The formula for calculating stamp duty on the lease is 0.25% x D, of which D (monthly rental x number of months) – (pre-rent for the period/non-refundable down payment) – (10% x refundable deposit x number of years of contract). In the State of Maharashtra, it is mandatory to register the Leave and License Agreement, and it is the responsibility and responsibility of the lender/licensee to pay the correct stamp duty u/a 36A of the Bombay Stamp Act, 1958 and should be registered u/s 17 of the Registration Act, 1908. 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. If you look at the above points in the checklist, you are more than ready to create your own agreement. Once the licensee has accepted the amount of the deposit and the monthly rent to be paid, then leave us the rest! The information age in which we live has simply made the procedure of obtaining legal documents like a cake – to the extent that no manual signature is required! Click the button below and start writing your lease and license now! We wish you a pleasant moving experience! In Maharashtra, holiday and licensing contracts must be stamped with a flat rate of 0.25 per cent of the total rent for this period. If a non-refundable bond is also paid to the lessor, stamp duty will be levied at the same rate on these non-refundable bonds. Leave and license agreement is, whether for one (1) month or for eleven (11) months, is considered 12 months, whether it is 50 sq or more, whether it is housing – trade or industry, it is the same calculation for stamp duty and for registration fees, it is different (for Urban or Rural). There is a slight difference in the nature of the terms used for a holiday and licensing agreement, as opposed to a rental agreement. As noted above, a licensee can be translated in bulk into the lessor and a licensee to a tenant. The reason for using the term “licence” is therefore obvious, since the owner of the property receives a “licence to stay” for a predetermined period of time. Article 36, paragraph A, point A), in clause a), ……. (i) in Column 1, in Column 1, the words “thirty-three months” are replaced by the words “sixty months”; (ii) in columns 1 and 2, the words “11 months” are replaced by the words “twelve months”; As of May 1, 2013, the new stamp duty rates will apply to leave and licensing contracts.
In accordance with the new amendment to sub-clause (a) of article 36 bis b), article 36 bis replaces, for sub-clause (a), the following clause, namely: (a) where the leave and licence contract provides for a maximum of sixty months, with or without an extension clause; “0.25% of the total; (i) the licence fee or the rent payable under the contract; plus (ii) the amount of non-refundable deposits or advanced money, or the prior application or premium under any name; plus (iii) interest calculated at a rate of 10% per annum on the refundable bond or advanced money, or advanced under any name. In accordance with the new subsection 2 of Section 70 of the Maharashtra Stamp Act, 1958 For documents with a stamp duty payable of one hundred and forty-nine rupees, $49 is ignored, or more than one hundred and eighty-nine, the amount in question will be rounded by the following hundred rupees.