High stamp duty on registered rent agreement how to go about it
01-Feb-2023 (In Landlord/Tenant Law)
Hello sir I need to consult that we are going to make a Rent agreement for 15 years. And as per law any Rent agreement should not be more than 11 months if it's just notarized. But I need an registered agreement and I have been informed that if I do that then I have to pay stamp duties either on property value or on Rent decided for per month. But Sir both are a heavy amount to be paid and I am not weeling to pay that. So kindly advice me that what should I do in which I get a lawfull documents so that I should not be facing any issues by our landlord in future. And without investing or paying huge stamp duties. And I am investing a huge amount on interiors on that property. So kindly advice me a lawfull way. Which should secure my investment on that property. Hoping to hear a positive advice soon. Thanks&Regards
Rental agreement is registered at the office of the Sub-Registrar. Stamp duty will depend on the total value of the property. An unregistered lease deed will also be a legal document provided the period of lease is less than a year. However. It is compulsory to get a lease deed registered if the period is more than one year.
Also, as you have invested on the interiors of the property you are eligible to be reimbursed for that once you leave the premises or at the end of lease. Now you can continue living there and get a rent agreement for the same purpose and for the stamp duty you or the landlord both can equally share the cost of stamp duty.
Also, as you have invested on the interiors of the property you are eligible to be reimbursed for that once you leave the premises or at the end of lease. Now you can continue living there and get a rent agreement for the same purpose and for the stamp duty you or the landlord both can equally share the cost of stamp duty.
Helpful?
17+
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Hello,
It's true that stamp duty according to property rent is little high but my suggestion would be, negotiate the agreement first, lesser and lessee both can bare this cost. Try to avoid all negative points in agreement.
Jayatee Chatterjee
Solicitor/ Partner/Advocate
It's true that stamp duty according to property rent is little high but my suggestion would be, negotiate the agreement first, lesser and lessee both can bare this cost. Try to avoid all negative points in agreement.
Jayatee Chatterjee
Solicitor/ Partner/Advocate
Helpful?
15+
Sir, it is just ,2% of the total one year rent means if rate of rent is,rs 50000 pm than yearly rent calculated is rs 6 lacs ,than stamp duty is required 12000 only, it's not make any effect whether it is for one year or 15 years,
If there is clause for increasing of rent than it is further required for 2%of increasing rent .It's lesser than 1 month rent.
Regards Sanjela Gupta Adv
If there is clause for increasing of rent than it is further required for 2%of increasing rent .It's lesser than 1 month rent.
Regards Sanjela Gupta Adv
Helpful?
15+
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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