Private Rented Project
Privacy
Privacy is the ability of an individual or group to seclude themselves or information about themselves and thereby reveal themselves selectively. The boundaries and content of what is considered private differ among cultures and individuals, but share basic common themes. Privacy is sometimes related to anonymity, the wish to remain unnoticed or unidentified in the public realm. When something is private to a person, it usually means there is something within them that is considered inherently special or personally sensitive. The degree to which private information is exposed therefore depends on how the public will receive this information, which differs between places and over time. Privacy can be seen as an aspect of security - one in which trade-offs between the interests of one group and another can become particularly clear.
Renting Property
There are many possible reasons for renting instead of buying, for example:
* In many jurisdictions (including India, Spain, Australia, UK and the United States) rent used in a trade or business is tax deductible, whereas rent on a dwelling is not tax deductible in most jurisdictions.
* Financial inadequacy, such as renting a house when one is unable to buy it. One may not wish to pay the full price that ownership would need, allowing for smaller payments over a specified period of time.
* Reducing financial risk due to depreciation and transaction costs, especially for real estate which might be needed only for a short amount of time.
* When something is needed only temporarily, as in the case of a special tool, a truck or a skip.
* When something is needed that may or may not be already owned but is not in proximity for use, such as renting an automobile or bicycle when away on a trip.
* Needing a cheaper alternative to buying, such as renting a movie: a person is unwilling to pay the full price for a movie, so they rent it for a lesser price, but give up the chance to view it again later.
* The renter may want to leave the burden of upkeep of the property (mowing the lawn, shoveling snow, etc.) to the owner or his agents.
* There is no need to worry about lifespan and maintenance.
* Renting keeps off-balance-sheet the debt that would burden the balance sheet of a company in case the property would have been bought.
* Renting may also have positive benefits for the environment. Experts believe we may now be witnessing the beginnings of a mega shift towards the Rental Society in which the unsustainable growth in production and consumption will be reversed. The ‘disposable mentality' will give way to efficient use and this will serve to reduce the adverse impacts on the environment.
Rental Agreements
There is typically an implied, explicit, or written rental agreement or contract involved to specify the terms of the rental, which are regulated and managed under contract law. Examples include:
* Renting real estate (real property) for the purpose of housing tenure (where the lessee rents a residence to live in), parking space for a vehicle(s), storage space, whole or portions of properties for business, agricultural, institutional, or government use, or other reasons.
* When renting real estate, the person(s) or party who lives in or occupies the real estate is often called a tenant, paying rent to the owner of the property, the lessor, often called a landlord (or landlady). The real estate rented may be all or part of almost any real estate, such as an apartment, house, building, business office(s) or suite, land, farm, or merely an inside or outside space to park a vehicle, or store things all under Real estate law.
* The rental agreement for real estate is often called a lease, and usually involves specific property rights in real property, as opposed to chattels.
* In India, the rental income on property is taxed under the head "income from house property". A deduction of 30 % is allowed from total rent which is charged to tax.