In accordance with Section 17 of the Registration Act 1908, it is mandatory to register a lease agreement, Section 17(1)) (d) from one year to the next or for a period of more than one year or for the booking of an annual rent; If you. B enter into a leave and licence contract for 24 months, with a monthly rent of Rs 25,000 and a refundable deposit of five Lakhs, you must pay a stamp duty of Rs 1,750 (with 0.25% on the rental of Rs six Lakhs for two years and Rs a Lakh for two years). If we look at all applicable laws in the country, we can see that all agreements, to be valid and applicable in court, must be certified and executed properly. However, the same tax would be the same as under the laws of the state concerned. If electronic tagging facilities are provided for by national legislation, they will also be used to achieve the goal of a paperless economy. While some governments have yet to accept the value and legitimacy of e-agreements and electronic stamps. Both the state and the central government are eager to conclude clear e-agreement and electronic stamping agreements to save time and money and simplify business. “The content of this document does not necessarily reflect the views/position of Khaitan-Co, but remains exclusively the views of the authors. For any questions or searches, please contact Khaitan and Co at email@example.com” “Why register rental contracts?” A fixed-rent rental agreement is a rent for which a fixed rent is agreed in advance for the entire rental period. Stamp duty on fixed rent depends on rent tax rates. However, in the event of a decrease in rent or a reduction in the duration of the tenancy, the document is not subject to a stamp duty. Under the Transfer of Ownership Act of 1882 and the Registration Act of 1908, the rental of real estate from year to year or for a period of more than twelve months or the booking of an annual rent requires mandatory registration with the office of the Sub-Chancellor of Insurance responsible for the location of the property for rent.
For the purposes of the Registration Act 1908, an instrument requiring mandatory registration should be registered within four months of the date of its implementation. The Clerk may, at his sole discretion, grant an additional four-month extension by introducing a penalty of up to ten times the registration fee, provided that the instrument is not presented within the first four months of its execution for real or unavoidable reasons.