If you are renting a property in Kerala, you will need to have a rental agreement in place. This agreement is a legal document that outlines the terms and conditions of the rental agreement, including the rent amount, the length of the lease, and any other relevant details. However, it is important to ensure that the rental agreement is executed on a stamp paper.
In Kerala, a rental agreement must be executed on a stamp paper of appropriate value. The stamp duty payable on the rental agreement will depend on the rent amount and the duration of the lease. According to the Kerala Stamp Act, the stamp duty for a rental agreement is calculated as follows:
1. If the rent amount is less than Rs. 10,000 per month, the stamp duty payable is Rs. 100.
2. If the rent amount is between Rs. 10,000 and Rs. 50,000 per month, the stamp duty payable is Rs. 1,000.
3. If the rent amount is more than Rs. 50,000 per month, the stamp duty payable is Rs. 1,500.
It is important to note that the stamp duty must be paid before the rental agreement is executed. The stamp duty can be paid online through the Kerala e-Stamp portal or through authorized stamp vendors.
Once the stamp duty is paid, the rental agreement must be printed on the stamp paper. The agreement must be signed by the landlord and the tenant, and two witnesses must also sign the agreement. The rental agreement must be registered with the sub-registrar of the area in which the property is located within four months of its execution.
In conclusion, if you are renting a property in Kerala, it is important to ensure that the rental agreement is executed on a stamp paper of the appropriate value. This is a legal requirement under the Kerala Stamp Act, and failure to comply with this requirement can result in penalties and legal issues in the future. So, ensure that you follow the correct procedures and execute the rental agreement on the correct stamp paper to avoid any issues.
SEP
2023
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