I found the opinions given by fellow members very useful in many matters. Thanks..
I have a query regarding Leave & License for immovable property at Mumbai.
I understand that :
1. L&L is governed by Maharashtra Rent Act, 1999
2. L&L is registerable and have fixed formula for calculating Stamp Duty and Registration Fee if period is upto 60 months.
3. If L&L is for the period above 60 months (with or without renewal clause) the Stamp duty and Registration fee are applicable similar to a Lease.
Now my questions are :
a) If i am willing to renew the L&L wherein cummilative period is going above 60 months, is there any risk (including but not limited to licensee being deemed to be tenant / lessee) ?
b) Any risk if the L&L cummilative period going above 108 months (9 years) ?
c) What is the use of general practice of leaving one day gape between renewal of L&L (in cases where cummilative period is going above 60 month / 108 months)?