Stamp Duty
Querist :
Anonymous
(Querist) 28 March 2011
This query is : Resolved
We are going to sign an agreement with the owner in chennai for hiring office acommodation. The monthly rent of the building is Rs.48,000/- and advance rent payable Rs.4,80,000/-. kindly tell me, for signing agrrement the value of stamp paper required?
1. For 11 months rent agreement
2. For 2 years rent agreement
M.Sheik Mohammed Ali
(Expert) 28 March 2011
if you going to register your agreement, the registrar ask to pay some amount.
R.Ramachandran
(Expert) 28 March 2011
According to Tamil Nadu Act,XXIV of 1975,
(a) If the lease period is less than 1 year, then Stamp duty is payable for the whole amount payable under the lease (i.e. on Rs. 48000x 11). The rate of stamp duty is Rs. 25 upto Rs. 1000/- and thereafter at the rate of Rs. 12 for each Rs. 500/- or part thereof.
(b) In respect of lease for a period exceeding one year but nore more than 5 years; the stamp duty is payable on the value of the average annual rent reserved (i.e. Rs. 48000x12). The rate of stamp duty is as stated in (a) above.
You have to check up from the local lawyer whether there is any subsequent revision in the above rates after 1975. (Quite possibly there will definitely be.)
Adv. Sunil
(Expert) 28 March 2011
Stamp duty is a levy like any other tax collected by government calculated on the basis of the market value or agreement value whichever is higher.
Stamp duty for rent agreements is arrived after calculating Average Annual Rent.
Details such as Rent, Deposit, Tenure etc is necessary to arrive at proper stamp duty appicable to your case..
In maharshtra we refer the Stamp duty Reckoner, advisably u pls contact local advocate or registration agents to know proper stamp duty payable.
