Results for #LAND
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
#land#construction#loan#registered#money
Raj and his father bought a land in 2008 (money was equally given by them). The construction on land completed in 2009, and Raj gave the entire amount of the construction. Raj has also taken a loan for the house. Whole land is registered in the name of Raj's father. Therefore, do Raj's brother have legal right over the land/house? Note: All the money for the construction of the land has come from Raj's account.
Raj and his father bought a land in 2008 (money was equally given by them). The construction on land completed in 2009, and Raj gave the entire amount of the construction. Raj has also taken a loan for the house. Whole land is registered in the name of Raj's father. Therefore, do Raj's brother have legal right over the land/house? Note: All the money for the construction of the land has come from Raj's account.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the provisions of the Income Tax Act the right in property would be dependent on who actually has made payment for the same. In this case, since the payment has been made by Raj, however, the Agreeement stands in the name of Raj's father unless Raj files a suit for ownership of the property in his exclusive name or gets the property transferred in his exclusive name, Raj's brother can de...
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Legal
#land#paid#money#cheque#registration
My dad and his friend jointly purchased a land in UP 11 years ago. Although my Dad and his friend both paid the money equally by cheque the registration document only includes my dad's friend's name. For 11 years now my dad has the possession of the land and he is also running a factory there. As there is no contract between my dad and his friend stating the possession of the land my dad's friend now claims that the entire property belongs to him. Is there any way we can take legal action against my dad's friend and claim the property?
My dad and his friend jointly purchased a land in UP 11 years ago. Although my Dad and his friend both paid the money equally by cheque the registration document only includes my dad's friend's name. For 11 years now my dad has the possession of the land and he is also running a factory there. As there is no contract between my dad and his friend stating the possession of the land my dad's friend now claims that the entire property belongs to him. Is there any way we can take legal action against my dad's friend and claim the property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You will have to file a Civil Suit in a court of Competent Jurisdiction to claim title to your share in the property in question and in such suit you will have to produce documents to show that your father has paid his share at the time of acquiring the property in question.
RERA
#land area#apartments#registration#land#registered
If a real estate project has land area less than 500 sqmts but contains more than 8 apartments. Does it still need to be registered?
If a real estate project has land area less than 500 sqmts but contains more than 8 apartments. Does it still need to be registered?
Dhvanil Vakharia,Design Engineer
31 Answered
Answered on November 08, 2017
( Source : maharera.mahaonline.gov.in) Yes. Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered
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
#sell#land#bank#loan
My dad want to sell out piece of land in Varanasi, but he is facing a number of problem regarding the same. Can we avail a bank loan on this plot? The evaluation of the land is about 22-24 lakhs so what would be the loan amount we can avail.
My dad want to sell out piece of land in Varanasi, but he is facing a number of problem regarding the same. Can we avail a bank loan on this plot? The evaluation of the land is about 22-24 lakhs so what would be the loan amount we can avail.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Usually, the loan depends on the availibility of the person seeking such loan to repay the same. However, security of the land, the market trend is to give 60-70% of the land value as loan.
Legal
#lease#deposit#term#landlord#refuses
What do I do if at the end of the lease term the landlord refuses to refund my deposit?
What do I do if at the end of the lease term the landlord refuses to refund my deposit?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Depends on the terms of the lease deed, either you can hold on to the property or file a suit for recovery of the deposit
Legal
#land#property
I have 5 cents of land and my brother has been using this to run his hollow brick business for the last 7 years. I recently got married and want to build my house on that property. Although, my brother is not willing to move out and let me have the property. I am a middle class person while my brother is rich and can use his resources. What can we do in this situation?
I have 5 cents of land and my brother has been using this to run his hollow brick business for the last 7 years. I recently got married and want to build my house on that property. Although, my brother is not willing to move out and let me have the property. I am a middle class person while my brother is rich and can use his resources. What can we do in this situation?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can file a suit before a civil court to recover possesion of the land.
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?
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?
Answered on November 08, 2017
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.
RERA
#land#registered
If a real estate project has land area more than 500 sqmts but containing less than 8 apartments. Does it still need to be registered?
If a real estate project has land area more than 500 sqmts but containing less than 8 apartments. Does it still need to be registered?
Dhvanil Vakharia,Design Engineer
31 Answered
Answered on November 08, 2017
( Source : maharera.mahaonline.gov.in) Yes. Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered
