How To Register Leave And Licence Agreement Online
To avoid future problems, property owners and tenants should register their vacation and license agreement and pass on the tenant`s information to the police closest to Chowki. During registration, the government stores a soft copy of the agreement with a unique registration number. This contract is accessible to everyone online at any time. Vacation and license agreement can be registered online or offline, in the online check-in process, the parties do not need to go to the sub-registration office and the process can be carried out by any place and at any time. In Maharashtra, holiday and licensing contracts must be stamped with a flat stamp duty rate of 0.25% of the total rent for the period. If a non-refundable deposit is also paid to the lessor, stamp duty is also levied on these non-refundable deposits. For example, if you enter into a 24-month vacation and license agreement with a monthly rent of 25,000 rupees and a refundable deposit of five Lakh Rs, you will have to pay a stamp duty of 1,750 rupees (0.25% on the rent of six Lakhs for two years and interest on one lakh for two years). Department of Registration and Stamp, State of Maharashtra introduced the electronic registration of holidays and license agreement, this new service has greatly simplified the registration process. Residents of the state of Maharashtra can carry out the electronic registration from their homes, who have access to all the conditions of the process (biometric device as specified by the department, web camera, etc.) and who are familiar with the use of online services, can very well carry out the process from home or internet cafes. For the registration of the contract, you need some basic documents of the tenant, the owner and witnesses, such as a passport photo, a photocopy of the proof of identity (for example. B PAN card) and the electricity bill or the real estate document such as index II or tax proof of the rented property. Housing.com has implemented a fully digital and contactless service to create rental contracts.
If you want to complete the formalities quickly and without problems, you just need to fill in the details, create the rental agreement online, sign the contract digitally and mark it in seconds by e-stamp. Once the agreement has been submitted online by biometric scans and photos, it takes about 2-3 business days for the Sub-Registrar to verify and approve them. The soft copies of the registered lease are then sent by e-mail to the parties concerned. In order to reduce the frequency of stamp duty, people used to pay a considerable amount as an interest-free deposit with the nominal rent. This gap has been filled and now, in cases where a refundable bond is recovered by the owner, a notional annual interest rate of 10 percent is charged to that interest-free deposit and you have to pay stamp duty at the same rate, on that interest for each year of the term of the license agreement. Legaldocs has centers in Mumbai, Navi Mumbai, Thane, Pune, Delhi, Noida, Chennai, Hyderabad, Bangalore….