What is the difference between a lease and a leave and license agreement?
A lease of immoveable property (defined under Section 105 of The Transfer of Property Act, 1882) is a transfer of a right to enjoy such property for a certain time or in perpetuity on consideration to be rendered periodically or on specified occasions. A license (defined under Section 52 of the Indian Easement Act, 1882) does not create any interest in the premises in favour of the licensee excepting a mere right to use and occupy the premises for a limited duration. It is necessary now that both documents are registered. For a period upto the first three years, the stamp duty payable on a lease is more than that on a leave and license beyond which the stamp duty becomes the same.
