Stamp duty is a crucial part of any lease agreement in Mizoram. This is a tax that is levied by the state government on the legal recognition of a lease agreement. In simple terms, stamp duty is the cost of legal validity for a lease document and is required to be paid by the tenant.

Lease agreements can be a tricky business, and it`s important to understand the legal aspects of it to avoid any disputes in the future. The government of Mizoram has set certain rules and guidelines for stamp duty on lease agreements to ensure that it`s a fair process.

According to the Mizoram Stamp (Amendment) Act, 2016, the stamp duty on lease agreements is 3% of the annual rent. This means that if the annual rent is Rs. 10,000, the stamp duty payable will be Rs. 300. However, the minimum stamp duty payable in Mizoram is Rs. 50, and the maximum is Rs. 10,000.

It`s important to note that stamp duty is payable at the time of signing the lease agreement or within 30 days from the date of execution. Failure to pay the stamp duty within the stipulated time can result in a penalty of 2% per month.

Stamp duty is not the only fee payable when signing a lease agreement in Mizoram. Registration fees are also applicable, which is 1% of the market value of the property or Rs. 1,000, whichever is higher. This fee is payable by the tenant as well.

In conclusion, stamp duty is an important aspect of lease agreements in Mizoram. It`s crucial to understand the rules and guidelines set by the state government to ensure that the process is fair and legal. If you`re planning to sign a lease agreement in Mizoram, make sure to factor in the stamp duty and registration fees to avoid any unnecessary penalties or disputes in the future.