Aahna Singh
Questions Asked
Taxes & Duties
#capital#taxable#property#agreement
Is the capital gains taxable if the property is sold after 3 years of the date on the sale agreement?
Is the capital gains taxable if the property is sold after 3 years of the date on the sale agreement?
| 
Answered on November 08, 2017
Yes. The capital gains arising from the sale of property after holding the same for 2 years is taxable as long term capital gains. Indexation will be availble on the purchase cost as the asset is long term capital assets.
Taxes & Duties
#save#taxes#property#flat#crore
In what way can I lawfully save taxes on property in two scenarios related to my flat. Scenario one, the value of my flat is 1 crore and I want to sell this and buy a new flat in Mumbai. Scenario two, I sell my flat and want to keep the money without investing it again in a property. Please suggest.
In what way can I lawfully save taxes on property in two scenarios related to my flat. Scenario one, the value of my flat is 1 crore and I want to sell this and buy a new flat in Mumbai. Scenario two, I sell my flat and want to keep the money without investing it again in a property. Please suggest.
Answered on November 08, 2017
Under scenario 1, if you sell your residential flat and invest the capital gain arising therefrom in another residential flat then the provisions of section 54 of Income Tax Act would apply i.e selling of one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act will apply and capital gains so arised shall be exempted...
(View more)
Purchase & Sales
#token#buyer#cheque#transaction#money
I recieved a token of INR 20,000 from a potential buyer in the form of a cheque, the receipt of which I have acknowledged. Now, he isn't willing to complete the transaction and wants his money back, but I don't wish to return it. What can I do about this situation legally?
I recieved a token of INR 20,000 from a potential buyer in the form of a cheque, the receipt of which I have acknowledged. Now, he isn't willing to complete the transaction and wants his money back, but I don't wish to return it. What can I do about this situation legally?
Answered on November 08, 2017
It will all depend on the terms and conditions mentioned in the letter of allotment and/or agreement
RERA
#set#layout
With the DCR 2034 set to come in effect in the future, are there provisions to make changes in layout?
With the DCR 2034 set to come in effect in the future, are there provisions to make changes in layout?
Aahwaana Ramesh
40 Answered
Answered on November 08, 2017
Any changes in layout which was not declared at the time of registration, shall require approval from two-third of the alottees
Architecture & Interiors
My house is small. After decluttering, still it looks kinda cluttered as space is less. I can't afford a spacious house. How can I decorate it?
My house is small. After decluttering, still it looks kinda cluttered as space is less. I can't afford a spacious house. How can I decorate it?
Answered on November 08, 2017
If it looks cluttered in spite of removing certain items, that means it's not adequately decluttered. You may keep bare essentials which actually works well functionally.
Legal
#owner#transfer#property
What does an 'ostensible owner' mean? Also, can such an owner transfer a property? Please let me know if this can be done
What does an 'ostensible owner' mean? Also, can such an owner transfer a property? Please let me know if this can be done
This question has not been answered
Legal
#flat#property#registered#developer#sell
I own a flat that I bought in 2005, this property is fully registered as freehold in my name and all the property related mutations have also been undertaken. I recently found out from the developer that I cannot sell this land as I don't have clear title. What would be the solution?
I own a flat that I bought in 2005, this property is fully registered as freehold in my name and all the property related mutations have also been undertaken. I recently found out from the developer that I cannot sell this land as I don't have clear title. What would be the solution?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague and incomplete.
Legal
#unmarried#transferred#property
My Grandfather had 5 children out of which my father was the only son. I am the only son to my father and I have 3 sisters out of which one of my sister is unmarried. My grandfather transferred all the property that he owned to one his daughters. My father expired in the year 2009. Can I claim my share in the property that my grandfather owned?
My Grandfather had 5 children out of which my father was the only son. I am the only son to my father and I have 3 sisters out of which one of my sister is unmarried. My grandfather transferred all the property that he owned to one his daughters. My father expired in the year 2009. Can I claim my share in the property that my grandfather owned?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the property of your grandfather was his self acquired property then you would have no right to challenge the trasnfer of the property by your grandfather to one of his daughters only, however, if the property is ancestral property them you would be entitled to file a suit challenging the transfer and seeking your share in such property.
Legal
#property#divided
I have a doubt about the share of a jointly owned property by a husband and wife. In case the Husband dies, then according to me the father's share would be equally divided between the children and the wife and the other half would solely belong to the wife. Am I right?
I have a doubt about the share of a jointly owned property by a husband and wife. In case the Husband dies, then according to me the father's share would be equally divided between the children and the wife and the other half would solely belong to the wife. Am I right?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Yes, you are right. However, if the father is a Hindu and at the time of his death, if his mother is alive, then she would also have a share in the estate of her such son and accordingly, the father's share in the property would devolve on the mother, wife and the children of such deceased man.
Legal
#poa#property#sell
I want to make a friend the POA for my property in Kolkata, to undertake procedural work and to sell this property later on. Will a POA typed and signed on a plain paper, attested by the local indian consulate be enough? Or does it have to be printed on an Indian stamp paper?
I want to make a friend the POA for my property in Kolkata, to undertake procedural work and to sell this property later on. Will a POA typed and signed on a plain paper, attested by the local indian consulate be enough? Or does it have to be printed on an Indian stamp paper?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
A POA typed on plain paper will do, however the same would have to be adjudicated once it is recieved in India and then stamp duty thereon will have to be paid, before the POA can be recognized.
Legal
#flat#rent#tenants#affidavit#heirs
We have given a flat on rent which was in the name of my grandfather, it has been on rent for the last 30 years. My grandfather passed away and the tenants have submitted an affidavit. Should I enter my father and uncle's name(the heirs to the property) in the affidavit?
We have given a flat on rent which was in the name of my grandfather, it has been on rent for the last 30 years. My grandfather passed away and the tenants have submitted an affidavit. Should I enter my father and uncle's name(the heirs to the property) in the affidavit?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
What is the affidavit for? Your father and Uncle (if they are the only heirs of your grandfather) would be entitled to suceed to the Flat as owners thereof and the tenant would have to pay the rent to them now.
Legal
#property#capital#sell
I bought a property in May 2013 with the capital gains from the sale of a property done in May 2012. When can I sell the property I bought in May 2013?
I bought a property in May 2013 with the capital gains from the sale of a property done in May 2012. When can I sell the property I bought in May 2013?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can sell the property at any time, however the proceeds from such sale would again entail capital gains and the same would depend on the number of years for which you have had ownership of the property.
Legal
#gift#property#owner
How does one gift a property to one's wife and son? Can this be done even if the wife is already a joint owner of the property?
How does one gift a property to one's wife and son? Can this be done even if the wife is already a joint owner of the property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Yes, you could always gift your share in the property to your wife and son and it makes no difference if the wife is already a joint owner. The same can be done by executing and registering a gift deed in favour of the wife and son.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the property is held by the Husband jointly with the wife and if there are no other heirs of the husband except his widow post his death, then the widow alone becomes the sole owner of the property (depending on the religion the husband follows) and only consequential applications to the society/revenue authority etc., have to be made to bring the aforesaid facts on record. However, if there...
(View more)
Connect with us
