Dear Prashant, 

This year the counsellings of AIQ/Deemed and State have been linked in a way that, if a student who has been allotted a seat and JOIN the allotted college, then he/she will become ineligible for further counsellings. Besides that, if from second round onwards, any candidate who has been allotted a seat wishes to exit from the counselling, then he/she will have to forfeit the security amount deposited at the time of registration at MCC. 

Coming to your question, if you get a seat in both the AIQ and State Quota, then you can very well join the state quota seat, but from AIQ/Deemed second round onwards, to exit from those counsellings, you will need to forfeit the security fee paid by you at the time of registration. Note that from AIQ/Deemed second round onwards, even if you are allotted a seat, you will remain eligible for other counsellings, provided you do not JOIN the college. 

Hope it answers. 

All the best!