From July 1980, the buyer must pay stamp duty on the market value of the property. Sometimes you may decide not to pursue the agreement and you may want to have the advance refunded. In this case, if the owner agrees to repay the entire advance, it is good and good. But if the owner loses money, he can deduct a certain amount from the advance of chips and refund you the same. But if your reason for terminating the contract is valid, you can recover the full amount. Alternatively, you can use our customizable, verified lawyer ready to use rental contracts to save time and money. LegalDesk.com offers a very convenient way to visit your online rental contract and without having to worry about lawyers or looking for stamp papers. You can also create a variety of other legal documents with LegalDesk.com! The Registration Act requires the registration of a lease of more than 11 months. The State of Karnataka has determined the following stamp duty for the lease. Token Advance – Normally, there is a system in Karnataka to pay a symbolic prepayment of the payment of the total deposit amount. This is done to block the house by the tenant, so that the landlord does not give the house to another person. But there are a lot of discrepancies in this one.
Many people don`t take a receipt while paying tokens. You should always provide proof of all payments made in the case of a rental transaction, either by cheque, DD or online transfer, etc. If the payment is made in cash, ask the owner to send you an SMS or receive it in writing. That is why it is very important that the lease contains all the necessary details about the transaction and that no element can be diminished. Here is a short checklist on the topics that a lease should cover: Note that there are many factors that determine stamp duty. Karnataka was one of the first states to implement e-stamping and is still considered one of the states where e-mail papers have almost entirely replaced traditional stamp papers.