I have an apartment in my father`s name. I am the first owner of the property and my father is a co-owner. Can I enter into a Leave & Licensed agreement with a tenant on my behalf only by excluding my father`s name during check-in? My father did not write a letter of objection. But the housing company opposes the same thing, they insist that the lease include my father`s name. Is there a specific law on this? What is the legal situation in this regard? No letter of objection can suffice in the absence of power. Read more » Stamp duty is the tax/tax collected as compensation for the legal validity of your agreements. The stamp duty required for different documents varies from state to state. As a rule, in the case of holiday and license contracts, it is up to the donor/lessor to pay the recommended stamp duty for the agreement. In accordance with Section 36A of the Bombay Stamp Act, 1958, stamp duty for holiday and licensing agreements is 0.25% of the tax base calculated according to the following formula imposed by the Maharashtra State Government – It is important that you appoint a good lawyer to carefully design your holiday and licensing agreement and help you pay for stamp duty and registration. If the agreement is not well drafted, it is possible that the licensee will wreak havoc by asserting a legal right to your property, which can lead to the property being kept in litigation for several years.
Why should I register a vacation and license agreement? A vacation and license agreement is equivalent to a rental agreement. Simply put, a leave and a licence are an agreement where by which one party (the owner, known as the “licensor”) grants the other party (the “licensee”) a limited right to use its premises for rent. This regime is popular because it does not create permanent legal rights in favor of the licensee. Compared to a lease, a vacation and license agreement has limited authority with respect to the property. As with any rental transaction, the rental agreement or in the case of Mumbaikars, the vacation and license agreement is an important document. The holiday and licensing agreement is a popular alternative to rental agreements in most cities of Maharashtrian. Unlike the lease, it is more attentive to the needs of the lessor and does not create a “lease”. The holiday and license agreement is signed between a lessor and a tenant. As part of this agreement, the lessor grants the tenant to reside on its premises for a certain period of time.
The whole process has been simplified and can be done online. Saving a few dollars by drawing a lease seems like a good deal from the beginning. However, we all know how materialistic Moh Maaya is. So take a closer look at the registration of the holiday and license agreement. While this may seem a bit expensive at first, it`s also a promise of security from the state`s rental terms to its citizens. .