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Stamp Duty Law: Instruments Chargeable with Stamp Duty

Description: This quiz covers the topic of Stamp Duty Law: Instruments Chargeable with Stamp Duty, which is a part of Indian Law. It aims to assess your understanding of the various instruments that are subject to stamp duty and the relevant provisions governing them.
Number of Questions: 15
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Tags: stamp duty law instruments chargeable with stamp duty indian law
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Which of the following instruments is not chargeable with stamp duty?

  1. Conveyance

  2. Lease

  3. Gift

  4. Promissory Note


Correct Option: D
Explanation:

Promissory notes are not chargeable with stamp duty as per the Stamp Duty Law.

What is the rate of stamp duty applicable to a conveyance of immovable property?

  1. 1%

  2. 2%

  3. 3%

  4. 4%


Correct Option: B
Explanation:

The rate of stamp duty applicable to a conveyance of immovable property is 2%.

Which of the following instruments is exempt from stamp duty?

  1. Agreement for sale

  2. Power of attorney

  3. Will

  4. Mortgage deed


Correct Option: C
Explanation:

Wills are exempt from stamp duty as per the Stamp Duty Law.

What is the maximum period within which a stamped instrument can be presented for registration?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days


Correct Option: C
Explanation:

A stamped instrument must be presented for registration within 90 days from the date of stamping.

What is the consequence of presenting a stamped instrument for registration after the prescribed period?

  1. The instrument becomes void

  2. A penalty is imposed

  3. The instrument is not registered

  4. The instrument is registered but is not valid


Correct Option: B
Explanation:

If a stamped instrument is presented for registration after the prescribed period, a penalty is imposed as per the Stamp Duty Law.

Which of the following instruments is chargeable with stamp duty at a concessional rate?

  1. Conveyance of agricultural land

  2. Lease of residential property

  3. Mortgage deed

  4. Gift of immovable property


Correct Option: A
Explanation:

Conveyance of agricultural land is chargeable with stamp duty at a concessional rate as per the Stamp Duty Law.

What is the rate of stamp duty applicable to a lease of immovable property?

  1. 1%

  2. 2%

  3. 3%

  4. 4%


Correct Option: A
Explanation:

The rate of stamp duty applicable to a lease of immovable property is 1%.

Which of the following instruments is not required to be stamped?

  1. Agreement for sale

  2. Power of attorney

  3. Will

  4. Mortgage deed


Correct Option: A
Explanation:

Agreements for sale are not required to be stamped as per the Stamp Duty Law.

What is the consequence of executing an unstamped instrument?

  1. The instrument is void

  2. A penalty is imposed

  3. The instrument is not registered

  4. The instrument is registered but is not valid


Correct Option: B
Explanation:

If an unstamped instrument is executed, a penalty is imposed as per the Stamp Duty Law.

Which of the following instruments is chargeable with stamp duty at a higher rate?

  1. Conveyance of immovable property

  2. Lease of immovable property

  3. Mortgage deed

  4. Gift of immovable property


Correct Option: D
Explanation:

Gift of immovable property is chargeable with stamp duty at a higher rate as per the Stamp Duty Law.

What is the rate of stamp duty applicable to a mortgage deed?

  1. 1%

  2. 2%

  3. 3%

  4. 4%


Correct Option: C
Explanation:

The rate of stamp duty applicable to a mortgage deed is 3%.

Which of the following instruments is chargeable with stamp duty at a flat rate?

  1. Conveyance of immovable property

  2. Lease of immovable property

  3. Mortgage deed

  4. Gift of immovable property


Correct Option: D
Explanation:

Gift of immovable property is chargeable with stamp duty at a flat rate as per the Stamp Duty Law.

What is the rate of stamp duty applicable to a gift of immovable property?

  1. 1%

  2. 2%

  3. 3%

  4. 4%


Correct Option: D
Explanation:

The rate of stamp duty applicable to a gift of immovable property is 4%.

Which of the following instruments is not chargeable with stamp duty?

  1. Conveyance of immovable property

  2. Lease of immovable property

  3. Mortgage deed

  4. Promissory Note


Correct Option: D
Explanation:

Promissory notes are not chargeable with stamp duty as per the Stamp Duty Law.

What is the maximum period within which a stamped instrument can be presented for registration?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days


Correct Option: C
Explanation:

A stamped instrument must be presented for registration within 90 days from the date of stamping.

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