Rental Agreement Stamp Paper In Chennai

Yes, it is highly recommended to make a lease before renting. Failure to have a lease signed by both parties leads to legal inefficiencies in the event of a dispute between the lessor and the tenant. Deposit and token amount: the agreement must clearly mention the deposit and what happens to it when you leave the site. It is also worth mentioning the symbolic amount that the owner received from you. The state of Tamil Nadu has a simple 1 per cent stamp duty rule on the total annual rental value. The maximum stamp duty is determined with Rs 20,000. Thus, you need to buy stamps of 1 percent of the total annual rent or Rs 20,000 depending on what is lower. As a rule, twenty rupees are used for leases for a period of less than 11 months. From 11 months, it depends on the amount of the annual rent plus the deposit. 1% of the total amount is stamp duty.