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. TDS provisions relating to rent paid in accordance with income tax laws. A prison sentence of three months or a fine not exceeding 5000/ or both. NPST, a „licensed service provider“ chosen by the Maharashtra Government`s Department of Registration & Stamps for the provision of online rental services, has taken a step forward to reach citizens, raise awareness and provide a service at their favorable time and appropriate location. We used modern technology to create reach through phone calls and web service, to make the transaction easier for citizens. In order to reduce the frequency of stamp duty, people used to pay a considerable amount as an interest-free deposit with the nominal rent. This gap has been filled and now, in cases where a refundable bond is recovered by the owner, a notional annual interest rate of 10 percent is charged to that interest-free deposit and you have to pay stamp duty at the same rate, on that interest for each year of the term of the license agreement. For the registration of the contract, you need some basic documents of the tenant, the owner and witnesses, such as a passport photo, a photocopy of the proof of identity (for example. B PAN card) and the electricity bill or the real estate document such as index II or tax proof of the rented property. Your draft contract is created automatically. You can add additional clauses if necessary. Pre-rental for the period/non-refundable deposit = B The registration fee for a rental agreement 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. It is the owner`s responsibility to ensure the registration of the rental agreement, failing which the landlord may have to pay a penalty of Rs 5,000 and punish himself with a prison sentence of up to three months. In the event that the leave and license contract is not registered and disputes arise between the lessor and the tenant, the contractual conditions invoked by the tenant are considered to be the real and correct conditions in which the property was given for rent, unless proven otherwise. Our fees are defined by a government contract. With domestic support, we will ensure that these fees are very transparent. 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. .
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