Ashok is the owner of a 2 bedroom house. He rents it with a monthly rent of Rs. 8000/- to Mahesh for a period of 11 months. The deposit is Rs.50000/-. You make a lease for a 50 rupee stamp paper. It goes up to five months. Mahesh pays the rent for up to 5 months, then he stops paying the rent and refuses to move. Ashok immediately went to court. The Tribunal requisitioned the stamp duty agreement for the deficit paid and imposed the fine of up to 10 times the stamp duty to be paid.
So what will be the fine Ashok will have to pay? Let`s do the math. Stamp Duty – This is the tax paid to the government when an agreement or transaction is established. Stamp duty is calculated on the basis of the transaction value. He is paid to the government by buying stamp paper of reasonable value. Delhi has abandoned traditional stamped paper systems and fully converted to the e-stamping system of Stock Holding Corporation of India (SHCIL). If a person needs stamp paper, they can go to e-stamping providers and buy it from them. You must indicate your name and purpose in the application form. Traditional stamp papers are no longer used in Delhi.
But if Ashok initially made the deal by paying the correct stamp duty, he should only have paid Rs. 1860/- Therefore, it is still recommended that you pay the corresponding stamp duty and be relaxed. An unregyed apartment is never evidence in court. This is only collateral evidence and cannot be used to prove one`s own claims. Therefore, registering the lease is very important to be safe. Token Advance – At the time of closing the house for rent, the tenant sometimes pays a small token advance to the landlord. The goal is to prevent the landlord from having other potential tenants. The token advance blocks the property until one of the parties backs down. Once the advance token is donated, both parties are presumed willing to enter into the deal.
But if one of the parties does not back down other proceedings, that party must make up for the loss for the other party. Delhi has many popular residential areas like Mayur Vihar, Dwarka, Chanakya Puri, Noida, Civil Lines, etc., so the houses are in high demand. When establishing the lease, it is very important to include some important clauses in the contract.. . .