Results for #2BHK
Legal
#land#mumbai#sell#property#builder
I own a piece of land in Mumbai jointly with my three brothers. My father insists that none of us can individually sell our share of the property. Therefore, we have jointly approached a builder to build a residential property on that land. We would like 4 2BHK flats, but the builder has given us an option to take a lump sum of 3 crores. If we accept his offer, what would be the taxes due? Is there any other method we can follow to maximize our profit in this situation?
I own a piece of land in Mumbai jointly with my three brothers. My father insists that none of us can individually sell our share of the property. Therefore, we have jointly approached a builder to build a residential property on that land. We would like 4 2BHK flats, but the builder has given us an option to take a lump sum of 3 crores. If we accept his offer, what would be the taxes due? Is there any other method we can follow to maximize our profit in this situation?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Capital gains will be applicable on the transaction and the same could be Short Term Gains or Long Term Gains depending on how long you have held the property. You could utilise the sale proceeds received from the Builder to acquire another residential property within a period of 1 year from the date of the sale to minimise and/or avoid capital gains payment.
Legal
#2bhk#flat#pune#possession#loan
We have recently purchased a 2BHK flat in Pune but we are yet to get possession of the flat. Me and my husband, we both are the co-bearers of the loan but we are not the co-owners of the flat. The builder has not yet prepared the sale deed of the flat but the registered agreement of the flat is with the bank. We wanted to know which is the most convenient way by which we can get me as a co-owner of the property before we get the possession of the flat so that we can claim tax benefits under Section 80 C.
We have recently purchased a 2BHK flat in Pune but we are yet to get possession of the flat. Me and my husband, we both are the co-bearers of the loan but we are not the co-owners of the flat. The builder has not yet prepared the sale deed of the flat but the registered agreement of the flat is with the bank. We wanted to know which is the most convenient way by which we can get me as a co-owner of the property before we get the possession of the flat so that we can claim tax benefits under Section 80 C.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can enter into a tripartite agreement with the developer inter alia in respect of the flat and which tripartite agreement could also be the sale deed which can be executed prior to the completion of the construction of the property or in the alternative an agreement can be made between the husband and wife whereunder the husband transfers a proportionate undivided interest in the flat in fa...
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Legal
#agreement#booked#2bhk#flat#builder
Could you guide me with the details of a partnership agreement. I booked a 2bhk flat in a partnership agreement with a friend in a 67:33 ratio, the builder says that we would have to understand the agreement mutually, please guide me.
Could you guide me with the details of a partnership agreement. I booked a 2bhk flat in a partnership agreement with a friend in a 67:33 ratio, the builder says that we would have to understand the agreement mutually, please guide me.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
if the property is acquired in the name of the partenrship firm, then the rights of the partners to such property would be governed by the terms of the partnership deed. As such, your partnership deed with your friend should spell out the respective shares of the partners in all assets of the firm etc.,
Legal
#land#builder#residential#property#2bhk
I own a piece of land in Thane jointly with my three brothers. Now we have approached a builder to build a residential property on that land. We have received two offers from the builder. One, he will pay us 40-60 lakhs and 4 2BHK flats. Two he will give us a lumpsum amount of 2.5 crores. Will the proceeds from this development be taxable, and if so what will be the tax rate in each scenario?
I own a piece of land in Thane jointly with my three brothers. Now we have approached a builder to build a residential property on that land. We have received two offers from the builder. One, he will pay us 40-60 lakhs and 4 2BHK flats. Two he will give us a lumpsum amount of 2.5 crores. Will the proceeds from this development be taxable, and if so what will be the tax rate in each scenario?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Capital gains will be applicable on the transaction and the same could be Short Term Gains or Long Term Gains depending on how long you have held the property.
Architecture & Interiors
#2bhk#bandra#dinning#table#appartment
We are a family of four and have a compact 2bhk appartment in Bandra. Could you please recommend the size of dinning table we can get which would be adequate for us?
We are a family of four and have a compact 2bhk appartment in Bandra. Could you please recommend the size of dinning table we can get which would be adequate for us?
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