中国人习惯于 先不好意地笑一下，然后回答 “没有没有”“还好了”。 或者现在小女生爱撒娇说“没有啦”或“还好啦”。 对于长辈或者师长等人才回答“您过奖了” ，而很少有人说“你过奖了”。 你所说的那个“哪里哪里”适用范围也很广。 一般人们说完这个会根据语境再加句如2楼的rayment所说的话。 这些叫做恭维话。

you can say "你过奖了" or "你太看得起我了" that implies that i am not so good or great as you think and you overestimate me.

Chinese people prefer the modest,so people will say: 你画的太好了　　　　　　你过誉了－－非常书面化（现在很少使用） 你的知识太渊博了　　　　我只是略懂一二（略懂皮毛） 你太漂亮了　　　　　　　没有你说的这么好（没有赫本漂亮^ ^） 你的中文说得棒极了　　　一般般（马马虎虎/还算凑合）　　　

you can reply: 你过奖了！~~it means your praise is exaggerating or you flatter me！

I noticed in your profile that you're studying the tradtional characters. It is important to note that although mainland China and taiwan both speak Mandarin, the Mandarin spoken in Taiwan is a little different. the two most common ways of rebuffing someone's praise is 别客气 （you are too polite) 不用谢(your thanks is not necessary) , or just 不用 哪里哪里 is a formal way of rebuffing someone's praise, i was told young people seldom say this anymore. （there is many different ways to decline someone's praise depending upon the situation) inregards to your question about the use of 夸奖， you're ussage of 夸奖seems a little strange, rather your grammar seems a little strange (i don't know if it is correct or not). The best example i could find was 多谢你的夸奖, which leads me to belive 夸奖 is a formal word and is seldom used in daily conversation. Although i'm sure many Chiense people could understand your meaning if you used 别夸我， 你太夸我了 or 你夸奖我太多了, you appear to be using formal words in an informal setting. As many people told me when i first began learning chinnese, "你的汉语很可爱“ 加油 :) These are some some examples that use this word. 父亲夸奖吉姆的行为。 Father complimented Jim on his action. 他可不轻易夸奖人，所以他要是说｀好＇，他一定认为真好。 He isn't one to ladle out praise, so when he says Good', he means it. 人人都爱听夸奖自己容貌的话。 One likes to hear complimentson one's appearance. 你前後矛盾，开头责备我，接著又夸奖我。 You're not very consistent: first you condemn me, then you praise me. 她极力夸奖他们。 She praised them without stint.