Stamp Duty For Lease Agreement In Tamil Nadu
However, the Tamil Nadu government introduced the new rules under the Tamil Nadu Regulation of Rights and Responsibilities of Landlords and Tenants Act, 2017, which makes it mandatory to register leases in the state. Stamp duty and registration fees remain the same for men, women and common buyers in Tamil Nadu. The omission of certain important clauses in your tenancy agreement leads to unpleasant legal conflicts in the event of disagreement between the tenant and the landlord. Even if the two parties know each other, the ideal is to reach a comprehensive agreement to turn your back. If the requested stamp duty is not paid, if disputes arise and the matter is referred to a court, the parties concerned may have to pay almost ten times the actual stamp duty. You can pay stamp duty either from the registrar`s office or sub-registrar, or use the electronic stamp installation. From a horde of MNCs to ancient temples, Chennai has it all. It is therefore not surprising that a large number of educated people relocate to cities such as Chennai and Coimbatore mainly for jobs, which has increased the demand for rental properties. Which brings us to the point of this article, how do you make a lease in the cities of Tamil Nadu? To register a rental contract in Chennai, you must purchase stamps of the required value according to the above prices. Gone are the days when you had to buy traditional stamp papers from the notary. Now you can buy stamped papers with any value from some suppliers. You can also get the format of the lease agreement from these suppliers and have it printed along the stamped paper. All you need is to ensure certain points that need to be in the agreement.
In addition, you must also specify the specific details of your property and transaction. To register a rental agreement, you must submit the contract duly printed on electronic stamp documents to the unterstand. The registration process takes about a week. With the rental agreement, you must file copies of the following documents: Stamp duty is essentially a form of tax levied on legal documents to make them legally valid. In Tamil Nadu, stamp duty paid for leases is generally equal to 1% of the rent/deposit amount, regardless of the duration of the tenancy. The lease is a key document that aims to establish a transparent transaction between the landlord and the tenant. Under the Registration Act 1908, the lease must be registered for 11 months to the deputy chancellor`s body in the district concerned. In May 2020, TN`s registration service clarified that new and ready-to-use housing and buildings will not have to pay stamp duty and registration fees.