Anvi Modi

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Taxes & Duties #gift#flat#legal#implications
If I want to gift my flat to my daughter, what are the legal implications regarding: 1. Title and how is this established, 2. Is gift tax leviable and when?
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Harsh Bhuta, Chartered Accountant  

37 Answered

Answered on November 08, 2017
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    • According to Section 56(2) of the Income Tax Act, the gift of flat received by your daughter shall be exempt, as it is a gift received from relative. On registering the gift deed the stamp duty and registration fees needs to be paid. There will be no gift tax on the said transaction.
    Purchase & Sales #residential#mumbai#separate#property
    In a situation where a residential project in Mumbai is APF approved by a well-known financial instittution, does one need to conduct a separate property search through a lawyer, or does the financial institution's search report suffice?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • It is always advisable to conduct own due diligence prior to buying any property. However, as of now when RERA is applicable for all new or ongoing projects it will be easier for you to browse through RERA website to understand nature of title of the property.
    Purchase & Sales #buying#flat#mumbai
    According to the current market situation, what would be preferable: buying or renting a flat in Mumbai?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • This is a very subjective question. Does the buyer intend to stay in Mumbai and make it his home or is from outside the city for a couple of years. There is room in the city for the prices to escalate even further, especially because we are a developing economy. GDP of the country is still in the growth mode, maximum of the population is in under the age of 25. FSI in mumbai ranges from 0.5-4 d...
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    Bank Finance #advisable#homeloan
    Is it advisable from a financial perspective to prepay a home loan?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • This is subject to the terms of the agreement with the institution. Certain banks have a prepayment penalty that needs to be paid. However, if the loan period left is considerably high, it may be a good option to pay the balance amount because the interest payment can really pile up over a long period of time. However, you should also consider your individual tax implications/exemptions while d...
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    RERA #builder#society
    Is the builder responsible for the leakages/defects after handing it over to the society? If not, then who is?
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    Aahwaana Ramesh

    40 Answered

    Answered on November 08, 2017
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    • In case any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale relating to such development is brought to the notice of the promoter within a period of five years by the allottee from the date of handing over possession, it shall be the duty of the promoter to rectify such defects without ...
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