Tenant right

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2015 My uncle has a shop on rent since 1981.He regularly pay his rent & also have valid rent agreement.But now landloard want us to vacate the shop.
My query is
1. Since we are tenant for approximately 34 years, shall we have ownership right under respective law ???????
2. If above answer if no, Shall we entitle to claim a lump-sum amount against such vacancy,as we expended lot on such shop.
Please reply.........

Thank You...........!!!

Amol S Joglekar

Amol S Joglekar (Expert)
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03 October 2015 01. No, there can NOT be ownership right unless specifically provided in the rent agreement.

02. You can demand the money for the surrender of tenancy rights. The price shall be as per the surrounding market rate of similar natured transactions + negotiation. The gian on the same is long term capital gain. It is taxable subject to however the exemptions claimed if any

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