A rental contract on a stamp paper is not applicable if it is not registered with a lower registrar. That is why we have an obligation to note the same thing in a sub-chancellorship function in order to make it legally enforceable in the event of a dispute. If a property is rented for 24 months with a monthly rent of Rs20,000 for the first 12 months and 22,000 Rs. per month for the next 12 months. The registration fee of this agreement would be: 2% of the average rent for 12 months: Rs5.040, (average monthly rent is Rs21,000, average annual rent is 21000 – 12 and 2% is Rs5,040). As a general rule, stamp duty is paid on the basis of the duration of the contract, the amount of rent, the premium and/or any other form of rent and premium that can be fixed in the proposed tenancy agreement. The respective national governments of some Indian states have also set minimum circular rates. In these countries, either the specific rent set in the tenancy agreement or the minimum circular rates provided by the State Government, which will be much higher, will probably be paid by stamp duty. The Information Technology Tribunal rejects the taxpayer`s HRA right to rent paid to the mother: an analysis. In addition to the mandatory requirement that a lease be registered, it is also an important aspect in an owner-tenant relationship. Not only does it facilitate relations between the parties, but it also preserves their interests. The landlord and tenant must never compromise on an oral contract, since it is not protected by law, and must therefore always rely on the application of a written agreement.
Even if the two parties know each other amicably, it is highly recommended to create rent to avoid trouble. While only big cities like Noida, Kanpur, Lucknow, Ghaziabad, etc. insist on really expensive rentals, small towns like Agra or Varanasi are rather relaxed. Here`s a list of clauses that should never be omitted from your lease – we often see that most people prepare a pretty carefree lease with a lot of loopholes, because they`re just not aware of the problems that might follow. The majority of the population does not realize that a poorly drafted agreement could make things ugly in the event of a dispute in the future. When a lease is signed, both the owner and the occupier must respect fairness in the best interests of both parties. Documents necessary for the registration process: To create a lease agreement with LegalDesk, fill out your data in our pre-established, customizable and lawyer-checked rental agreement, which you can access by clicking on the button below.