regading draft
raghavendra
(Querist) 28 April 2010
This query is : Resolved
sir,
1, can you provide me what are the documents are necessary to purchase the property.
2. what are the documents are require to take property or land or building on lease ? and is registration in mandatory ? what are the terms and conditions are required to insert ? kindly give me one draft of lease and rental agreement.
3. what is the differance between rent and lease, please give me one draft, and please exlain abut the validity.
4, is registration for rent or lease agreement is necessary?
5. is there any other mode of taking building on hire for running a bussiness?
this is relating to karantaka state please give me a advice.thank you
A V Vishal
(Expert) 28 April 2010
can you provide me what are the documents are necessary to purchase the property.
Ans. Documents required for registration:
The property coming under jurisdiction of BBMP (Bruhat Bangaluru Mahanagara Palike), gram panchayat, town panchayat, municipalities and municipal councils or any corporation in the state requires six important documents. The lists of documents required are as follows.
1. Khata and tax determination receipt issued by BBMP or corporation,
2. An affidavit,
3. Sanction plan or Conversion certificate, if the property is on converted land,
4. Title deed or allotment order or possession certificate or sales document, if property is given by government department or agencies,
5. PAN issued by Income Tax Department or Form 60 and 61 if the property values more than 5 lakhs, and
6. Declaration in form 1 under the Karnataka Stamps Rules 1977. (Prevention of Undervaluation of property).
A V Vishal
(Expert) 28 April 2010
A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service, or any other thing of value, to be rendered periodically or on specified occasions, to the transferor by the transferee, who accepts the transfer on such terms.
An instrument of lease must contain the duration of the lease, the time of commencement, the amount of rent or premium, if any, the time of payment and the covenants between the lessor and the lessee upon which the lease should be granted.
A lease of immovable property from year to year, or for any term exceeding one year, or reserving a yearly rent, can be made only by a registered instrument.
All other leases of immovable property may be made either by a registered instrument or by an oral agreement accompanied by delivery of possession.
Where a lease of immovable property is made by a registered instrument, such instrument, or where there are more instruments than one, each such instrument, shall be executed by both the lessor and the lessee.
Stamp duty is payable on the instrument but not on the transaction. To ascertain the correct Stamp duty payable one has to see the intention of the document and words used in it.
The refundable security deposit provided for in a lease deed is chargeable as per Article 47 of the Schedule to the Karnataka Stamp Act, 1957 i.e. maximum duty of Rs.100=00 chargeable. [Chief Controlling Revenue Authority V/s Chandrashekar and others C.R.C. No.5 of 1981, dated 8-10-1984 (1) Kar.LJ.99-ILR 1984 Kar, 1003; AIR 1985 Kant, 61 (FB)]
(2) When lessee undertakes to pay any recurring charges such as Government revenue, the landlords share of cesses, or the owners share of municipal rates or taxes which is by law recoverable from the lessor, the amount so agreed to be paid by the lessee shall be deemed to be part of the rent.
(3) Surcharge Duty @ of 3% or 2% as the case may be is leviable if the lease is in perpetuity.
1. An Identical copy of the Lease-deed.
2. Form No.1. (in duplicate)
3. Affidavit (in duplicate)
(a) Affidavit shall state that “Registration of this document does not violate the notification issued under Section 22A of the Registration Act, 1908.”
(b) Affidavit shall be made on Document Sheet or on plain paper. Stamp duty of Rs.20=00 can be paid in cash at Sub-Registrar Office itself.
(c) Sub-Registrar is empowered to attest affidavits as per Chapter IV –of the Karnataka Civil Rules of Practice, 1967.
5. Extract of assessment register of the property.
raghavendra
(Querist) 28 April 2010
thank you very much sir,
sir, i need on more information , is there any other procedure to purchase agricultural land
