The registration fee for a lease in Maharashtra depends on the location of the rented property. The registration fee is Rs 1,000 if the property is located under a communal territory and it is Rs 500, if it is the same in a rural area. In the absence of an agreement to the contrary, the costs of stamp duty and registration are the responsibility of the tenant. The stamp duty rate for holiday and licence contracts is the same for residential premises and for commercial premises. The leave and licence contract may be concluded for a maximum period of 60 months. A landlord or tenant must understand what a lease is before renting real estate. A rental agreement, also known as a vacation and license agreement, is a type of contract normally concluded between the owner of a property and the tenant who wishes to own the property in temporary possession, as distinguished in the agreement. In accordance with Section 17 of the Indian Registration Act, which applies to the whole of India, any real estate lease agreement must be registered from year to year or for a period exceeding one year. Therefore, unless otherwise provided by state law, each leave and license agreement must be registered for a period of 12 months or more. The basic framework of stamp duty is set out in the Indian Stamp Act of 1899, which allows states to modify them according to their needs.
As a result, the Government of Maharashtra passed the Bombay Stamp Act in 1958. Payment of stamp duty on holidays and licensing agreements is covered by section 36A of the Bombay Stamp Act 1958. The lease can also be described as a legal advantage that binds both parties to their obligations and also gives them rights. It gives the tenant/tenant the right to « occupy the property » and to obtain a « rent » agreed upon by mutual agreement with the owner/lessor. It is of the utmost importance that the terms of the lease are explicitly mentioned and that the agreement is clear. For example, if you enter into a 24-month vacation and license agreement with a monthly rent of 25,000 rupees and a refundable deposit of five Lakh Rs, you will have to pay a stamp duty of 1,750 rupees (0.25% on the rent of six Lakhs for two years and interest on one lakh for two years). Contact us at +91-9673276760, +91-9871907873 or email ID: firstname.lastname@example.org and enter details such as Aadhar card, card and electricity bill. We will prepare the draft agreement and send it for friendly consultation. Both parties (licensor and licensee) as well as two cookies must have Aadhar and Pan Card in accordance with government standards.