stamp duty on equipment lease
Querist :
Anonymous
(Querist) 23 November 2009
This query is : Resolved
Sirs,
We want to take equipment (Tippers) on lease. The estimated cost would be 50 lakhs on a monthly lease rent of 3 lakhs for a period of one year.
If this lease deed is executed on a Rs. 50/- non judicial paper, will it be ok.
Does it needs to be registered, if so, what would be the stamp duty involved in this transaction.
Members may kindly clarify.
Khaleel Ahmed Mohammed
(Expert) 23 November 2009
You are advised hereby, that subject matter of the agreement exceeds more than one lakh rupees, it should be executed on Rs.100/- non judicial stamp paper.
For registration, it is better to consult with your local document writer.
Querist :
Anonymous
(Querist) 23 November 2009
Thank you sir.
Members may kindly clarify whether it needs registration; if so what is the involvement of stamp duty.
adv. rajeev ( rajoo )
(Expert) 23 November 2009
Instead of going for the regn., of lease deed, you make it as Rent Agreement,mentioning all the conditions. Rs.100 stamp paper is sufficient.
Raj Kumar Makkad
(Expert) 23 November 2009
If it is a lease then I suggest to get it registered and cost shall be calculated on the value of lease means Rs. 3 lakh per year. The percentage of stamp duty varies from state to state so better verify the stamp duty from your State Registrar of your area.
Querist :
Anonymous
(Querist) 10 December 2009
Sir,
In the Registration Act, section 17 1 (d) deals with registration of lease of immovable property from year to year or any term exteeding one year or reserving yearly rent.
In this case, this being a movable property, regarding registration which provisions apply.
Shall be thankful for clarification. Stamp duty part, I shall look into the respective state's rules.
