The 1908 registration law requires the purchaser of a property to have the property stamped at the time of registration. Through the registration process, ownership of a property is transferred in the name of the new buyer of the old one, in government records. Unless a property is registered in the buyer`s name, it cannot prove its property in court. With the introduction of these amendments, the document included for-compensation transfer contracts, all land, including the agreement for sale within the meaning of Section 53A of the Transfer of Property Act,1882, must be registered if they were executed on September 24, 2001. Stamp duty, equivalent to 90% of the transport right, due to the consideration provided in the document, must be paid in this act and the remainder of the 10% of the tax must be paid at the time of completion of the document. Ashok is the owner of a house with 2 bedrooms. He rents it on the monthly rent of Rs. 8000/- in Mahesh for a period of 11 months. Bail is Rs.50000/-. You`re making a lease on a 50 rupee paper. Things are going well up to 5 months. Mahesh pays the rent up to 5 months after which he stops paying the rent and also refuses to move. Ashok approaches the court.
The Court imposes the agreement on the stamp duty of the deficit paid and imposes the fine up to ten times the stamp duty. So what will Ashok`s fine pay? Let`s do the math. While this article explains the gritty nitty of the lease procedure, now you can make your agreement and get it delivered with the stamp paper. LegalDesk offers in advance designed, ready-to-use, lawyer verified rental contract. All you need to do is fill in your data and we`ll do the rest. We also offer the possibility to print your document on stamp paper and deliver it to the address of your choice. If you are looking for a lease for Noida and Gurgaon, we have them too! The central excise duty is an indirect tax levied on products made in India. Excise products have been defined as those that the Central Excise Act classifies as subject to excise duty.