Lease agreement stamp paper or not?
4 years ago
I am the director of a Pvt Ltd firm. We are in the hospitality business. I am planning to sublet about 1500sqft area in a leased commercial property (guest house registered with the tourism dept.) in Rishikesh, Uttarakhand to someone else to use as a restaurant/cafe. The lease agreement that I have with the owner has a sublet clause (indicating I can sublet any part of the property to anyone else). This agreement was notarised. The following are the questions:
1. Do I need a stamp paper agreement with the lessor of the restaurant /cafe space that I am subletting?
2. Can the same be done on a company letter head instead?
3. Does the stamp paper agreement need to be notarised?
4. Any other legalities to be kept in mind so I dont get in a mess a latter on?
Thanks in advance for your help! Cheers!
For any lease for more than 11 months it must be registered. Please see Section 106 of TP Act.
================================================================================
Section 106 in The Transfer of Property Act, 1882
1[106. Duration of certain leases in absence of written contract or local usage.—
(1) In the absence of a contract or local law or usage to the contrary, a lease of immovable property for agricultural or manufacturing purposes shall be deemed to be a lease from year to year, terminable, on the part of either lessor or lessee, by six months' notice; and a lease of immovable property for any other purpose shall be deemed to be a lease from month to month, terminable, on the part of either lessor or lessee, by fifteen days' notice.
Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.
Anand Dhanuka
Responded 4 years ago
1. Since you are leasing the space of about 1500 sq. ft. for the purpose of restaurant/cafe you would pmmake the lease Deed on a Stamp Paper.
2. No
3 and 4. The Lease Deed on the Stamp Paper would be registered and not Notarized.
Hope the above answers will clear the position.
Difference between pf deed executed on annexure
Commissioner sir force me to do risky work of demolition as contractor
Delay payment
Termination of contract
West Bengal Tender for Fortified Rice
