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Rent agreement

(Querist) 03 July 2015 This query is : Resolved 
Sir,

One of our director have a property amounting Rs.15 Lacs or more, that director wants to give this property on rent to the Company for its business purpose at the lowest price which may be 1100/- per month? What will be legal implications of it if we do so ? any kind or legal action can be taken by any authority?


Sir please let me know

Thanks & Regards

Avinash Soni
ABDUL RAZIQUE (Expert) 03 July 2015
if this property not purchase by fund of the company then the Director can rented his self property to any.
Dr J C Vashista (Expert) 04 July 2015
Get a registered Lease & Licence/Rent agreement executed by both the parties, it is valid.
Avinash Soni (Querist) 04 July 2015
my Query is can this be given at thew lowest price say Rs.1100/-? What legal implication will be of this ?
Rajendra K Goyal (Expert) 04 July 2015
It is between you and the company.
Dr J C Vashista (Expert) 04 July 2015
Dear Avinash Soni,
The experts on this platform can render legal help, which has adequately been provided to you.
Regarding the amount of rent, whether it is fair or unfair; legal or illegal; less or more is to be decided by you with the company and the law is silent on the issue.
ABDUL RAZIQUE (Expert) 05 July 2015
nothing more to add.
Anand Bali Adv. (Expert) 17 July 2015
I agree with the reply of our Dr J C Vashista, in toto; however to add on the subject though the amount of rent can be of any value higher or lower but the property given on the rent will have to change it's character and the person who is the owner have to deposit the Property tax with the revenue department showing the property as a property given on rent and it's rate will be higher than the property in self use as per the government rates, and its rental increase on yearly basis will be governed as per local laws of rent control, which is to be noted.


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