lease agreement
dilkhush
(Querist) 24 December 2010
This query is : Resolved
Dear sir,
My questions is related to the above subject.
Tha land is of District:thane, tal: vasai
1.The said lease agreement of land is considered and agreed for the security deposit of Rs. 16000/- and monthly rent is Rs. 30/- for the period of 99 years. Then what amount of stamp paper I have use to execute the said agreement?
2.And the said stamp paper shall be on whose name? LESSOR or LESSEE?
PLEASE REPLY ME MY ANSWERE AT THE EARLIEST.
ADV.DILKHUSH
Ajay Bansal
(Expert) 24 December 2010
NOT A QUESTION FOR AN LAW-EXPERT.
R.Ramachandran
(Expert) 24 December 2010
The stamp paper can be either in the name of the Lessor or Lessee depending upon who is going to bear the cost of the stamp paper.
For the purpose of stamp duty, the annual lease rental i.e. Rs. 12x30 = 360/- would be taken as the value.
To be on safer side the lease agreement can be got executed on Rs. 100/- stamp paper.
Kirti Kar Tripathi
(Expert) 24 December 2010
According to the Stamp Act Stamp duty in the case of lease shall be paid in accordance with clause 35 of the Is schedule of the Act and for instrument of lease of perpetual period i.e. 99 years, where consideration is more than Rs. 500/- @ the rate of Rs. 125 per Rs. 1000 and the valuation of the property shall Rs. 500/- or market value of the property, whichever is higher. So far as liability of payment of Stamp duty is concerned it is prescribed in Section 29 c , which runs as under
in the case of a conveyance (including a re-conveyance of mortgaged property) by the grantee : in the case of a lease or agreement to lease-by the lessee or intended lessee.
B K Raghavendra Rao
(Expert) 24 December 2010
For the purposes of calculation of stamp duty, you need to consider the whole amount involved i.e. the deposit and the total rent for the period of lease. Here, in the present case it is Rs. 16,000 deposit + rent of Rs. 360 per annum x 99 years = 51,640. Therefore stamp duty is on Rs. 51,640 and Registration charges is to be added to this stamp duty.
