Section 29 of the Indian Stamp Act, 1899 deals with the **persons liab…

Question

Section 29 of the Indian Stamp Act, 1899 deals with the **persons liable to pay duty**. According to Lesson 14, in the absence of an agreement to the contrary, in the case of a bill of exchange (Article 13 of Schedule I) or bond (Article 15), the expense of providing the proper stamp shall be borne by:

Accepted Answer

D. {'text': 'The person drawing, making or executing such instrument', 'label': 'D'}

1. Section 29 of the Act deals with persons liable to pay duty.
2. In the absence of an agreement to the contrary, the expense of providing the proper stamp shall be borne by **the person drawing, making or executing such instrument** for many of the items listed — including Bill of Exchange (Art. 13), Bond (Art. 15), Promissory Note (Art. 49), Debenture (Art. 27), Mortgage-deed (Art. 40), Settlement (Art. 58), etc.
3. Section 29 separately provides for policies of insurance (other than fire), and other named instruments.
4. The default places the duty on the executant unless the contract otherwise allocates it.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 14 (Indian Stamp Act, 1899), pp. 337-353._

Answer

{'text': 'The Central Government of India under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India regardless of any other consideration', 'label': 'A'}

Answer

{'text': 'The first transferee of the instrument under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State of India regardless of any other consideration', 'label': 'B'}

Answer

{'text': 'The State Government of the State in which the instrument is executed under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force in any State', 'label': 'C'}