Supreme Court has quashed FIR against Anurag Thakur son of former Himachal CM Mr. Dhumal related to land transaction for making of Dharamshala Stadium.
Lease deed is when one party takes the property for use for a definite time.
The owner of property has legal title on his property.
Property is something what is tangible or in tangible.
Thus both moveable or immovable property can be given on lease.
Transfer Of Property Act,1882 deals with lease of immovable property.
Immovable property is transferred by lease by which right to occupy is given to person who gets the lease property.
Lessor: Person who transfer property.
Lessee: Person who gets the property.
Example: Giving property on rent is lease.
Ingredients Of Lease Agreement.
- Property should be identified.
- Time period of
- Date of starting and finishing of lease.
Procedure For Making Agreement.
Only Registered Instrument can make lease of immovable property.
When lease deed for agriculture purpose or manufacturing purpose is made without contract then it can be terminated only by giving 6 months notice.
When lease deed of immovable property is made without contract for monthly basis it can be terminated by giving notice of 15 days.
Lessee will get all the benefits from the property.
Lessor Gets Right Of Possession By Following Means.
- By time limit
- When interest of lessor is finished.
- Power to dispose property by lessor is over.
- Interest of lessor and lessee are vested.
- Lessee do express surrender of leased property.
- Lessee do implied surrender of leased property.
- When character is announced by lessee.
When lease is of monthly rent than that lease should be renewed yearly or on monthly basis.
Stamp duty is to be payed on lease documents.
Article 5 of Indian Stamps Act, 1899: Stamps ordinary lease agreements.
Article 35 of Indian Stamps Act, 1899 : Stamps demise agreements of lease.
Thus while making lease agreements provisions of Transfer Of Property Act,1882 and Indian Stamps Act,1899 must be fulfilled.
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