Leave And License Agreement Cost In Pune
In order to reduce the frequency of stamp duty, people used to pay a considerable amount as an interest-free deposit with the nominal rent. This gap has been filled and now, in cases where a refundable bond is recovered by the owner, a notional annual interest rate of 10 percent is charged to that interest-free deposit and you have to pay stamp duty at the same rate, on that interest for each year of the term of the license agreement. For example, if you enter into a 24-month vacation and license agreement with a monthly rent of 25,000 rupees and a refundable deposit of five Lakh Rs, you will have to pay a stamp duty of 1,750 rupees (0.25% on the rent of six Lakhs for two years and interest on one lakh for two years). For the registration of the contract, you need some basic documents of the tenant, the owner and witnesses, such as a passport photo, a photocopy of the proof of identity (for example. B PAN card) and the electricity bill or the real estate document such as index II or tax proof of the rented property. The basic framework of stamp duty is set out in the Indian Stamp Act of 1899, which allows states to modify them according to their needs. As a result, the Government of Maharashtra passed the Bombay Stamp Act in 1958. Payment of stamp duty on holidays and licensing agreements is covered by section 36A of the Bombay Stamp Act 1958. Section 52 of the Indian Easements Act of 1882 defines leave and licence agreements. 43 (2) (I)] A form of application for an authorization for sub-pollution, leave and licence or for the housing management base or part thereof.