The lease period (two years) for the premises taken for office occupation is expiring shortly. As per the agreement, the lease can be renewed for a further period of two years if the lessee is willing to renew the lease, by giving one month's notice before expiry of the lease period.
The lessee is interested in renewing the lease. Should the lease be again executed on a fresh stamp paper or can it be renewed by a formal letter from both the parties indicating therein the new rental amount? If so, is it legally binding and valid?
I request the legal experts to clarify. Thanks.
CAclubindia
