The rent agreement stamp duty in MP depends on the lease period. Let us understand this in detail.
How Much is the Stamp Duty on Rent Agreement in Madhya Pradesh?
Lease period up to 60 months (5 Years): Stamp duty is typically 2% of the average annual rent.
Lease period exceeding 60 months (but not exceeding 120 Months): Stamp duty is typically 3% of the average annual rent.
The stamp duty for rent agreement in MP, under section 80 C of the IT Act, you can receive benefits of up to Rs. 1.50 lakh on paying stamp duty. You can avail this deduction while filing your income tax returns. However, note that this benefit can be claimed only in the year of the property purchase.
I hope this helps!
Get Your Rent Agreement Drafted and Delivered at Your Doorstep with NoBroker Rental AgreementRead More:
Who Pays Stamp Duty Buyer or Seller?
The rent agreement stamp duty in MP is governed by the Madhya Pradesh Stamp Act, 1949. The stamp duty rates for rent agreements can vary depending on the duration of the lease and the amount of rent.
How to Calculate the Stamp Duty on Rent Agreement in Madhya Pradesh?
In Madhya Pradesh, the stamp duty for a rent agreement is generally calculated as follows:
For lease periods of up to 60 months (5 years), the stamp duty is typically 2% of the average annual rent.
For lease periods exceeding 60 months, but not exceeding 120 months (10 years), the stamp duty is typically 3% of the average annual rent.
It's important to note that the stamp duty rates may vary depending on the specific terms of the rent agreement and any revisions to the state's stamp duty laws.
Additionally, there may be additional charges such as registration fees and service charges.
These are the details about the stamp duty for rent agreement in MP.
Customise Your Rent Agreement Template as Per Your Requirement Via NoBroker Rent Agreement ServiceRead more
How to Check Stamp Paper Serial Number
Authors Of The Question
What is Stamp Duty On Rent Agreement in Madhya Pradesh?
Shikha
1003Views
6 months
2024-03-05T11:58:28+00:00 2024-06-28T14:20:03+00:00Comment
2 Answers
Share