The stamp duty rate for holiday and licensing contracts is the same for residential buildings and commercial premises. The leave and licence contract can be executed for up to 60 months. Under Section 17 of the Indian Registration Act, which applies to all of India, any real estate lease agreement must be registered from year to year or for a period of more than one year. Therefore, unless otherwise required by national law, any leave and licence contract must be registered for a period of 12 months or more. It is the owner`s responsibility to register the lease, otherwise the lessor may have to pay a fine of 5,000 Ds and expect a prison sentence of up to three months. If the leave and licence contract is not registered and there is a dispute between the lessor and the tenant, the contractual terms invoked by the tenant are considered to be the actual and correct conditions under which the property was granted to the tenancy, unless there is evidence to the contrary. To register the contract, you will need some basic documents from the tenant, landlord and witnesses, such as a passport-sized photo. B, a photocopy of proof of identity (for example. B PAN card) and the electricity bill or real estate document such as index II or receipt of taxes from the property that is rented. 1. Stamp duty is 0.25% on full, non-refundable rent or 10% (for each year) of the refundable down payment It is very easy to calculate, (for each twelve-month period) simply choose the months and then enter the refund deposit value and or the non-deposit value, if mentioned in the document, then select the type of compensation/rental, and finally, select the real estate in rural or urban areas and click Button Calculation and you`ll get the STAMP – DUTY REGISTRATION with TAXED AT SOURCE (T.D.
S.) TDS provisions relating to rents paid under income tax legislation. License term: Means month/years (no more than 60 months / 5 years) for renting a property such as housing, Maharashtra Stamp Act`s office, shop and industry on holidays and licensing bases e/a 36A. Refundable caution: The amount of the refundable deposit is equal to the amount the depositor (tenant) gave to the licensee (owner) as collateral (guarantee of good performance and compliance) for the principal. Non-refundable down payment (NRD) means the amount the licensee (tenant) gives to the licensor (owner) in advance, which must be adjusted according to the final monthly rent. Note: Tax Source (TDS): Applicable u/s 194 (i) of the Income Tax Act, 10% in 1961 for the total rent that was received in a fiscal year greater than $180,000/- or more. NOC policy is not required during the rental of the property on leave and licenses, but it is mandatory to send the verification form with the details of the owner/licensee, tenant/licensed and real estate agent at the local police station with the copy of the registered document. Police Verification Form to download Click here The basic framework of stamp duty is defined in the Indian Stamp Act of 1899, which allows states to change the same according to their needs. As a result, the Maharashtra government passed the Bombay Stamp Act in 1958.