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Legal
#sell
We have a few plots that we wish to sell. There are some plots in my father's name, some on multiple people's names and none on my brother's name. But when we are trying to sell my elder brother, who is a lawyer, is threatening the buyers. What do we do about this?
We have a few plots that we wish to sell. There are some plots in my father's name, some on multiple people's names and none on my brother's name. But when we are trying to sell my elder brother, who is a lawyer, is threatening the buyers. What do we do about this?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If your father is alive and the plots are brought by him from his self earned income, your brother cannot stall the sale. Similarly, if the other plots standing in multiple names are also brought by those parties from their self earned income, then too, your brother cannot stall the sale. However, if the plots are ancestral property or brought from the funds of the Joint family property, then y...
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Legal
#settlement#applicable#stampduty
If there is a family settlement, is stamp duty applicable on the same? This is in Rajasthan. Also, of the stamp duty is applicable can it be minimized?
If there is a family settlement, is stamp duty applicable on the same? This is in Rajasthan. Also, of the stamp duty is applicable can it be minimized?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the family settlement records transfer of property from name of one person to another then the same would attract stamp duty. If the properties had been acquired from joint family funds then the stamp duty can be minimized on that account.
Legal
#government#property#worth
I am facing some issues with regards to the guideline values by the government. I had lent 10 lks to a friend, but he couldn't repay it to me so he give me a property which was worth 12 lakhs. The property is 30 lks according to the government guidelines so I am having to pay tax for the difference. Is there a solution to this?
I am facing some issues with regards to the guideline values by the government. I had lent 10 lks to a friend, but he couldn't repay it to me so he give me a property which was worth 12 lakhs. The property is 30 lks according to the government guidelines so I am having to pay tax for the difference. Is there a solution to this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
No, under the relavent Income tax and Stamp act provisions, stamp duty and income tax is assessed based on the market value of the property. However if the genuine market value is infact Rs.12 Lakhs, then you would have to file appeals challenging the assessment of the property at Rs.30Lakhs before the Stamp authorities first and if the transaction is infact concluded, also before the Income ta...
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Legal
#registration#pan#tenant#rent#agreement
Is it compulsory to mention the PAN number of the tenant on a rent agreement?
Is it compulsory to mention the PAN number of the tenant on a rent agreement?
Baalkrishan Thaman
3 Answered
Answered on January 03, 2019
Yes the pan number is compulsary for rent agreement and consider for the tax calculations. The New pan card applicant and application should be compulsary verified by the supperior and tenant should be sign by the agreements. The good and great nature of advices are given for them. You can refer more information form panseva. It is one of website for applying and tracking new pan card in easy w...
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Legal
#loan#implications#possession
I have purchased a home in my wife's name and home loan on my name. I am planning for a second home in my name. May I know the tax implications on the second home. Also will I benefited if date of possession will be after two years from now?
I have purchased a home in my wife's name and home loan on my name. I am planning for a second home in my name. May I know the tax implications on the second home. Also will I benefited if date of possession will be after two years from now?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Deductions qua interest are limited, if your payment towards interest is more than the stipulated limited permitted under the IT rules, then that much amount will be disallowed whilst computing your income and further, you will be charged notional rent as income from the second flat (on and from receipt of possession of the second flat), even if the same is not rented out then.
Answered on November 08, 2017
Fungible FSI or Fungible Compensatory FSI is Permissible under DCR 1991 of Mumbai under Clause 35(4)
Answered on November 08, 2017
DRC Stands for Developments Rights Certificate.
It is as per the TDR Policy wherein DRC is Granted when any Reserved Land in Development Plan is Surrendered to the Municipal Corporation Free of Cost in Leiu of TDR, Which can be Sold in the Open Market by the Land Owner as TDR.
Legal
#property#death#owner#valid
i want to know if this will make sense in the current scenario. The will was made by the successor of the property after the death of the original owner. The rights are given to the successor's bother's son, but now the son has 5 brothers. Is this will valid?
i want to know if this will make sense in the current scenario. The will was made by the successor of the property after the death of the original owner. The rights are given to the successor's bother's son, but now the son has 5 brothers. Is this will valid?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Yes, it wouldnt make much difference. All sons of the party in question could claim ownership on the basis of the terms of the Will. It would however depend on the terms contained in the Will and further, the Will will have to be probated from a Court of competent jurisdiction.
Purchase & Sales
#view#commercial#mumbai
What is the expert view on the commercial real estate markets in Mumbai?
What is the expert view on the commercial real estate markets in Mumbai?
Answered on November 08, 2017
Commerical market had been at an all time low since the last couple of years. Because of this, commercial supply went down drastically except in select areas such as BKC, Lower Parel. Over time, people have been experiencing a dearth in supply in places in northern suburbs of mumbai and demand for commercial real estate is now on the rise, especially for compact units in the range of 400-1000 s...
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Legal
#transfer#inheritance#property#ownership#transferred
My father owned a property. He died two years ago, leaving behind are his wife and two daughters. The flat's ownership was never transferred to my mother's name. What happens to the property if my mother passes away? Also, please guide us on the procedure to transfer the property in my mother's name.
My father owned a property. He died two years ago, leaving behind are his wife and two daughters. The flat's ownership was never transferred to my mother's name. What happens to the property if my mother passes away? Also, please guide us on the procedure to transfer the property in my mother's name.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Depending on your religion, the share of your father in the property will belong to your mother and her two daughters equally (in case of Hindus) and if the same is to be trandferred in her sole name, then the two sisters will have to transfer their respective shares in the property to the mother by way of a registered document. If the mother expires, then the property comes to the share of the...
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