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Questions Asked
Taxes & Duties
#construction#property#mumbai#allotted#builder
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
If I buy an under construction property in Mumbai which was earlier allotted by the builder to the land owner, through a tripatriate agreement with the land owner and the builder, is VAT payable on this transaction? What would be the GST implications?
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Answered on November 08, 2017
VAT would be payable by the builder on flats allotted to land owners. Subsequently when the land owner sells flats to third party, no VAT would be paybable by the land owner on such subsequent sale.
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Construction of a complex, building, civil structure etc intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certi... (View more)
Taxes & Duties
#booked#flat#possession#sell#capital
I booked a flat in 2010 and got possession in 2013. If I sell the flat now, will it attract capital gains tax? Which date is considered to be the purchase date?
I booked a flat in 2010 and got possession in 2013. If I sell the flat now, will it attract capital gains tax? Which date is considered to be the purchase date?
Answered on November 08, 2017
Yes, tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration.
As far as rate is concerned, tax will be computed @ 20% plus surcharge (if any) on long term capital asset held for more than 24 months. While tax rate will be 30% plus surcharge (if any) if the asset is a short term capital asset.
As far as date of purchase is ... (View more)
As far as rate is concerned, tax will be computed @ 20% plus surcharge (if any) on long term capital asset held for more than 24 months. While tax rate will be 30% plus surcharge (if any) if the asset is a short term capital asset.
As far as date of purchase is ... (View more)
Answered on November 08, 2017
The Highrise Buidling from CFO point of Vew is 24mtrs (Proposed to be 32 mtrs in DDP 2034) , Additionally for building more than 70mtrs High Court has constituted a Higrise Commmittee to Clear Poposal of buidlings more than 70mtrs.
Regulations
#landowner#property#mumbai#fsi#residential
I am a landowner of a 1000 sq. meter property in suburban Mumbai. As per the current regulations, what FSI can be consumed for residential premises?
I am a landowner of a 1000 sq. meter property in suburban Mumbai. As per the current regulations, what FSI can be consumed for residential premises?
Answered on November 08, 2017
For Regular Development Earlier it was Base Fsi 1.00 + Optional Addl FSI 0.5 + TDR. = Max 2.00 + Fungible 35 % =. 1+1+0.7 = 2.70 FSI (Subjec to Reservations). But as per TDR road width policy the Fsi is Base Fsi 1.00 + Addl FSI 0.5 + TDR as per Road Width (0.5(9-12.2 mtrs road)/0.7(12.2 to 18.30 m road)/ 0.9 (18,30 to 30m road) / 1.00 (more than 30m road) = Max 2.00/2.2/2.4/2.5 + Road Setback a...
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Redevelopment
#builder#refuses#fsi#owners#vacate
If a builder refuses to load the entire FSI on the redevelopment project before the existing owners vacate, can this be detrimental to owners' interests? Is this a common practice for such projects?
If a builder refuses to load the entire FSI on the redevelopment project before the existing owners vacate, can this be detrimental to owners' interests? Is this a common practice for such projects?
Answered on November 08, 2017
Normally builders do not load entire FSI initially. It requires huge cash flow depending upon the location of the redevelopment property as premium charges payable to the MCGM are in direct proportion to the Ready Reckoner rates of the zone in which property is located & TDR rates are influenced by demand and supply. so by loading entire FSI finance cost of the project is going to increase and ...
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Purchase & Sales
#builder#land#construction
How does one confirm that a builder actually owns the land on which construction is being undertaken? Also, how does one verify that all clearances required for the project have been obtained by the builder?
How does one confirm that a builder actually owns the land on which construction is being undertaken? Also, how does one verify that all clearances required for the project have been obtained by the builder?
Answered on November 08, 2017
Real Estate (Regulation and Development) Act 2016' makes it mandatory for all under construction projects as well as completed but Occupation / Completion certificate is yet to be received to register under the said Act and upload full information about the project whereby anyone can check all approvals, titles etc. online.
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