Queries to rent a 1 BHk flat in gurgaon
28-Aug-2023 (In Property Law)
Hi, I will be renting out a flat of mine at Rs. 15000 per month in gurgoan. Its a 1 BHK. I have few queries. 1) what should be the amount of stamp duty 2) Is it mandatory to notarize it ? I will be making a 11 month rent agreement Also in case of any dispute and if rent agreement was not notarized or registered. Will i be able to take legal help ?? Thanks
Firstly, the agreement should be printed on a Stamp paper of minimum value of Rs.100 or 200/-. Stamp duty is 1% of the total rent plus deposit paid annually or Rs. 500/- whichever is lower.
In regard to your second query, In India, it is not mandatory to notarize a rental agreement. As long as it is printed on Stamp paper and is signed by both parties and by two witnesses, it is considered binding. As is stated under Section 107 of the Transfer of Property Act, a lease for a term exceeding 1 year or more can only be executed by way of a duly registered rental agreement. It is mandatory for all rental agreements that are for a period of more than 11 months to be registered.
In regard to your second query, In India, it is not mandatory to notarize a rental agreement. As long as it is printed on Stamp paper and is signed by both parties and by two witnesses, it is considered binding. As is stated under Section 107 of the Transfer of Property Act, a lease for a term exceeding 1 year or more can only be executed by way of a duly registered rental agreement. It is mandatory for all rental agreements that are for a period of more than 11 months to be registered.
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