Whether the guarantees agreements’ fall within the purview of sub-section (1) of the Section 4 of the Indian Stamp Act, 1899?

Option A: yes

Option B: No

Option C: Depend upon the parties

Option D: Depend upon the guarantor

Correct Answer

Option: b

Explanation

Where, in the case of any sale, mortgage or settlement, several instruments are employed for completing the transaction, the principal instrument only shall be chargeable with the duty prescribed in Schedule I, for the conveyance, mortgage or settlement, and each of the other instruments shall be chargeable with a duty of one rupee instead of the duty (if any) prescribed for it in that Schedule. (2) The parties may determine for themselves which of the instrument so employed shall, for the purposes of sub-section (1), be deemed to be the principal instrument: Provided that the duty chargeable on the instrument so determined shall be the highest duty which would be chargeable in respect of any of the said instruments employed.

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