The Registration Act requires the registration of a lease of more than 11 months. The State of Karnataka has determined the following stamp duty for the lease. In some countries where electronic stamping is available for leases, you don`t need to physically purchase stamp paper. You can register on the website of the Holding Company of India (SHCIL) and verify that the state in which you reside offers this establishment. Currently, Assam, Gujarat, Himachal Pradesh, Karnataka, Maharashtra, NCR Delhi, Tamil Nadu, Uttarakhand and Uttar Pradesh allow electronic signing of leases. The content of this document does not necessarily reflect the views/positions of Khaitan and Co, but remains exclusively that of the authors. For any questions or follow-ups, please contact Khaitan and Co under firstname.lastname@example.org security deposit and tokens: The agreement must clearly state the deposit and what happens to it when you leave the premises. It should also mention the symbolic amount that the owner received from you. Number of occupants: The agreement must indicate what happens if your family members come to see you in the future. See also: Compromise clause in leases and how it can help landlords and tenants Most leases are signed for 11 months so they can avoid stamp duty and other fees Click here to check the format of a rental agreement in English. You must pay a stamp duty while you register the rental agreement which will vary depending on the city in which it is registered. This amount will be paid using the stamp paper you owe the government. In Delhi, stamp duty must be paid for 2% of the average annual rent and for leases of up to five years.
In Noida, you have to pay 2% of the annual rent as a stamp duty, for leases of up to 11 months. Visitors: The agreement must contain a clause on who can visit you and when. To complete the registration process, you will also need two witnesses to sign the agreement. Once your lease is registered, it becomes a legally authorized document and can be used as evidence if the transaction goes wrong and comes into dispute. If a property is rented for 24 months with a monthly rent of Rs20,000 for the first 12 months and 22,000 Rs. per month for the next 12 months. The registration fee of this agreement would be: 2% of the average rent for 12 months: Rs5.040, (average monthly rent is Rs21,000, average annual rent is 21000 – 12 and 2% is Rs5,040). See also: The most important clauses for each lease The Registration Act of 1908 requires the registration of a tenancy agreement if the rental period is more than 11 months. Note here that notarized certified rentals are not identical to registered documents. In the event of a dispute between the landlord and the tenant, the court will not accept a notarized agreement as proof.