According to Section 2(24) of the Indian Stamp Act, 1899, the term **"…

Question

According to Section 2(24) of the Indian Stamp Act, 1899, the term **"settlement"** means any **non-testamentary disposition**, in writing, of movable or immovable property made in consideration of marriage, or for distribution of property of the settler among his family, or for any religious or charitable purpose. Why does the lesson note that a **will is excluded** from the definition?

Accepted Answer

C. {'text': 'A will is intended to operate only on death, while a settlement operates immediately', 'label': 'C'}

1. Section 2(24) of the Act defines "settlement" as a non-testamentary disposition in writing of movable or immovable property.
2. Lesson 14 says: "The definition of 'settlement' **excludes a will**. A will is intended to operate **only on death**, while a settlement **operates immediately**."
3. The same logic explains why a will is also excluded from the definition of "conveyance" under Section 2(10).
4. Stamp duty is therefore not levied on wills, which are governed by the testamentary regime.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 14 (Indian Stamp Act, 1899), pp. 337-353._

Answer

{'text': 'A will is always made by a minor, while a settlement is always made by an adult 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', 'label': 'A'}

Answer

{'text': 'A will operates immediately, while a settlement operates only on the death of the settler 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', 'label': 'B'}

Answer

{'text': 'A will is always governed by personal law, while a settlement is always governed by secular law 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', 'label': 'D'}