Aadi Bande
Questions Asked
Taxes & Duties
#agreement#registered#taxes#transactions
I sold my old house for 19 lakhs for which the sale agreement was done in April 2012 and registered in September 2012. In October 2012, I bought a new house for 25 lakhs. Do I have to pay taxes on any of these transactions?
I sold my old house for 19 lakhs for which the sale agreement was done in April 2012 and registered in September 2012. In October 2012, I bought a new house for 25 lakhs. Do I have to pay taxes on any of these transactions?
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Answered on November 08, 2017
It seems that your case very well fits within the provisions of section 54 of Income Tax Act i.e selling one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act. Thus there will be no capital gain tax liability and you need not pay any taxes. Further the new residential property so purchased should be held by you su...
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Redevelopment
#flat#property#builder#promised#exchange
We own a flat in Chunabhatti which is under the paghdi system. The property is now going for redevelopment and the builder has promised me a free flat in exchange for my participation. What can I do to ensure that this promise is honoured, as I am not the owner of this flat?
We own a flat in Chunabhatti which is under the paghdi system. The property is now going for redevelopment and the builder has promised me a free flat in exchange for my participation. What can I do to ensure that this promise is honoured, as I am not the owner of this flat?
Answered on November 08, 2017
If the builder has promised free flat, you have to ensure that builder has onbtained development rights of the properrty from the owner and executed agreement for the permanent alternate accommodation in your favour. You have to ensure before vacating existing place that plans are sanctioned by the planning authority for the proposed redevelopment.
Answered on November 08, 2017
It is all subject to the interest rate offered by any institution. However, some top names are ICICI, HDFC, SBI, Axis bank, Karnataka Bank, LIC Housing finance to name a few
Legal
#loan#property#remaining#implications
I have used 75% of my sale proceeds to clear the loan on the property and the remaining to invest in gold, what would be the tax implications that I face?
I have used 75% of my sale proceeds to clear the loan on the property and the remaining to invest in gold, what would be the tax implications that I face?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague and would depend on when you brought the property and what is the capital gains that you have made from sale of such property.
Legal
#mumbai
I wish to buy an apartment in Mumbai, but all the sellers are asking for a percentage of the amount in cash. This is why I am failing to buy an apartment. Is there an alternative solution to this? Please suggest
I wish to buy an apartment in Mumbai, but all the sellers are asking for a percentage of the amount in cash. This is why I am failing to buy an apartment. Is there an alternative solution to this? Please suggest
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Avoid such transaction.
Legal
#residential#property#delhi#ownership#transferred
I own a residential property in Delhi on a shared ownership basis. I have the first floor while the other two have the ground and the second floor respectively. I have been transferred out of Delhi and will take my family along with me, I wish to rent out this flat. I just want to know if I can do that, and will the other owners get a share from the rent?
I own a residential property in Delhi on a shared ownership basis. I have the first floor while the other two have the ground and the second floor respectively. I have been transferred out of Delhi and will take my family along with me, I wish to rent out this flat. I just want to know if I can do that, and will the other owners get a share from the rent?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the terms of your shared ownership of the property record that the entire first floor premises belongs to you then you would not be required to share the rental proceeds with the other co-owners.
Legal
#land#paid#money#cheque#registration
My dad and his friend jointly purchased a land in UP 11 years ago. Although my Dad and his friend both paid the money equally by cheque the registration document only includes my dad's friend's name. For 11 years now my dad has the possession of the land and he is also running a factory there. As there is no contract between my dad and his friend stating the possession of the land my dad's friend now claims that the entire property belongs to him. Is there any way we can take legal action against my dad's friend and claim the property?
My dad and his friend jointly purchased a land in UP 11 years ago. Although my Dad and his friend both paid the money equally by cheque the registration document only includes my dad's friend's name. For 11 years now my dad has the possession of the land and he is also running a factory there. As there is no contract between my dad and his friend stating the possession of the land my dad's friend now claims that the entire property belongs to him. Is there any way we can take legal action against my dad's friend and claim the property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You will have to file a Civil Suit in a court of Competent Jurisdiction to claim title to your share in the property in question and in such suit you will have to produce documents to show that your father has paid his share at the time of acquiring the property in question.
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