Salaried individuals, who live in rented accommodations, can claim the House Rent Allowance (HRA) exemption to reduce their tax liability, wholly or partially. Here are the top three scenarios faced by people while claiming exemption on HRA.
Anirudh Singh Chauhan Research Analyst-99acres.com
More often than not, we hear about and even advocate the rights of a tenant and how they must be protected. However, the rights of a landlord are equally important. 99acres.com discusses the key rights of a landlord in detail.
Registering a rent agreement offers multiple benefits. While it is mandatory to register a rent agreement that is for a period extending beyond 12 months, it is not the case with agreements that are made for a year. Here are important facts about registering a rent agreement.
Renting out your property can be a great source of additional income, and it also ensures that your property stays well maintained. However, rental agreements could also easily lead to troubles and a vast number of disputes can break out between the tenant and the landlord.
Do you know what governs the rentals of your home or how the government prevents a tenant from forceful eviction? The Rent Act, passed by the government in 1948, is aimed at regulating the variegated norms of tenancy and land ownership. Here's what you need to know about the Rent Act.
The rental agreement is an essential modicum of understanding of the lease between the lessor, i.e., the landlord, and the lessee, i.e., the tenant. In most cases, both parties insist on signing an agreement to avoid future discrepancies. 99acres.com looks at the nuances involved in the registration of rental agreements in Delhi NCR.
Areas in Delhi's Central Business District and some of its peripheries come under the governance of the Delhi Rent Control (DRC) Act, 1948. Landlords whose properties fall under this archaic Act have a limit on their right to increase the monthly rent, which is as low as 10 percent every three years.
Akanksha Harjai, Associate Research Analyst-99acres.com
The Rent Control Act governs the leasing of homes, with each State having its own version of the Act. The new Act in Maharashtra, known as the Maharashtra Rent Control Act, 1999, has made many changes in the Bombay Rent Control Act and is applicable to the entire State.
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What is a Rental Agreement?
A rental agreement is a legal document that binds the owner of a property and tenant, while safeguarding the interest of both the parties. The landlord cited in the agreement should either be the owner of the property or a person having the power of attorney from the owner.
What are the types of tenancy agreements in India?
There are two types of tenancy agreements in India. Lease Agreements that are covered by rent control laws and Leave and License Agreement that are not.
Lease Agreement: A Lease Agreement is governed by restrictive rent control laws, wherein the amount of rent that can be charged is based on a formula devised by the local executive, legislative or judiciary, as the case maybe. The Lease Agreement transfers the right of ownership to the tenant for a stipulated period of time. Lease agreements and the Rent control laws usually come into play when the Lease period is at least 12 months.
Leave and License Agreement: Leave and License Agreement only grants the tenant a license to occupy the property for a period of 11 months, with an option for periodic renewal. This agreement usually don't come under the purview of Rent control laws. However, the above usage of terms is loosely held and can vary from state to state.The term 'Rent agreement' is usually used in the context of either of the above.
How does 99Acres simplify the documentation of my Rent/Leave and License agreement?
99Acres facilitates easier documentation of Rent agreements by providing customizable-templates and arranging for the registration and the delivery of the document to your doorstep.
How does the Rent agreement registration process exactly work on 99Acres?
User customizes the agreement Template by entering all the requisite details (or) User can upload his own template of Rent agreement.
User enters the denomination of stamp paper required.
User mentions the delivery contact details and makes a successful payment.
99Acres gets the document printed on the stamp paper of denomination requested, completes the documentation as per template chosen and delivers it to your doorstep.
The Rent agreement registration process may vary from state to state as mentioned in FAQs.
What are the different modes of ordering Rent agreement at 99Acres?
You can order Rent agreement on 99Acres through the following modes:
Customize the templates on 99Acres by entering in the required details.
Upload your own template and just proceed to payment.
What are the charges I would incur for ordering Rent agreements?
Users are required to pay the following:
Stamp paper value as per the amount selected.
Convenience fee (which includes drafting and documentation charges).
GST as applicable on the above charges.
What all details are required to order an Agreement?
All the details regarding the Landlord, Tenant, Property & Agreement have to be filled in to order a Rent/lease agreement online.
What is the Delivery time for the Agreement?
The stamped rental agreement shall be delivered to you within 3-5 business working days in all states supported.
How to track my Courier with Rent Agreement?
An email with details regarding the Courier facilitator & tracking id will be sent to all the customers post the dispatch of the agreement. One can know the status of his/her rent agreement using this tracking id.
Do I need to get Notary done for my Rent Agreement?
Notarization is not mandatory for Rent agreements and is only a means to authenticate the identity of the signatories of the agreement. As long as a Rent agreement is printed on Stamp paper (or registered by paying requisite stamp duty) and is signed by both parties and by two witnesses, it is considered binding. However, if you wish to notarize it, you may do so. Click here to know more.
Will 99Acres get the Notarization done?
No, 99Acres does not get the Notarization done for the Rent agreement.
What is the process of getting a Rent agreement in Delhi?
The following is the process to get a Rent agreement on 99Acres for Delhi State:
Sign up/Sign in into 99Acres and visit Rent Agreement section
Fill in the requisite information of Tenant, Landlord and Property to make a draft.
Once the Agreement draft is finalized, you can proceed to the payment. All you need to select is the place of delivery required
Once you share the same, your agreement shall be processed onto an E-stamp paper and the soft copy of the agreement shared to your registered email id. Additionally, your agreement shall be processed onto a stamp paper and delivered to you within 3-4 working days. All you need to do is to get your signature and that of your tenant, on either the E-copy you will receive on email or the physical copy.
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