UP Government Provides Stamp Duty Break for Lease Agreements
LUCKNOW: The stamp and registration department is introducing substantial concessions on stamp fees for rent agreements up to 10 years, simplifying the registration process. The cabinet approved this proposal on Friday. Currently, registration exists, but many landlords and tenants skip it due to high costs. Agreements that remain unregistered lack legal validity under the UP Regulation of Urban Premises Tenancy Act, making them prone to disputes. Finance Minister Suresh Khanna noted that while current regulations require registration for tenancy deeds over one year, most are either verbal agreements or, when written, remain unregistered. “These situations often arise during audits by…