Sachish Mody
Questions Asked
Taxes & Duties
#flat#term#capital#property#land
I recently sold my flat. Of the sale proceeds, the long term capital gains are about 19 lakhs. I own other property as well. Can I invest these proceeds in another flat or plot of land to be exempted from LTCG?
I recently sold my flat. Of the sale proceeds, the long term capital gains are about 19 lakhs. I own other property as well. Can I invest these proceeds in another flat or plot of land to be exempted from LTCG?
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Answered on November 08, 2017
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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RERA
#promoter#society#association#maha
When does the promoter need to form society, association etc. in Maha RERA ?
When does the promoter need to form society, association etc. in Maha RERA ?
Aahwaana Ramesh
40 Answered
Answered on November 08, 2017
The Promoter shall submit the application in that behalf to the Registrar for registration of the Co-operative Housing Society under the Maharashtra Co-operative Societies Act, 1960 or a Company or any other legal entity, within three months from the date on which fifty one per cent of the total number of allottees in such a building or a wing, have booked their apartment.
Legal
#land#paid#owner#sell#property
My father sold a land to Rajesh in 1997 for INR 1,20,000. He paid the interest upto INR 57,000. Now someone else took it over as he passed away in 2007 and took a 'made over' for the land in 2010 for INR 1,20,000. Now, does this make him the owner? Can he sell the property without our consent? For how many years is the 'made over' valid? And we are 3 siblings so can we collectively pay off this loan and divide the land among us later?
My father sold a land to Rajesh in 1997 for INR 1,20,000. He paid the interest upto INR 57,000. Now someone else took it over as he passed away in 2007 and took a 'made over' for the land in 2010 for INR 1,20,000. Now, does this make him the owner? Can he sell the property without our consent? For how many years is the 'made over' valid? And we are 3 siblings so can we collectively pay off this loan and divide the land among us later?
This question has not been answered
This question has not been answered
Legal
#rented#owner#property
My father has been living in a rented accomodation for more than 50 years now. I want to know if he can become the legal owner fo that property?
My father has been living in a rented accomodation for more than 50 years now. I want to know if he can become the legal owner fo that property?
This question has not been answered
Legal
#agricultural#land#sell#capital
My father owns an agricultural land which he purchased for INR 25,000 17 years ago. Some miners are interested in this land due to the presence of some ores. So, if I sell it for 50 lacs will I have to pay capital gains tax? If yes, how much?
My father owns an agricultural land which he purchased for INR 25,000 17 years ago. Some miners are interested in this land due to the presence of some ores. So, if I sell it for 50 lacs will I have to pay capital gains tax? If yes, how much?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague, as it does not say whether you or your father desires to sell the plot. It would infact depend on when you got the property from your father.
Legal
#flat#paid#rent#save#taxes
My mother owned a flat for which I paid rent to her so that I can show it as her income on the returns. We recently sold the flat and purchased a new flat. In order to save taxes I decided to take a home loan for the flat hence I was the first owner and my mother the joint owner. During the purchase of the flat we had a few doubts about taking a home loan and also we had to make the payment immediately hence we did not take a home loan. As I have already purchased the house and the house is on my name nor can I claim a home loan benefit neither can I show rent in my papers. Please guide me as to how I can save on my taxes?
My mother owned a flat for which I paid rent to her so that I can show it as her income on the returns. We recently sold the flat and purchased a new flat. In order to save taxes I decided to take a home loan for the flat hence I was the first owner and my mother the joint owner. During the purchase of the flat we had a few doubts about taking a home loan and also we had to make the payment immediately hence we did not take a home loan. As I have already purchased the house and the house is on my name nor can I claim a home loan benefit neither can I show rent in my papers. Please guide me as to how I can save on my taxes?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague. You will not be entitled to deduct any amounts towards rent in your Income tax returns as the property will be used for your own residence. You can however pay interest to your mother towards the amounts invested by her whilst acquiring the flat.
Legal
#citizen#property#rules#regulations#buying
I am an Indian citizen and I wish to buy a property in Nepal. Can you tell me what are the rules and regulations to buying a property in Nepal for an Indian citizen.
I am an Indian citizen and I wish to buy a property in Nepal. Can you tell me what are the rules and regulations to buying a property in Nepal for an Indian citizen.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Indian citizens are permitted to acquire property in Nepal. However, prior to such purchase it is better that you consult a local lawyer in Nepal for the same and investigate the title of the property there.
Legal
#property#registered#government#owners#transfer
My father passed away recently, he left behind a will on the property that he had earned throughout his life. This will although was not registered with the government. He made me and my mother the joint owners of one of his properties. What are the steps that we will have to take to transfer these property documents?
My father passed away recently, he left behind a will on the property that he had earned throughout his life. This will although was not registered with the government. He made me and my mother the joint owners of one of his properties. What are the steps that we will have to take to transfer these property documents?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The Will is not requried to be registered however, unless the Will is probated bequest under the Will cannot given effect to. However, if you and your mother are the only legal heirs of your father, then you could appy for letters of admnistration and thereafter seek transfer of the property to your and your mother's name.
Legal
#transfer#flat#property#heirs#procedure
We want to transfer the flat we own in my mother's name. My father left this property without a will and we are the legal heirs to the flat, we want the same. Please help us with the procedure and details?
We want to transfer the flat we own in my mother's name. My father left this property without a will and we are the legal heirs to the flat, we want the same. Please help us with the procedure and details?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You could execute a Release Deed alongwith all other heirs transferring the property to the name of your mother. The Release Deed will have to be registered.
Legal
#havent#property#divided
I have two children from my ex wife and my present wife is okay with them, we haven't adopted any children. How will my property and my ex-wife's property be divided among my children?
I have two children from my ex wife and my present wife is okay with them, we haven't adopted any children. How will my property and my ex-wife's property be divided among my children?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Your children will have share only in property held by you and not in the property held by your ex-wife. The property of your ex-wife will devolve on her heirs depending on the religion she follows. However, there is chance that if there are absolutely no other heirs of the ex-wife, then the property could come to the share of the children of her husband (if the husband dies after the ex-wife a...
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Legal
#ancestral#property#transferred
The value of my ancestral home is 10 crores. We are a family of three brother and four sisters, my father passed away in 1987. My brother got a relinquishment deed signed by all of us, stating that everyone will get an equal share. One of our brothers who has now passed away, had refused to sign the deed. He has a family of three sons, a daughter and his wife. Now, my brother has gotten the property transferred in his name and built a four storey house. How can I get my share out of this?
The value of my ancestral home is 10 crores. We are a family of three brother and four sisters, my father passed away in 1987. My brother got a relinquishment deed signed by all of us, stating that everyone will get an equal share. One of our brothers who has now passed away, had refused to sign the deed. He has a family of three sons, a daughter and his wife. Now, my brother has gotten the property transferred in his name and built a four storey house. How can I get my share out of this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You will have to file a suit for partition of the property and in the same suit, you will have to ask for your undivided share in the estate. You dead brother's heirs will also be entitled to his un-divided share in the property. You will also have to seek cancellation of the relinqusihment deed signed by you in favour of your brother.
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