Calculation Of Stamp Duty On Leave And License Agreement In Maharashtra

Calculation Of Stamp Duty On Leave And License Agreement In Maharashtra

Sir, please download the video on how to add Poa with a vacation and a license agreement? 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. As a result, the Government of Maharashtra passed the Bombay Stamp Act in 1958. Payment of stamp duty on holidays and licensing agreements is covered by section 36A of the Bombay Stamp Act 1958. 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. However, for Maharashtra, the law has been made stricter and, in accordance with the provisions of section 55 of the Maharashtra Rent Control Act, 1999, any lease or leave and licence agreement must be in writing and it must also be registered compulsorily, regardless of the duration of the tenancy. In the state of Maharashtra, it is mandatory to register the holiday and licensing agreement, and it is the responsibility and responsibility of the lessor/licensor to pay the correct stamp duty u/a 36A of the Bombay Stamp Act, 1958 and should be registered u/s 17 of the Registration Act, 1908. There is a slight difference in the nature of the terms used for a vacation and license agreement as opposed to a rental agreement. As mentioned above, a licensor can be translated in bulk into a lessor and a licensee into a tenant. The reason for the use of the term « licence » is therefore obvious, given that the owner of the property gives a « residence licence » for a predetermined period of time. The applicant can pay taxes and stamp duties online by generating a challan receipt online. The calculation of stamp duty is usually based on certain information to be mentioned when registering a property: the costs of registering a rental agreement in Maharashtra depend 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 must be borne by the tenant….

Comments are closed, but trackbacks and pingbacks are open.