Rent Agreement Stamp Duty Charges in Pune
This information is relevant to Pune, Maharashtra.
Important Points
Introduction –
A Leave and License Agreement is generally known as a Rent Agreement, but the correct term is Leave and License which means the owner of the property (Licensor) gives a License to another party (Licensee) to use the premises for a certain duration and for a certain purpose with certain terms and conditions. By this agreement no leasehold rights get created in favor of the Licensee.
Now let’s see what are the total charges involved in the process of Rent / Leave & License Agreement Registration or Notarization. These charges are divided into multiple components, namely – Stamp Duty Charges, Registration Fees Charges, Document Handling Charges & optionally Professional Assistance Charges, and Notary Charges.
Rent Agreement Stamp Duty Charges in Pune –
In Pune, the Stamp Duty charges are 0.25% on the presumed profit of the property owner (Licensor). The profit is calculated on the basis of three factors – A. Monthly Rent / License Fees, B. Deposit, and C. Duration of the Agreement. As far as the refundable deposit is concerned 0.25% is calculated on approximately 10% of the deposit amount yearly.
To make it easy to understand, let’s see one example – Suppose the property is located in Pune and the monthly license fee is Rs. 20,000/-, the Refundable Deposit is Rs. 50,000/-, and the total Duration of the agreement is 36 months. In this case, the presumed total profit of the Licensor is Rs. 7,35,000/- so the Stamp Duty charges will be Rs. 1,837.50/-.
To check the stamp duty online click here, see the example video above.
Rent Agreement Registration Charges in Pune-
In Pune, the Registration charges are fixed and that depends on the location of the property. For properties situated in the Urban areas Rs. 1,000/-, and for Rural areas it is Rs. 500/-. In the above video, you can see that we have selected “Urban” as the location of the property so Registration Fees is showing Rs. 1,000/-
Document Handling Charges in Pune-
Online Registration – Recently the Government has introduced Rs. 300/- as document handling charges for the online registration process of Leave and License / Rent Agreement.
Offline Registration – Rs. 20/- per page. These charges are not only applicable for Leave and License / Rent Agreements but all types of documents that get registered offline.
Professional Assistance Charges –
These are not fixed charges, it totally depends on the complexity of the agreement and the experience of the professional. For example, it could be around Rs. 1,000/- to Rs. 10,000/- or more.
Usually, residential agreements are simpler compared to commercial agreements, and thus professional consultation charges are less for that.
Notarization Charges –
As per the rule, leave and license agreements that have a duration of more than a year must be registered. If the duration is less than a year, parties have the option to either Notarize or Register it. In the case of a Notary, in addition to the Stamp Duty charges as mentioned above, a Notary may charge between Rs. 300/- to Rs. 500/-.
In the process of online registration, Stamp Duty and Registration Fees must be paid while doing a data entry. Only after the payment user can execute the agreement, do the bio-metric verification and submit the agreement for registration.
Click here for additional information on the Leave and License / Rent Agreement.