Option 1 states that the Dominion of India received the remaining territory of India, excluding certain provinces. This means that the Act divided the Indian territory, and gave certain provinces to other entities while the Dominion of India retained the majority of the land.

Option 2, which is the correct answer, states that the Indian Independence Act sought to lay down a Constitution through the legislative will of the British Parliament. This means that the Act did not give the Indian people the opportunity to participate in the creation of their own Constitution. Instead, it was imposed by the British Parliament.

Option 3 states that the Act proposed the establishment of two independent Dominions. This implies that the Act aimed to grant India and Pakistan the status of independent nations, with their own governments and self-governance.

Option 4 states that the Constituent Assembly of each Dominion had unlimited power to frame and adopt any Constitution. This means that the Act granted the Constituent Assemblies of India and Pakistan the authority to create their respective constitutions according to their own will.

In summary, the characteristic feature of the Indian Independence Act, 1947 mentioned in option 2 is that the Act sought to lay down a Constitution by the legislative will of the British Parliament.