Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 22 March 2012
Rental agreement is only for a period of 11months & gets renewed after the expiry of 11 months every year. The tenant does not the right of owning the property after the expiry of rent agreement.
Lease agreement is for a long period of time, say 30 years, 40 years etc. & is not required to be renewed each year. At the expiry of the lease the tenant has the right to get the property transferred in it's name or can continue the lease by renewing it.
Ashwin
(Information Seeker)
(155 Points)
Replied 22 March 2012
thanks girdhar for your reply, i want to ask one more thing why rent agreement for 11 Months and what are the consequences if i do it for more than a year.
Regards
CAclubindia
