I live in a chawl in Mumbai. After my father passed away, the tenancy rights were allotted to me. The property is located in the suburbs and costs around ?30 lakh. I regularly pay rent to the landlord. Now, I want to sell the property. What is the share that I will have to pay the landlord?
—Name withheld on request
The Maharashtra Rent Control Act entitles the tenant to receive consideration as a condition of the relinquishment, transfer or assignment of tenancy of his/her tenanted premises, provided there is no prohibition imposed by the landlord. The Act also entitles the landlord to receive any fine, premium or other like sum or deposit or any consideration in respect of the grant, or for giving his/her consent to the transfer of tenancy.
As regards your query in respect of selling the house, you may not be able to do so as you are only a tenant. However, you may transfer/assign your interest, i.e., your tenancy rights in favour of a third party after obtaining consent from the landlord.
Further, in respect of the charges to be given to the landlord for such a transfer, the Act does not prescribe any share or percentage of the consideration to be given by the tenant to the landlord. However, as per general practice, it can vary from 30% to 50% of the consideration received by the tenant for such a transfer.
A resident individual can transfer money abroad up to $250,000 through an authorized dealer per financial year for permitted current account/capital account transactions or both under the Liberalized Remittance Scheme.
The limit can be used in a single or multiple forex transactions combined in a financial year. Therefore, grandparents can remit money through the scheme to their grandchildren studying abroad.
Originally published in The Toys Matrix, Apr 21, 2021
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.