TDS provisions relating to rents paid under income tax legislation. 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. In order to reduce the impact of stamp duty, people paid a substantial amount as an interest-free surety, as well as nominal rent. This gap has been filled and, in cases where a refundable deposit is recovered by the owner, a fictitious annual rate of 10% is set on an interest-free deposit and you must pay stamp duty at the same rate for each year of the term of the licence agreement. 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. However, for Maharashtra, the law has been strengthened and, in accordance with section 55 of the Maharashtra Rent Control Act 1999, any lease or leave and licence agreement must be written and the same must be registered in a mandatory manner, regardless of the length of the lease. The first is mutual consent. There should be a mutual understanding between a landlord and a tenant.
If there is no mutual understanding between tenants and landlords, there could be no lease. You should choose one of the most appropriate contractual options based on your property. For example, if you want to occupy a residential property, you have to go with an 11-month agreement option. When setting up a registered rental agreement, don`t forget to increase the rent by at least 4%. Both parties, i.e. tenants and landlords, must comply with specific rules. Don`t forget to ask a legal expert for help. It is strongly recommended that both parties, a landlord and a tenant, keep a copy of the reciprocal tenancy agreement. If the agreement in which the licensing officer expresses doubts, for example, fails. B wrong address, ambiguous photo, etc., the whole procedure must be repeated and submitted for submission. The last option is manual delivery to the nearest shelter service. If the tenant does not pay the rent on the scheduled date, a small fine or fine may be charged by the landlord.
The registration fee for a rental contract in Maharashtra, depends on the location of the rental. The registration fee is Rs 1,000 if the property is below an urban corporate area and it is 500 aff. if this is the case in a rural area. In the absence of a contrary agreement, the tenant bears the costs of stamp duty and registration. 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. Lately, the Maharashtra government has initiated this online installation to make the registered rental agreement, which is left and licensing agreement. This has considerably eased the tensions between the various sub-committees in which all these agreements are subject to confirmation and submission.