Yes, yes. The lease is considered a new lease and must therefore be registered with the rental authority, as stipulated in Section 4. A house rental contract, a well-developed contract, should be available before the start of a house rental. In accordance with Section 4 of the Act, all leases will be entered into by a written agreement. The omission of certain important clauses in your tenancy agreement leads to unpleasant legal conflicts in the event of disagreement between the tenant and the landlord. Even if the two parties know each other, the ideal is to reach a comprehensive agreement to turn your back. The tenancy agreement is nothing more than an agreement between the landlord and the tenant that defines details such as the duration, the amount of the rent, the conditions and responsibilities of the landlord and the tenant. A rental agreement can save time and trouble for both the landlord and the tenant. In the case of a landlord, the agreement guarantees that the rent is paid on time and that the property is maintained by the tenant, for the tenant, it provides that the landlord does not change the rental conditions according to his will or asks you to evacuate the property. Stamp duty is essentially a form of tax levied on legal documents in order to make it legally binding. In Tamil Nadu, stamp duty paid for leases is generally equal to 1% of the rent/deposit amount, regardless of the duration of the tenancy.
Stamp duty is a tax similar to that levied by the Tamil Nadu government… Delays in the payment of stamp duty result in penalties. The paid stamp duty instrument/document is considered a proper and proper instrument or legal document and is admitted into evidence before the courts. A proposed lease agreement should be printed on stamp paper of an appropriate stamp value under each state`s stamp law in order to make it valid. Yes, all leases must be registered with the tenant administration, regardless of the length of the lease. From a horde of MNCs to ancient temples, Chennai has it all.