Caution – In Delhi, the usual trend is to collect 2 to 3 months` rent in the form of a deposit. This deposit must be refunded by the landlord to the tenant at the time of the rent evacuation. No interest is paid on the amount of the down payment. Either the landlord or the tenant can buy the stamp paper and it will always be the buyer. If you want to have an original agreement, you must buy the stamp paper yourself. Alternatively, you can get a photocopy or a scanned version of the other party. Finding a suitable place to rent is a tedious, energy-intensive and tedious task. In Delhi, rent and rent are controlled by the Delhi Rent Control Act of 1958. The person who takes the house for rent is designated as a tenant or tenant, and the person who rents it for rent is designated as owner or landlord. Before you take the house or apartment on rent, make sure that the following details: Stamp duty – This is the tax paid to the government when an agreement or transaction is established. Stamp duty is calculated based on the value of the transaction. It is paid to the government by purchasing stamp paper at fair value.
The registration and stamp duty procedure are the same as residential real estate for the rental of commercial real estate too. Amit rented his apartment in Vikas for rent. He made the agreement on the stamp paper of value. But he did not record it in the lower house. The agreement was signed by both parties. For the first 4 months, Vikas paid the rent correctly. the rent was set at Rs 5000. After four months, Vikas ended the rent payment. Amit went to the Court of Justice. Although his consent was duly paid, the court refused to accept the act as evidence. Vikas claimed that the rent was only 1500, not 3,500/, as Amit claimed. He also refused to sign the deed and totally denied entering into an agreement with the owner.
As the document was not recorded, it could never be used as evidence and, for lack of evidence, Amit lost the fight. Stamp duty is the levy of the state on various real estate transactions. You have to pay a stamp duty if you buy a property and also if you are going for a lease.