To register the contract, you will need some basic documents from the tenant, landlord and witnesses, such as a passport-sized photo. B, a photocopy of proof of identity (for example. B PAN card) and the electricity bill or real estate document such as index II or receipt of taxes from the property that is rented. If you have your leave and license contract registered by a lawyer in Mumbai, it could cost between 3,000 and 7,000 INR, including legal fees. If you want to do it yourself, the INR fee would be 1,000 if your property falls under The Municipal Company and INR 500 if your property is in a rural area. Note that the contract must be registered within 4 months of signing it. (10% of the refundable bond) – (no. years for which the agreement is concluded) -z The stamp duty rate for holiday and licensing contracts is the same for apartment buildings and commercial premises. The leave and licence contract can be executed for up to 60 months.
Under Section 17 of the Indian Registration Act, which applies to all of India, any real estate lease agreement must be registered from year to year or for a period of more than one year. Therefore, unless otherwise required by national law, any leave and licence contract must be registered for a period of 12 months or more. Stamp duty is a tax applied by the governments of the states of Maharashtra and with respect to the rental of the property for a temporary period, no more than 60 months, u/s 36A of Schedule I of the Bombay Stamp Act, 1958. Registration fees are charged based on accommodation in the urban area or rural Area on Leave and License Agreement. In order to reduce the impact of stamp duty, people paid a substantial amount as an interest-free surety, as well as nominal rent. This gap has been filled and, in cases where a refundable deposit is recovered by the owner, a fictitious annual rate of 10% is set on an interest-free deposit and you must pay stamp duty at the same rate for each year of the term of the licence agreement. However, for Maharashtra, the law has been strengthened and, in accordance with section 55 of the Maharashtra Rent Control Act 1999, any lease or leave and licence agreement must be written and the same must be registered in a mandatory manner, regardless of the length of the lease. As we said, Mumbai is a prosperous and vibrant city. For newcomers to this place, finding the necessary things could be a cucumber. If you are someone like that, we are happy to inform you that you can now prepare a holiday and licensing contract from home! All you need to do is fill in your data and adapt our prefabricated and verified holiday contract and license model.
Then you just have to print it on stamp paper and proceed as usual to the registration. We also have a large number of other legal documents, some of which come with the possibility of being printed on stamp paper and delivered to the address of your choice. Go ahead, try now! It is the owner`s responsibility to register the lease, otherwise the lessor may have to pay a fine of 5,000 Ds and expect a prison sentence of up to three months. If the leave and licence contract is not registered and there is a dispute between the lessor and the tenant, the contractual terms invoked by the tenant are considered to be the actual and correct conditions under which the property was granted to the tenancy, unless there is evidence to the contrary. Applicants can pay stamp duty and stamp duty online by generating a Challan voucher online.