Aabharan Jain
Questions Asked
Purchase & Sales
#flat#redevelopment
What is the premium one should pay for a flat which is certain to go under redevelopment in a few months?
What is the premium one should pay for a flat which is certain to go under redevelopment in a few months?
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Answered on November 08, 2017
Depends on individual, generally, any property under going redevelopement fetches compensation towards rental expenditure for temporary accommodation, corpus fund to take care of maintenance charges for the new apartment, and additional area. Hence, one can calculate and evaluate to offer price to buy an old apartment after checking the on going price for the new apartment offered in that vicin...
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Purchase & Sales
#property
Do builders usually give guarantees against defects in the property? If so, what would the terms of such a guarantee be?
Do builders usually give guarantees against defects in the property? If so, what would the terms of such a guarantee be?
Answered on November 08, 2017
As per the newly launched RERA, developers shall give a defect guarantee of 5 years to the flat allottes against workmanship defects, provided no changes have been made by the allotees/society/purchaser/occupant for the same.
Legal
#property#loan#capital
My mother in law is 67 years old. She sold her previously owned property and bought two flats from the sale proceeds of the previous property. One of the flats is only 15% covered. She bought one of the flats with my wife and one along with my wife and me so that we get a home loan. Now I want to know that even after re-investing all of her sale proceeds will she fall under capital gains tax ambit?
My mother in law is 67 years old. She sold her previously owned property and bought two flats from the sale proceeds of the previous property. One of the flats is only 15% covered. She bought one of the flats with my wife and one along with my wife and me so that we get a home loan. Now I want to know that even after re-investing all of her sale proceeds will she fall under capital gains tax ambit?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Depends on the gains made by her on the sale of the earlier property qua the price at whihc she broguht the same originally and also whether such gains has been fully invested within 1 year of the sale of her property.
Legal
#flat#agreements#paid#registration#redevelopment
I purchased a flat and I am the sixth party in the scenario. All the other five agreements are in place out of which the third party has not paid the stamp duty, but he has donet he registration. Will this affect me in the future with regards to the sale or redevelopment. Do I have to pay the stamp duty?
I purchased a flat and I am the sixth party in the scenario. All the other five agreements are in place out of which the third party has not paid the stamp duty, but he has donet he registration. Will this affect me in the future with regards to the sale or redevelopment. Do I have to pay the stamp duty?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague, registration would not have happened if stamp duty was unpaid on the document in question.
Legal
#loan#flat
My friend took a loan from an unsecured source and got debt trapped. This was at a very high rate and it was for a flat. Is there a way where he can get a secured loan on the house and pay off the unsecured loan?
My friend took a loan from an unsecured source and got debt trapped. This was at a very high rate and it was for a flat. Is there a way where he can get a secured loan on the house and pay off the unsecured loan?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
It would depend on the value of the flat, loan against property can be availed from any bank and/or financial institution and which amount can be utilised to pay off the first loan.
Legal
#inherited#property#selling#gift#implications
My mother one of the coparceners of an inherited property. She is selling her share and so are the others. She is willing to split her share gains between me and my sister at 50% each. My sister has asked her share in cash. I have asked my mother to buy a house and then either gift it to me or let me inherit it under a will. Can this be done? What are the tax implications related to this? And how long does it ideally take to get a property without any tax issues?
My mother one of the coparceners of an inherited property. She is selling her share and so are the others. She is willing to split her share gains between me and my sister at 50% each. My sister has asked her share in cash. I have asked my mother to buy a house and then either gift it to me or let me inherit it under a will. Can this be done? What are the tax implications related to this? And how long does it ideally take to get a property without any tax issues?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague. However, your mother can surely buy a flat and gift the same to you. You will incur long term or short term captial gains tax in connection with the same when you sell it, depending on the number of years you have held the Flat.
Legal
#landlord#tenant#rent#delhi
What would be the ideal time for a landlord to give the tenant a notice about his intention to increase the rent according to the Delhi Rent Control Act, 1958.
What would be the ideal time for a landlord to give the tenant a notice about his intention to increase the rent according to the Delhi Rent Control Act, 1958.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
30 days is the required time for giving such notice.
Legal
#flat#possession#paid#payment#liable
I won a flat that I purchased in 2010 and got the possession by the end of the year. I paid the 1% service tax on the flat at the time of the payment, but I did not pay any service tax as there was a case that was going on, about the percentage of the service tax on homes. Am I liable to pay this tax? If yes, how much ?
I won a flat that I purchased in 2010 and got the possession by the end of the year. I paid the 1% service tax on the flat at the time of the payment, but I did not pay any service tax as there was a case that was going on, about the percentage of the service tax on homes. Am I liable to pay this tax? If yes, how much ?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You would have to pay service tax on the value of the flat as mentioned in your agreement. However, the same would also depend on the terms relating to payment of service tax and as contained in the Agreement.
Legal
#land#hyderabad#advice#loan#loans
I am a 24 year old independent working professional. I am aspiring to buy a plot of land in Hyderabad under DLF builders. I wanted to seek your advice regarding this decision and what kind of procedures should I take care of. I am planning to take a loan of approximately Rs. 11 lakhs and also, currently I don't have any loans on me.
I am a 24 year old independent working professional. I am aspiring to buy a plot of land in Hyderabad under DLF builders. I wanted to seek your advice regarding this decision and what kind of procedures should I take care of. I am planning to take a loan of approximately Rs. 11 lakhs and also, currently I don't have any loans on me.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You will have to conduct a thorouh due diligence of the title of the developer and thereafter apply for loan from any bank offering the best rate of interest for such transaction.
Legal
#land#construction#loan#registered#money
Raj and his father bought a land in 2008 (money was equally given by them). The construction on land completed in 2009, and Raj gave the entire amount of the construction. Raj has also taken a loan for the house. Whole land is registered in the name of Raj's father. Therefore, do Raj's brother have legal right over the land/house? Note: All the money for the construction of the land has come from Raj's account.
Raj and his father bought a land in 2008 (money was equally given by them). The construction on land completed in 2009, and Raj gave the entire amount of the construction. Raj has also taken a loan for the house. Whole land is registered in the name of Raj's father. Therefore, do Raj's brother have legal right over the land/house? Note: All the money for the construction of the land has come from Raj's account.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the provisions of the Income Tax Act the right in property would be dependent on who actually has made payment for the same. In this case, since the payment has been made by Raj, however, the Agreeement stands in the name of Raj's father unless Raj files a suit for ownership of the property in his exclusive name or gets the property transferred in his exclusive name, Raj's brother can de...
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Legal
#agreement#booked#2bhk#flat#builder
Could you guide me with the details of a partnership agreement. I booked a 2bhk flat in a partnership agreement with a friend in a 67:33 ratio, the builder says that we would have to understand the agreement mutually, please guide me.
Could you guide me with the details of a partnership agreement. I booked a 2bhk flat in a partnership agreement with a friend in a 67:33 ratio, the builder says that we would have to understand the agreement mutually, please guide me.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
if the property is acquired in the name of the partenrship firm, then the rights of the partners to such property would be governed by the terms of the partnership deed. As such, your partnership deed with your friend should spell out the respective shares of the partners in all assets of the firm etc.,
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