct Option: D
Explanation:

Stamp Duty on Mortgage Deeds serves multiple purposes, including generating revenue for the government, protecting the interests of the lender, and ensuring the legal validity of the mortgage deed.

What is the rate of Stamp Duty on Mortgage Deeds in India?

  1. 0.5%

  2. 1%

  3. 2%

  4. 3%

Show answer
Correct Option: B
Explanation:

The rate of Stamp Duty on Mortgage Deeds in India is typically 1% of the loan amount.

Who is responsible for paying Stamp Duty on Mortgage Deeds?

  1. The borrower

  2. The lender

  3. Both the borrower and the lender

  4. None of the above

Show answer
Correct Option: A
Explanation:

In most cases, the borrower is responsible for paying Stamp Duty on Mortgage Deeds.

When is Stamp Duty on Mortgage Deeds payable?

  1. At the time of execution of the mortgage deed

  2. Within 30 days of execution of the mortgage deed

  3. Within 60 days of execution of the mortgage deed

  4. Within 90 days of execution of the mortgage deed

Show answer
Correct Option: A
Explanation:

Stamp Duty on Mortgage Deeds is typically payable at the time of execution of the mortgage deed.

What happens if Stamp Duty on Mortgage Deeds is not paid?

  1. The mortgage deed is void

  2. The borrower may be fined

  3. The lender may refuse to provide the loan

  4. All of the above

Show answer
Correct Option: D
Explanation:

Failure to pay Stamp Duty on Mortgage Deeds can result in the mortgage deed being void, the borrower being fined, and the lender refusing to provide the loan.

What is the difference between Stamp Duty and Registration Fee?

  1. Stamp Duty is a tax, while Registration Fee is a charge

  2. Stamp Duty is paid to the government, while Registration Fee is paid to the registrar

  3. Stamp Duty is payable at the time of execution of the deed, while Registration Fee is payable at the time of registration of the deed

  4. All of the above

Show answer
Correct Option: D
Explanation:

Stamp Duty is a tax paid to the government at the time of execution of the deed, while Registration Fee is a charge paid to the registrar at the time of registration of the deed.

What is the purpose of registering a Mortgage Deed?

  1. To create a public record of the mortgage

  2. To protect the interests of the lender

  3. To give notice to third parties of the existence of the mortgage

  4. All of the above

Show answer
Correct Option: D
Explanation:

Registering a Mortgage Deed serves multiple purposes, including creating a public record of the mortgage, protecting the interests of the lender, and giving notice to third parties of the existence of the mortgage.

Who is responsible for registering a Mortgage Deed?

  1. The borrower

  2. The lender

  3. Both the borrower and the lender

  4. None of the above

Show answer
Correct Option: C
Explanation:

In most cases, both the borrower and the lender are responsible for registering a Mortgage Deed.

When should a Mortgage Deed be registered?

  1. Within 30 days of execution of the deed

  2. Within 60 days of execution of the deed

  3. Within 90 days of execution of the deed

  4. Within 120 days of execution of the deed

Show answer
Correct Option: A
Explanation:

A Mortgage Deed should typically be registered within 30 days of execution of the deed.

What happens if a Mortgage Deed is not registered?

  1. The mortgage deed is void

  2. The borrower may be fined

  3. The lender may refuse to provide the loan

  4. All of the above

Show answer
Correct Option: D
Explanation:

Failure to register a Mortgage Deed can result in the mortgage deed being void, the borrower being fined, and the lender refusing to provide the loan.

What is the difference between a Mortgage Deed and a Charge?

  1. A Mortgage Deed creates a legal interest in the property, while a Charge creates an equitable interest

  2. A Mortgage Deed is registered, while a Charge is not

  3. A Mortgage Deed can be enforced by foreclosure, while a Charge cannot

  4. All of the above

Show answer
Correct Option: D
Explanation:

A Mortgage Deed creates a legal interest in the property, is registered, and can be enforced by foreclosure, while a Charge creates an equitable interest, is not registered, and cannot be enforced by foreclosure.

What is the purpose of a Mortgage Deed?

  1. To secure a loan

  2. To transfer ownership of property

  3. To create a leasehold interest

  4. None of the above

Show answer
Correct Option: A
Explanation:

The primary purpose of a Mortgage Deed is to secure a loan.

What is the difference between a Mortgage Deed and a Sale Deed?

  1. A Mortgage Deed creates a charge on the property, while a Sale Deed transfers ownership of the property

  2. A Mortgage Deed is registered, while a Sale Deed is not

  3. A Mortgage Deed can be enforced by foreclosure, while a Sale Deed cannot

  4. All of the above

Show answer
Correct Option: D
Explanation:

A Mortgage Deed creates a charge on the property, is registered, and can be enforced by foreclosure, while a Sale Deed transfers ownership of the property, is not registered, and cannot be enforced by foreclosure.

What is the difference between a Mortgage Deed and a Lease Deed?

  1. A Mortgage Deed creates a charge on the property, while a Lease Deed creates a leasehold interest in the property

  2. A Mortgage Deed is registered, while a Lease Deed is not

  3. A Mortgage Deed can be enforced by foreclosure, while a Lease Deed cannot

  4. All of the above

Show answer
Correct Option: D
Explanation:

A Mortgage Deed creates a charge on the property, is registered, and can be enforced by foreclosure, while a Lease Deed creates a leasehold interest in the property, is not registered, and cannot be enforced by foreclosure.

- Hide questions
ADVERTISEMENT

Find more quizzes from top tags

general knowledge
3615 Quizzes
119858 Questions
 technology
307 Quizzes
36705 Questions
 sports
963 Quizzes
19148 Questions
 history
1187 Quizzes
13475 Questions
 physics
598 Quizzes
13441 Questions
 biology
1160 Quizzes
12174 Questions
 science & technology
551 Quizzes
11015 Questions
 chemistry
490 Quizzes
9892 Questions
 maths
518 Quizzes
9324 Questions
 softskills
0 Quizzes
7131 Questions