As per the new Rajasthan Stamp Duty Act, 2019, stamp duty on leave and license agreements has been revised with effect from April 1, 2021. The leave and license agreement is a kind of agreement between the licensor (property owner) and the licensee (tenant) for the use of a property for a specific period of time. In Rajasthan, the stamp duty for the leave and license agreement is calculated based on the annual rent payable.
The new stamp duty rates for leave and license agreements in Rajasthan are as follows:
• Up to Rs. 1 lakh – Rs. 1000
• Above Rs. 1 lakh but up to Rs. 2.5 lakh – Rs. 2000
• Above Rs. 2.5 lakh but up to Rs. 5 lakh – Rs. 3000
• Above Rs. 5 lakh but up to Rs. 10 lakh – Rs. 5000
• Above Rs. 10 lakh but up to Rs. 20 lakh – Rs. 10,000
• Above Rs. 20 lakh but up to Rs. 30 lakh – Rs. 15,000
• Above Rs. 30 lakh but up to Rs. 40 lakh – Rs. 20,000
• Above Rs. 40 lakh but up to Rs. 50 lakh – Rs. 25,000
• Above Rs. 50 lakh but up to Rs. 60 lakh – Rs. 30,000
• Above Rs. 60 lakh but up to Rs. 70 lakh – Rs. 35,000
• Above Rs. 70 lakh but up to Rs. 1 crore – Rs. 40,000
• Above Rs. 1 crore – Rs. 50,000
It is important to note that these rates are subject to change and should be verified at the time of execution of the agreement. Additionally, the stamp duty should be paid within 30 days from the date of execution of the agreement, failing which a penalty may be levied.
The leave and license agreement is a crucial document for both the licensor and the licensee as it outlines the terms and conditions of the agreement, including the rent, security deposit, and duration of the agreement. It is recommended to seek legal advice and draft the agreement carefully to avoid any disputes in the future.
In conclusion, stamp duty on leave and license agreements in Rajasthan has been revised with effect from April 1, 2021. The stamp duty is calculated based on the annual rent payable, and it is important to pay the stamp duty within 30 days from the date of execution of the agreement. Careful drafting and legal advice can help avoid any disputes in the future.
