Sreenath Narayanan (Sr. Finance Executive) 16 October 2012
Hi,
I am a finance professional in a company which has taken a car on lease for 3 years from an individual.
For the lease contract - Can it be on normal letter head of the company or should it be on stamp paper?
If on stamp paper - on what value?
Please advice.
I think it can be on letter head since it is a movable property. Please confirm.
Thanks,
Sree
Sreenath Narayanan (Sr. Finance Executive) 16 October 2012
Hi. Can any senior members help me out?
Thank you for your patience
dr g balakrishnan (advocate/counsel supreme court) 16 October 2012
stamp paper means it seems getting governments nod (presumption) as third party to the lease agreement.
Yet on letter head means that falls under normal contract Act and yes you can go to the court for adjudication even just on letter head.
stamp paper is not a mandatory requirement provided on your letterhead if you have 2 wittnesses on executor and on acceptance side of lease. Witnesses not mandatory but preferable
people use stamp paper to keep awe on the document.
Different states have different revenue rates for non judicial stamp paper value and then if you want to register with registrar of stamps then you will end up paying some registration fees depending upon states !
Sreenath Narayanan (Sr. Finance Executive) 26 October 2012
Thank you so much Dr. G Balakrishnan! I got the clarity.
dr g balakrishnan (advocate/counsel supreme court) 26 October 2012
tq sreenath gor yr thanks
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