Stamp duty payable on leave and licence agreement

Company Secretary and Compliance Officer

I have a house in Mumbai to be let on Leave and Licence basis. My Queries are:+

 

1) Whether the lease period may be more than 11 months?

 

2) What is the amount of stamp duty payable on it when the annual rent, including deposit and advance is less tahn Rs. 2.5 lacs?

 

3) Can the Agreement contain a renewal clause? If yes, what are its implications on payment of Stamp Duty?

Plz advice at th earliest.

 

Thanks and Regards

Riddhi Thakkar

 
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For giving your property on leave and license basis you need to prepare the agreement containg the terms and conditions of giving your property exclusively on leave and license basis and not on lease.

leave and license period can be to a maximum of 60 months.

Stamp duty payable

It seems from your query that your Annual average rent is less than 2.5Lakhs  in such circumstance stamp duty shall be

PERIOD

UPTO

RS.2,50,000

RESI

 

0 TO 12 MONTHS

600

 

13 TO 24 MONTHS

1200

 

25 TO 36 MONTHS

1800

 

37 TO 48 MONTHS

2400

 

49 TO 60 MONTHS

3000

 

 

You can mention renewal clause in such case the stamp duty shall be of a maximum amount.


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Company Secretary and Compliance Officer

Thank you so much........!! :) 

 
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