Duty under the Indian Stamp Act, 1899, in case of policy of the fire Insurance, is payable by:

Option A: The person issuing the policy

Option B: The person effecting the insurance

Option C: Jointly by the person issuing the policy and the person effecting the insurance

Option D: None of the above

Correct Answer

Option: a

Explanation

In the absence of an agreement to the contrary, the expense of providing the proper stamp shall be borne— (a) in the case of any instrument described in any of the following Articles of Schedule I, namely:— (No) 2. (Administration Bonds), 56 [(No) 6. (Agreement relating to deposit of Title deeds, Pawn or Pledge)], (No) 13. (Bill of Exchange), (No) 15. (Bonds), (No) 16. (Bottomry Bond), (No) 26. (Customs Bond), (No) 27. (Debenture), (No) 32. (Further Charge), (No) 34. (Indemnity-Bond), (No) 40. (Mortgage-deed), (No) 49. (Promissory-note), (No) 55. (Release), (No) 56.(Respondentia Bond), (No) 57. (Security Bond or Mortgage-deed), (No) 58. (Settlement), (No) 62(a). (Transfer of shares in an incorporated company or other body corporate), (No) 62(b). (Transfer of debentures, being marketable securities, whether the debenture is liable to duty or not, except debentures provided for by section 8), (No) 62(c). (Transfer of any interest secured by a bond, mortgage-deed or policy of insurance); by the person drawing, making or executing such instrument; 57 [(b) in the case of a policy of insurance other than fire-insurance—by the person effecting the insurance; (bb) in the case of a policy of fire-insurance—by the person issuing the policy;] (c) in the case of a conveyance (including a reconveyance of mortgaged property) by the grantee; in the case of a lease or agreement to lease—by the lessee or intended lessee; (d) in the case of a counterpart of a lease—by the lessor; (e) in the case of an instrument of exchange—by the parties in equal shares; (f) in the case of a certificate of sale—by the purchaser of the property to which such certificate relates; and (g) in the case of an instrument of partition—by the parties thereto in proportion to their respective shares in the whole property partitioned, or, when the partition is made in execution of an order passed by a Revenue authority or Civil Court or arbitrator, in such proportion as such authority, Court or arbitrator directs.

Sample Mock Tests for Practice

THE CODE OF CIVIL PROCEDURE, 1908 (PAPER – 17 Q. NO. 641 TO 680)

RAJASTHAN LOWER JUDICIAL SERVICES 2019

BIHAR LOWER JUDICIAL SERVICES 2018

THE CODE OF CIVIL PROCEDURE, 1908 (PAPER – 14 Q. NO. 521 TO 560)

THE LAW OF ADMINISTRATION (PAPER 01 Q. NO. 1 TO 30)

THE ARBITRATION AND CONCILIATION ACT, 1996 (PAPER 02 Q. NO. 31 TO 60)

THE TRANSFER OF PROPERTY ACT, 1882 (PAPER 07 Q.NO. 241 TO 280)

THE WILD LIFE PROTECTION ACT, 1972 (PAPER 01 Q. NO. 1 TO 25)

THE TRANSFER OF PROPERTY ACT, 1882 (PAPER 09 Q.NO. 321 TO 345)

THE INDIAN EVIDENCE ACT, 1872 (PAPER – 16 Q. NO. 601 TO 640)

THE CODE OF CIVIL PROCEDURE, 1908 (PAPER – 01 Q. NO. 1 TO 40)

CLAT 2013

THE SPECIFIC RELIEF ACT, 1963 (PAPER – 05 Q. NO. 141 TO 175)

THE SPECIFIC RELIEF ACT, 1963 (PAPER – 04 Q. NO. 106 TO 140)

THE INDIAN EVIDENCE ACT, 1872 (PAPER – 17 Q. NO. 641 TO 680)

THE INDIAN CONTRACT ACT, 1872 (PAPER – 13 Q. NO. 421 TO 455)

HIMACHAL PARDESH LOWER JUDICIAL SERVICES 2009

THE INDIAN EVIDENCE ACT, 1872 (PAPER – 03 Q. NO. 81 TO 120)

THE HINDU MARRIAGE ACT, 1955 (PAPER -5 Q. NO. 101 TO 134)

THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 20 Q. NO. 761 TO 800)

THE SPECIFIC RELIEF ACT, 1963 (PAPER – 03 Q. NO. 71 TO 105)

MAHARASHTRA LOWER JUDICIAL SERVICES 2022

THE LIMITATION ACT, 1963 (PAPER 07 Q. NO. 241 TO 269)

THE INDIAN EVIDENCE ACT, 1872 (PAPER – 06 Q. NO. 201 TO 240)

AIBE-XVI-2021-II (BCI-OCT-2021-SET-A) (ALL INDIA BAR EXAM 2021-II)

MADHYA PRADESH LOWER JUDICIAL SERVICES 2019(2)

THE INDIAN CONTRACT ACT, 1872 (PAPER – 11 Q. NO. 351 TO 385)

THE SPECIFIC RELIEF ACT, 1963 (PAPER – 06 Q. NO. 176 TO 210)

ODISHA LOWER JUDICIAL SERVICES 2011

MADHYA PRADESH LOWER JUDICIAL SERVICES 2018(1)

AILET – National Law University Delhi Entrance Test (NLU 2014)

PUNJAB LOWER JUDICIAL SERVICES 2019

MADHYA PRADESH LOWER JUDICIAL SERVICES 2019(1)

HIMACHAL PARDESH LOWER JUDICIAL SERVICES 2011

THE HIMACHAL PRADESH URBAN RENT CONTROL ACT, 1987 (PAPER 02 Q. NO. 31 TO 60)

THE COURT FEES ACT, 1870 (PAPER 01 Q. NO. 1 TO 7)