It should contain all the small details, including who has to pay for gas, maintenance costs, water bills, electricity, etc. All rights and obligations of the landlord and tenants must be respected in the contract. The rental agreement must be drawn up very carefully, clauses such as – details of the property to rent, the period of renewal/cancellation of the rental contract, the rental period, the amount of the advance and the deposit to be paid, which is the rent, and whether it should be paid. A rental agreement is signed between the owner of a property and the tenant (an official contract) who wishes to be held in the short term (for a specified period). A rental property agreement contains necessary information about residential property, which is also considered rent and rent. Features are included – tenants (or tenants), property owners, the duration of the rent, and the amount of rent for the aforementioned period. The registration and stamp duty procedure are the same as residential real estate for the rental of commercial real estate too. The tenancy agreement should include the name and address of the landlord and tenant, the terms of the tenancy, the duration of the lease, the rent and the amount of the deposit, the restrictions imposed on both parties, the terms of termination of the contract, the terms of renewal and the indication of other costs, such as maintenance costs, repairs, etc. The lease form related to notarized certification is non-binding and is usually made for mutual understanding. They can be easily printed on stamp paper and shown to the official, he only has to check and confirm. Some people choose to notarize rental contracts, but the notary is not a registration.
Therefore, a notarized rent is never a substitute for a registered deed. The courts do not accept it as evidence in the event of a dispute. Even if the deed is notarized, you still need to register it. Until a lease is registered at the shelter, it has no validity. It is in favour of both parties to draw up an agreement with certain conditions and to register it. After the lease is written, the owner should print it on stamp paper. As soon as the tenant and landlord sign the documents in the presence of two witnesses, they must report them to the sub-registry service after payment of the necessary fees. 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.
The basic framework for stamp duty is defined in the Indian Stamp Act of 1899, which allows states to change the same rules according to their needs. As a result, the Maharashtra government passed the Bombay Stamp Act in 1958. The payment of stamp duty on leave and licensing agreements are covered by Section 36A of the Bombay Stamp Act of 1958. In order to reduce costs, tenants and landlords sometimes agree orally on the lease and avoid the execution of a tenancy agreement. At one point, they also document the agreement and set the terms of the lease, but decide not to register the document. This is due to the fact that both parties must pay a registration fee when a lease is entered into and registered. The lessor is also required to declare his rental income as soon as the lease is final. However, entering into a non-registration lease is illegal and could be a risky transaction for both parties, particularly in the event of future litigation.