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
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
0 TO 12 MONTHS
13 TO 24 MONTHS
25 TO 36 MONTHS
37 TO 48 MONTHS
49 TO 60 MONTHS
You can mention renewal clause in such case the stamp duty shall be of a maximum amount.
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