Stamped Lease Agreement

By December 17, 2020 Uncategorized No Comments

In recent days, there have been many controversies and misunderstandings on the part of many parties about stamp duty payable for leases. This is largely due to the lack of accurate information. As the general biblical proverb says: “My people perish for lack of knowledge.” If there has been no explicit agreement in the lease agreement between the exporting parties, it is up to the taker to pay the stamp duty in force. You can search for a tenant on your own or appoint a licensed real estate agent to take over the rental of your property. In both cases, you must provide your potential customer with specific characteristic information before entering into a lease agreement. If you decide to hire an agent, you should settle with him or his engagement details, such as the amount of the commission and the date of payment before signing the contract of the real estate agency. A tenancy agreement should define what you and your tenant have agreed as your respective rights and obligations. However, certain rights and obligations are implied in a lease agreement, unless there are provisions to the contrary in the lease. One of your obligations involves, for example, that your tenant can enjoy the property and the conditions of the property during the apartment. Where a lease agreement requiring mandatory registration is not registered by the parties, it cannot be obtained as evidence of any of the agreed terms of the leased property it contains, except for limited purposes, including in legal actions for a specified benefit or simply as evidence of a warranty or a correlated transaction. If a lease contains a compromise clause, it would be treated as a separate agreement between the lessor and the taker, as decided by the Supreme Court of India in various cases, and arbitration can be invoked by any part of such a lease, since an arbitration agreement does not require registration. However, the arbitrator would not rely on an unregistered leasing decision to enforce any of the conditions in it, unless it constitutes proof of a contract in a special benefit entitlement or evidence of an incidental activity that does not expressly require registration.

The question now is what is the correct stamp duty to pay for leases or leases. The enabling law[1] contains the mechanism/formula for calculating applicable percentages.

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