A society charges a transfer fee of 4% of a flat's value, subject to a ceiling of ₹60,000. For a flat valued at ₹18,00,000, the fee actually payable works out to what per cent of the flat's value?

4% of 18,00,000 = ₹72,000, which is above the ceiling, so only ₹60,000 is payable. As a share of the flat's value that is 60000/1800000 = 1/30 = 3 1/3%. Once a ceiling bites, the effective rate keeps falling as the value rises. 4% is the printed rate, which applies only up to a value of ₹15,00,000. 0.67% is the ₹12,000 the ceiling knocked off, as a share of the value, not the fee paid. 0.33% would be a fee of ₹6,000 - the ceiling with a decimal place lost.