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Stamped Lease Agreement

/Stamped Lease Agreement

Stamped Lease Agreement

In recent days, there has been a lot of controversy and misunderstanding from many sides about the stamp duty to be paid on leases/leases. This is mainly due to the lack of accurate information. As the common biblical proverb says, “My people perish for lack of knowledge.” A monthly stay can be written on paper without registration. Stamp duty on rental contracts is higher for short to long term stays. You must, within one month of the conclusion of a lease agreement, submit to the Rating and Evaluation Division, for confirmation, a new lease or a new renewal agreement. For late deposit, a fee of HK$310 is charged. With a copy of the notification that will be returned after confirmation, you will be entitled to take legal action to claim the rent if necessary. Leases of one year or more must be notified. For contracts of less than one year, only stamp duty applies, while registration is not mandatory. For the performance of a rental agreement, stamp duty must be paid in accordance with the applicable stamp laws of the Indian state where the property is located. Stamp duty on these instruments is a “state substance” in accordance with the Indian Constitution and, therefore, the applicable stamp duty may vary from state to state. As a rule, stamp duty is levied on the basis of the duration of the rental agreement, the amount of rent, premium and / or another form of rent and premium, which may be mentioned in the rental contract offered for execution.

In some Indian states, minimum circle rates have also been set by the respective national governments. In such states, one is required to pay stamp duty either on the actual rent/premium amounts indicated in the rental agreement or on the minimum district rates issued by the competent Land government, whichever is greater. For long-term rental contracts, stamp duty may be levied in the same category as for the transfer or sale of such immovable property. Stamp duty is mandatory on instruments mentioned in the schemes of the applicable stamp laws of different States, unless they are expressly excluded by the competent authority. “The content of this document does not necessarily reflect the opinions/positions of Khaitan & Co, but remains exclusively that of the author(s). For any questions or lawsuits, please contact Khaitan & Co at ยป Under the Landlord and Tenant Settlement (Consolidation Settlement), your rental agreement means, in the absence of an explicit agreement on the payment of rent and forfeiture terms, if the rent is not paid, that the tenant must pay the rent on the due date and that the rental agreement after non-payment is cancelled for 15 days. You and your tenant can in principle decide between themselves the terms of the rental agreement, unless these are contrary to the landlord and tenant regulation (consolidation regulation). “Why register leases?” You should inform your tenant if you decide to sell your rental property. If no new agreement is reached between your tenant and the new owner of the property, the terms of the existing lease will continue to apply.

By | 2021-10-09T03:14:56+01:00 oktober 9th, 2021|Geen categorie|Reacties uitgeschakeld voor Stamped Lease Agreement

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