Armaan Ghosh

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Taxes & Duties #flat#possession#sell#capital#transaction
I purchased a flat in 2004, and another one which I will get possession of in the first quarter of 2015. I will move from the old flat to the new flat once it is ready, and then sell the old flat. I would like to minimize the capital gains tax on this transaction. How do I time the two transactions to do so?
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Harsh Bhuta, Chartered Accountant  

37 Answered

Answered on November 08, 2017
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    • If you invest the capital gain arising from the sale of residential flat in another residential flat then the provision of section 54 of Income Tax Act shall apply (i.e selling of one residential property and purchasing another residential property within within 1 year before or 2 years after the due date of transfer of the Property sold or construct a residential house property within a period...
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    Taxes & Duties #applicable#registration#purchasing#flat#stampduty
    What would be the applicable registration fees and stamp duty while purchasing a flat?
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    Harsh Bhuta, Chartered Accountant  

    37 Answered

    Answered on November 08, 2017
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    • Stampy Duty and Registeration fees will depend on the stamp duty provisions of each State. For Maharashtra, the rates are as below:

    a) The stamp duty rate will be 5% of the agreement value or market value (computed as per the ready reckoner rate of the area), whichever is higher

    b) Registration fees will be 1% on the market value or the agreement C72value but restricted to Rs. 30,000.
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    Regulations #fsi
    What is the meaning of FSI?
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    Yomesh Rao, Director at YMS Consultants   

    47 Answered

    Answered on November 08, 2017
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    • Floor Space Index also Known as FAR Floor Area Ratio. "Floor space index (FSI)" means the quotient of the ratio of the combined gross floor area of all floors, excepting areas specifically exempted under these Regulations, to the total area of the plot, viz. :- Total covered area on all floors Floor Space Index (FSI) / (Divided by) Plot area
    Purchase & Sales #costs#buying#under-construction#flat
    What is the difference between the the total costs in buying an under-construction flat versus buying a ready flat?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • Buying a flat In under construction building will attract payment of GST whereas it is not applicale for a completed building having Occupation/Completion Certificate issued by approval authority
    RERA #revoked#buyer
    If the registeration of a real estate project is revoked for any reason, how will the interest of the buyer, in such an event, be protected by RERA?
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    Aahwaana Ramesh

    40 Answered

    Answered on November 08, 2017
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    • Upon lapse of the registration or on revocation of the registration under this Act, the Authority, may consult the appropriate Government to take such action as it may deem fit including the carrying out of the remaining development works by competent authority or by the association of allottees or in any other manner, as may be determined by the Authority: Provided that no direction, decis...
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