Stamp Duty In Mumbai For Leave And Licence Agreement
However, for Maharashtra, the law has been strengthened and, in accordance with section 55 of the Maharashtra Rent Control Act 1999, any lease or leave and licence agreement must be written and the same must be registered in a mandatory manner, regardless of the length of the lease. Ideally, the following terms of the licence should never be omitted from your contract – The stamp duty calculation formula in the lease is 0.25% x D, D (monthly rental x number of months) – (pre-rental for the period/non-refundable down payment) – (10% x refundable deposit x number of years of contract). In order to reduce the impact of stamp duty, people paid a substantial amount as an interest-free surety, as well as nominal rent. This gap has been filled and, in cases where a refundable deposit is recovered by the owner, a fictitious annual rate of 10% is set on an interest-free deposit and you must pay stamp duty at the same rate for each year of the term of the licence agreement. Form 27 [In accordance with bye law 43 (I)] A form of application for sub-subdivision, sub-leave and licence or care base of the dwelling or part of it. Form 11 [After Bye-laws 20 and 43(2) (ii)] The form of the sub-owner`s application or janitor`s form or occupier forms to be submitted to the company in accordance with the law. Forms 2.1 There is no legal definition of leave and licence. The first relevant law for leave and a licence was the Indian Easements Act of 1882. Page 52 of the Act, a licence defines a licence as a right that a person grants to another person to do something on or on the land of the installation company that would be illegal in the absence of such a right. In addition, a license should not be a relief or an interest in the property. A license is therefore only an authorization or a right to do something about a property. It is exclusively a personal right or privilege granted to the licensee by the licensee.
A license does not give any interest to the property.