Raman Batliwala

Civil Engineer
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Questions Asked

Taxes & Duties #rules#nri#sell#property#mumbai
I am a Captain in the Merchant Navy and as per Income tax rules I am an NRI. I wish to sell my property in Mumbai that is jointly owned by my wife and I, and invest the proceeds in another property. Is there any TDS to be deducted by the buyer in this situation?
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Harsh Bhuta, Chartered Accountant  

37 Answered

Answered on November 08, 2017
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    • The property is situtated in India and therefore capital gains tax will arise on this transaction. The buyer will have to deduct TDS as per provisions of section 195 of the Income Tax Act since you are NRI.
    Regulations
    What is IOD?
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    Yomesh Rao, Director at YMS Consultants   

    47 Answered

    Answered on November 08, 2017
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    • Intimation of Disapproval (IOD). The Term is Derived from the MMC Act 1888 during the British Era hence the Language Disapproval. During British Era in India More particularly in Mumbai Birtish used to Intimate Disapproval and on Compliance of the Disapproval conditions used to grant CC (Commencement Certificate for Construction.
    Redevelopment #redevelop#society#landowner#consent
    We are planning to redevelop our society, but it is built on a leasehold plot. In this situation, would we require the consent of the landowner to undertake redevelopment?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • You have to check the lease document, whether any such conditions are mentioned requiring consent of the owner in case of the redevelopment. sometimes the lease is executed in favour of the society for 99 or 999 years with complete right of the redevelopment.
    Purchase & Sales #flat#co-owner#loan#paid#registration
    I purchased a flat with my brother as a co-owner, to strengthen my chances of getting the loan approved. I paid a fee for the registration. Will I have to pay the registration fee again if I get the flat transfered on my sole name? If yes, what would be the amount?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • Registration charges of 1% of agreement value shall need to be paid again, plus in case of a gift from one brother to another, it will be treated as a gift deed and 3% stamp duty of agreement value shall also need to be paid
    Purchase & Sales #rise#fsi#prices#mumbai
    Will the rise in FSI result in an increase of real estate prices in Mumbai, or the opposite?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • Mumbai has been the major attraction for immigrants from rest of the country because of its fast overall developement and high employment opportunities. Few reasons influencing no reduction in property prices : a) The constant need of migrators to Mumbai encourages landlords to hold on to high prices. b) There has been constant increase in premiums payable to MCGM ; c) Cost of construction has ...
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    RERA #promoters
    According to the Act, is there a deadline or time limit by when the promoter's account must be audited?
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    Aahwaana Ramesh

    40 Answered

    Answered on November 08, 2017
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    • The original certificates of Architect, Accountant and Engineer have to be retained by the promoter because the same are required to be verified and audited by the statutory auditor of the promoter's company within 6 months of every financial year.