Renting property that is owned
Ajit
(Querist) 17 January 2017
This query is : Resolved
We reside overseas and are NRI owning a property in Gujarat.In order to rent the same on a short time basis of 11 months 1) what is better a lease agreement or Leave and Licence agreement? 2) After eleven months, if we want to renew the same for a similar period of 11 months, without visiting India, is this possible? 3) Where do we register the signed agreement? 4) What value stamp paper will be required for the agreement of Rs. 30,000/Month rent? Thanks a million in advance for the response to our questions.
Rajendra K Goyal
(Expert) 17 January 2017
You can send specific POA to look after the matter to some of your near relative. He may discuss, find and would proceed as per your directives.
Adv Prashant
(Expert) 18 January 2017
Being you an NRI, tenant will deduct TDs on rent paid to you...have mind the income tax provisions.