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liability of stamp duty in case of rent reduction in registered lease
06-Aug-2023 (In Property Law)
What would be liability of stamp duty and registration if rent is reduced in registered lease deed?
The stamp duty is directly correspondent to the rent. If your lease deed is already registered, reducing rental amount will have no effect on the stamp duty as the applicable stamp duty was paid as per the rental mentioned in the deed during registration. If you had paid adequate stamp duty then, you don't have anything to worry about it now. If you are looking for a refund of excess stamp duty, that will not be possible as you have on a later date changed the rental amount.
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Adv. Shekhar Banerjee
Delhi | 25+ Answers
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According to Section 105 of the Transfer of Property Act, a lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. Lessor, lessee, premium, and rent defined.
Stamp duty is payable @2% of the average annual rent in case of a lease agreement for a term up to 5 years and @3% of the average annual rent in case of a lease agreement greater than 5 years and up to 10 years.
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Adv. Kajal Bhatia
Delhi | 25+ Answers
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Your question is not very much clear. What you want to ask how the rent is reduced in registered lease deed is not clear.vkindly make Ur question more clear. However in rent deed the stamp duty is shared by mutual agreement. Generally half by both parties.
Feel free to ask any more quary.
Thanks
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Adv. Sunil Kumar
Delhi | 25+ Answers
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