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Stamp Duty Law: Stamp Duty on Transfer of Property

Description: This quiz is designed to test your knowledge of the Stamp Duty Law, specifically focusing on the Stamp Duty on Transfer of Property.
Number of Questions: 15
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Tags: stamp duty law transfer of property property law
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What is the purpose of the Stamp Duty Law?

  1. To generate revenue for the government

  2. To regulate the transfer of property

  3. To protect the rights of property owners

  4. To prevent fraud and forgery

Show answer
Correct Option: A
Explanation:

The primary purpose of the Stamp Duty Law is to generate revenue for the government. This is achieved by imposing a tax on certain transactions, including the transfer of property.

What is the rate of stamp duty on the transfer of property?

  1. 1%

  2. 2%

  3. 3%

  4. 4%

Show answer
Correct Option: B
Explanation:

The rate of stamp duty on the transfer of property is 2% of the value of the property.

Who is responsible for paying the stamp duty on the transfer of property?

  1. The buyer

  2. The seller

  3. Both the buyer and the seller

  4. The government

Show answer
Correct Option: C
Explanation:

The stamp duty on the transfer of property is typically shared equally between the buyer and the seller.

What documents are required to be submitted along with the stamp duty payment?

  1. The sale deed

  2. The title deed

  3. The encumbrance certificate

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the documents mentioned are required to be submitted along with the stamp duty payment.

What are the consequences of not paying the stamp duty on the transfer of property?

  1. The transfer of property will be void

  2. The buyer will be liable to pay a penalty

  3. The seller will be liable to pay a penalty

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the consequences mentioned can result from not paying the stamp duty on the transfer of property.

What is the time limit for paying the stamp duty on the transfer of property?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days

Show answer
Correct Option: A
Explanation:

The time limit for paying the stamp duty on the transfer of property is 30 days from the date of the execution of the sale deed.

What is the procedure for paying the stamp duty on the transfer of property?

  1. Visit the stamp duty office and pay in cash

  2. Pay online through the government website

  3. Send a demand draft to the stamp duty office

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the methods mentioned can be used to pay the stamp duty on the transfer of property.

What is the difference between stamp duty and registration charges?

  1. Stamp duty is a tax, while registration charges are a fee

  2. Stamp duty is paid to the government, while registration charges are paid to the registrar

  3. Stamp duty is based on the value of the property, while registration charges are based on the area of the property

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the differences mentioned are correct.

What is the purpose of registration of property?

  1. To create a public record of the ownership of property

  2. To protect the rights of property owners

  3. To prevent fraud and forgery

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the purposes mentioned are correct.

What are the consequences of not registering a property?

  1. The transfer of property will be void

  2. The buyer will be liable to pay a penalty

  3. The seller will be liable to pay a penalty

  4. All of the above

Show answer
Correct Option:
Explanation:

None of the consequences mentioned are correct. However, not registering a property can make it difficult to prove ownership and can lead to disputes.

What is the time limit for registering a property?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days

Show answer
Correct Option: C
Explanation:

The time limit for registering a property is 90 days from the date of the execution of the sale deed.

What is the procedure for registering a property?

  1. Visit the sub-registrar's office and submit the required documents

  2. Pay the registration fees

  3. Get the property registered

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the steps mentioned are required for registering a property.

What are the documents required for registering a property?

  1. The sale deed

  2. The title deed

  3. The encumbrance certificate

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the documents mentioned are required for registering a property.

What are the fees for registering a property?

  1. 1% of the value of the property

  2. 2% of the value of the property

  3. 3% of the value of the property

  4. 4% of the value of the property

Show answer
Correct Option: A
Explanation:

The fees for registering a property are 1% of the value of the property.

What are the benefits of registering a property?

  1. It creates a public record of the ownership of property

  2. It protects the rights of property owners

  3. It prevents fraud and forgery

  4. All of the above

Show answer
Correct Option: D
Explanation:

All of the benefits mentioned are correct.

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