Question
Legal Studies Question on Laws of Contract
What is the default interest payable under Section 63A of the Transfer of Property Act, 1882?
A
6% per annum
B
8% per annum
C
9% per annum
D
No default rate prescribed.
Answer
9% per annum
Explanation
Solution
Under Section 63A of the Transfer of Property Act, 1882, the default rate of interest payable is 9% per annum unless otherwise agreed upon by the parties involved.