Jamal Malik

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Taxes & Duties #transfer#flat#costs#involved#rent
If I want to transfer my share of a flat that I jointly own with my mother to my wife, what will be the costs involved? Also, after the transfer is complete can I pay rent on this flat and claim HRA exemption in my salary?
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Harsh Bhuta, Chartered Accountant  

37 Answered

Answered on November 08, 2017
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    • You can transfer your share to your wife by executing a gift deed. Further as the property is being gifted to wife (relative), there will be no tax liability under section 56 of the Income Tax Act. However stamp duty and registration charges needs to be paid in this case. If the gift deed is executed, any payment of rent received by your wife in respect of the said property will be clubbed in...
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    Taxes & Duties #flat#lakh
    I am a 36 years old salaried individual. I bought a flat 7 years ago for 5 lakh and sold it recently for 16 lakhs. I purchased another flat this year for 32 lakhs. How do I file my return?
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    Harsh Bhuta, Chartered Accountant  

    37 Answered

    Answered on November 08, 2017
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    • Difference between sale consideration (16 lacs) and indexed purchase cost (5 lacs plus indexation) will be charged as capital gains. Since you are purchasing new residential property of Rs. 32 lacs, the entire capital gains will be exempt u/s. 54 of the Income Tax Act which is available on sale of residential property by investing in new residential property. For ther year under consideration, ...
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    Redevelopment #parking#builder
    If someone who has illegally encroached unsold parking areas, basements or terraces and demands to be compensated through a free space during a redevelopment, how does a builder tackle this situation?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • As this is illegal, we do not entertain such encroachers. However, if they are adamant and they try disrupt the redevelopment, a developer may offer them some area or other consideration on account of the society. It is advisable to tackle this situation internally before going for redevelopment.

    Purchase & Sales #property#prices#expected#mumbai
    Is there any reduction in property prices expected in Mumbai?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • a) Not till the outskirts of Mumbai city is fully developed like in advanced countries; b) Poor logistics and infrastructure developement is also one of the key reasons for No Reduction in property prices.
    Society Matters #society#charges#charging#month
    Society is asking for building repair charges despite charging of sinking funds every month, is it fair?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • Yes, they are separate and can be charged, subject to resoultion passed to that effect in a lawfully conducted general body meeting