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Cancellation of lease

(Querist) 28 April 2016 This query is : Resolved 
A trust has entered in to perpetual lease agmt. with an individual providing for an apartment on lease for 99 years. Now both the parties agree for cancellation. what is the procedure to be followed? Lease agmt. was through a regd. lease deed. whether the same has to be cancelled by an regd. agmt.? and whether again the stamp duty has to be paid?
P. Venu (Expert) 29 April 2016
Is this a real problem?
M V Gupta (Expert) 30 April 2016
The lessee may execute a deed of surrender in favor of the Trust and register it. The deed attracts stamp duty under Article 61 of the Indian Stamp Act or the corresponding article of the State stamp Act. Article 61 of the Maharashtra Stamp Act prescribes 200/- stamp duty if the surrender is without consideration; and if there is consideration for the surrender, then the duty payable is as on Conveyance under Article 25 of the Act.
Rajendra K Goyal (Expert) 01 May 2016
Agree with the expert M V Gupta.

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