Riddhi Thakkar (Company Secretary and Compliance Officer) 10 May 2013
I have a house in Mumbai to be let on Leave and Licence basis. My Queries are:+
1) Whether the lease period may be more than 11 months?
2) What is the amount of stamp duty payable on it when the annual rent, including deposit and advance is less tahn Rs. 2.5 lacs?
3) Can the Agreement contain a renewal clause? If yes, what are its implications on payment of Stamp Duty?
Plz advice at th earliest.
Thanks and Regards
Riddhi Thakkar
HIRAL THAKKAR (ADVOCATE ) 10 May 2013
For giving your property on leave and license basis you need to prepare the agreement containg the terms and conditions of giving your property exclusively on leave and license basis and not on lease.
leave and license period can be to a maximum of 60 months.
Stamp duty payable
It seems from your query that your Annual average rent is less than 2.5Lakhs in such circumstance stamp duty shall be
|
PERIOD |
UPTO RS.2,50,000 |
||
|
RESI |
|
||
|
0 TO 12 MONTHS |
600 |
|
|
|
13 TO 24 MONTHS |
1200 |
|
|
|
25 TO 36 MONTHS |
1800 |
|
|
|
37 TO 48 MONTHS |
2400 |
|
|
|
49 TO 60 MONTHS |
3000 |
|
|
You can mention renewal clause in such case the stamp duty shall be of a maximum amount.
Riddhi Thakkar (Company Secretary and Compliance Officer) 10 May 2013
Thank you so much........!! :)
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