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Taxes & Duties #loan#lac
I am planning to buy a house in Bhandup. I will be taking a loan of 30 lac for the same. Now my plan is to either take a prepayment of 10 lac in year or take this 10 lac and make it an FD and use the interest from it to pay the regular home loan emi. Which of these plans is better?
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Harsh Bhuta, Chartered Accountant  

37 Answered

Answered on November 08, 2017
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    • Interest on Housing loan will always be higher than what you earn on Fixed Deposit. Further interest earned on fixed deposit is subjected to income tax. By paying off the loan you will be saved on interest expense. So it is advisable to repay the loan (if the rate of interest is high on the loan in comparison to FD)
    Taxes & Duties #property#capital#exemption#land
    I gave my property of 2 and a half acres for a JV and got 20 apartments out of that. The capital gains tax on this is very high and I wish to get capital tax exemption, how can I do that? Also, which sections should I be cautious about with regards to the land?
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    Harsh Bhuta, Chartered Accountant  

    37 Answered

    Answered on November 08, 2017
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    • The capital gains will arise in the year in which the land is transferred to JV. Exemption to the extent of Rs. 50,00,000/- will be available under section 54EC of the Income Tax Act provided you invest in specified bonds or under section 54EE of the Income Tax Act on investing in the units of specified start up funds as notified by central government within a period of six months from the date...
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    Regulations
    What does built up area mean?
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    Yomesh Rao, Director at YMS Consultants   

    47 Answered

    Answered on November 08, 2017
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    • built up Area is the Total Covered Areas of a Building
    Society Matters #flat#society#development#charges#paid
    I recently sold my flat and as per the new law passed by our society, the seller of the flat has to pay Rs. 30,000 to the society as the society development charges. But we have already paid Rs.30/sf.ft as the transfer charges and also, the bye laws state that the society is not allowed to take more than Rs.25,000 from the owner in any case. Also, the agreement states that all the transfer charges should be borne by the buyer.
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • As per bye laws, Co-operative society can not demand more then Rs. 25000/- for a transfer.
    Bank Finance
    What does an APF mean?
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    Rachanaa Group  

    129 Answered

    Answered on November 08, 2017
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    • APF stands for Advanced Processing Facility.Every project of a developer is expected to have a valid APF number or a code. The APF Number is provided by banks or housing finance companies (HFCs). The APF Number denotes that the project has received all necessary approvals, and that homebuyers can invest in the project without any fear about the credibility of the developer.Most developers have ...
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    RERA #redevelopment#maha
    What happens to a redevelopment project which has been abandoned. Will it come under Maha RERA?
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    Aahwaana Ramesh

    40 Answered

    Answered on November 08, 2017
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    • An abandoned project having Commencement Certificate and not having Occupation/Completion Certificate is required to be registered under MAHA RERA or RERA. If the project is abandoned and the promoter does not apply for registration, in such case alottee/s can approach RERA authority. In case the project is abandoned prior to the stage of Commencement Certificate, it will not come under RERA as...
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