Paying stamp duty for a rent agreement
- Rental agreement less than one year
A tenant who has set up for less than a year needs to pay a stamp duty that amounts to 2% of the annual rent.
- Rental agreement between one and five years
A tenant who has set up for less than five years needs to pay a stamp duty that amounts to 2% of three times the average of the annual rent.
- Rental agreement between six and ten years
A tenant who has set up for less than ten years needs to pay a stamp duty that amounts to 2% of four times the average of the annual rent.
- Rental agreement between eleven and twenty years
A tenant who has set up for less than twenty years needs to pay a stamp duty that amounts to 2% of five times the average of the annual rent.
- Rental agreement beyond years
A tenant who has set up for more than twenty years needs to pay a stamp duty that amounts to 2% of five times the average of the annual rent.
Note: You can go for Rent Agreement Online to make the process hassle
free and get professional assistance.
Contents
What is the significance of the Registration Process of the rental agreement?
It is mandatory to register Rental agreements for more than one year. Someone should notarize the rental agreement that is less than one year. It requires you to pay for the stamp duty. It is credible.
Step-by-step instructions for registering a rental agreement are as follows:
· Initially, you need to outline a rental agreement with all the clauses that include the elements related to the rent (that you will pay) and the security deposit.
· Once it gets completed, you will get a rental agreement printed on a stamp paper of a specific value.
· The landlord and the tenant need to sign at assigned places on the document.
· Apart from this, the signatures of two other people are required not related to the tenant or the landlord.
· It needs the owner and also the tenant to be physically present at the registrar workplace of their sub localities.
· Both the parties and the witnesses need to carry their Identity proofs and a passport-sized photo for validation.
· Government authority does not permit a third party to register the rental agreement.
· The registration process completes as you pay the stamp duty.
What are the registration charges of the rental agreement?
Typically, an amount of Rs 1100 is optimal and is required to be paid as the registration charges of the rent agreement. The registration charges are mandatory in the rental agreement Noida to pay regardless of the rental amount or property value. Including stamp duty charges are also applicable in these registration charges.
Documents required for the rent agreement registration
- The original document of ownership proof
- Bring a copy of ownership
- Two passport size photographs
- ID proof (Voter card or adhar card)
