Sadar Modi
Questions Asked
Taxes & Duties
#flat#mumbai#selling#pune#avoid
We wish to buy a flat in Mumbai after selling our flat in Pune. The flat in Pune is in my mother's name, we want to avoid capital gains, so is it advisable for my mother and father to have a joint ownership? Also, if this happens will it impact the exmeption claimed by my mother on the property?
We wish to buy a flat in Mumbai after selling our flat in Pune. The flat in Pune is in my mother's name, we want to avoid capital gains, so is it advisable for my mother and father to have a joint ownership? Also, if this happens will it impact the exmeption claimed by my mother on the property?
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Answered on November 08, 2017
Since the Pune Flat is owned by your mother, capital gains will arise to your mother. By investing in another residential flat exemption u/s. 54 of the Income Tax Act can be claimed upto a value of subsequent purchase.
Further the Mumbai flat can be purchased in joint ownership of your mother and father. Joint ownership will not have any impact on exemption that will be available to your mothe... (View more)
Further the Mumbai flat can be purchased in joint ownership of your mother and father. Joint ownership will not have any impact on exemption that will be available to your mothe... (View more)
Purchase & Sales
#crz#price
If I am willing to buy a house in a building that falls under CRZ, will I be able to buy at a lower price as compared to the market rate?
If I am willing to buy a house in a building that falls under CRZ, will I be able to buy at a lower price as compared to the market rate?
Answered on November 08, 2017
It depends upon the location and condition of a building. Although one can not utilise TDR on the land falling under CRZ but because of the same reason building may have more open space for the recereation activities and parking facility density of that compared to other buildings.
Legal
#advice#property#grandmother#promoters
I am looking for advice regarding a property that is owned by my grandfather. My grandfather passed away in 2001 while my grandmother passed away in 2007. They passed way without a will so my father and his bothers/sisters do not have any claims. Also according to he supreme court the sisters did not have any rights to property before 2005. Can I give this property to the promoters to build something? Also, how can I do this?
I am looking for advice regarding a property that is owned by my grandfather. My grandfather passed away in 2001 while my grandmother passed away in 2007. They passed way without a will so my father and his bothers/sisters do not have any claims. Also according to he supreme court the sisters did not have any rights to property before 2005. Can I give this property to the promoters to build something? Also, how can I do this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the property is not partitioned prior to 2006 and is still in joint family name, then even the married daughters will have a claim in such property and any transaction in connection with the property will have to be done by all the legal heirs together.
Legal
#property#flat#transfer#gift
I live in New Zealand and I own a property in Mira Road, India. I had bought that flat 13 years back and now I want to transfer the rights of that flat to my sister as a gift. However, I will be unable to visit India in near future so I want your advise on what paperwork do I need to do in order to transfer the property in my sister's name?
I live in New Zealand and I own a property in Mira Road, India. I had bought that flat 13 years back and now I want to transfer the rights of that flat to my sister as a gift. However, I will be unable to visit India in near future so I want your advise on what paperwork do I need to do in order to transfer the property in my sister's name?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can execute a power of attorney in favour of any of your family member to execute and register such gift deed. The power of attorney can be executed by you before the Indian Embassy in New Zeland and thereafter forwarded to India to pay stamp duty thereon post adjudication.
Legal
#bungalow#entered#agreement#developer#builder
I bought a twin duplex bungalow in Goa that is spread over 148 sq mts. the plot although is 340 sq mts. The bungalows share a common wall. I entered into an agreement of sale along with the developer. According to this the area of the house and the first floor, belong to me as a part of the demarcation by the builder. Do I need to take any precaution before the sale deed?
I bought a twin duplex bungalow in Goa that is spread over 148 sq mts. the plot although is 340 sq mts. The bungalows share a common wall. I entered into an agreement of sale along with the developer. According to this the area of the house and the first floor, belong to me as a part of the demarcation by the builder. Do I need to take any precaution before the sale deed?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You should have the plan of the bungalow made to measure upto scale and have the same annexed to your Sale Deed to avoid any ambiguity as regards the area of land and bungalow sold to you.
Legal
#deceased#unmarried#death#possession#property
My deceased father has an elder brother, who is 80 years old. My father had looked after him for all his life as he is unmarried. My uncle's Will named my father for all his earthly possessions but unfortunately my father died an early death and after his death my uncle named his possession in the name of a Gurudwara without our consent. We wanted to know if we are entitled to a share in his property?
My deceased father has an elder brother, who is 80 years old. My father had looked after him for all his life as he is unmarried. My uncle's Will named my father for all his earthly possessions but unfortunately my father died an early death and after his death my uncle named his possession in the name of a Gurudwara without our consent. We wanted to know if we are entitled to a share in his property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Unless the Will is probated no rights flow from the same and as such unless you or your father have applied for probate of such Will, you would not be entitled to any benefits under the Will executed by the elder brother of your father. However, even if the Will is not probated, you would still have a share in the property in view of your father being one of the legal heirs of his elder brother...
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Legal
#property
Is it allowed to send a legal notice to my uncle to share the property amount with us?
Is it allowed to send a legal notice to my uncle to share the property amount with us?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The question is vague and incomplete.
Legal
#ownership#documents#proof#land#society
We own a piece of land in a society and have built our house in that society. We have also been staying there since 2004. We also possess all the electric bills as proof of occupying the property. But now the grandson of the secretary has sent us a legal notice for claiming false ownership of the land. What can we do in this situation to prove the ownership of the property?
We own a piece of land in a society and have built our house in that society. We have also been staying there since 2004. We also possess all the electric bills as proof of occupying the property. But now the grandson of the secretary has sent us a legal notice for claiming false ownership of the land. What can we do in this situation to prove the ownership of the property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If you have the relevant documents proving ownership of the land in the society and are also a member of the society, then the secretary or his grand son's notice is without merit and it would be for them to approach the court to prove that your ownership claim is false, you can defend such proceedings by producing your title deeds etc., to the land and no seperate proceedings are required to b...
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Legal
#transfer#flat#transferred#owner#society
If a flat is to be transferred from the owner to the society does it take very long?
If a flat is to be transferred from the owner to the society does it take very long?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The law in Maharashtra under the Maharashtra Co-operative Socities Act, 1960 gives the Society a maximum period of 90 days for deciding the application for transfer of membership.
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