Results for #Mumbai
Taxes & Duties
#save#taxes#property#flat#crore
In what way can I lawfully save taxes on property in two scenarios related to my flat. Scenario one, the value of my flat is 1 crore and I want to sell this and buy a new flat in Mumbai. Scenario two, I sell my flat and want to keep the money without investing it again in a property. Please suggest.
In what way can I lawfully save taxes on property in two scenarios related to my flat. Scenario one, the value of my flat is 1 crore and I want to sell this and buy a new flat in Mumbai. Scenario two, I sell my flat and want to keep the money without investing it again in a property. Please suggest.
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Answered on November 08, 2017
Under scenario 1, if you sell your residential flat and invest the capital gain arising therefrom in another residential flat then the provisions of section 54 of Income Tax Act would apply i.e selling of one residential property and buying another residential property within the time limit specified under section 54 of the Income Tax Act will apply and capital gains so arised shall be exempted...
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Purchase & Sales
#view#commercial#mumbai
What is the expert view on the commercial real estate markets in Mumbai?
What is the expert view on the commercial real estate markets in Mumbai?
Answered on November 08, 2017
Commerical market had been at an all time low since the last couple of years. Because of this, commercial supply went down drastically except in select areas such as BKC, Lower Parel. Over time, people have been experiencing a dearth in supply in places in northern suburbs of mumbai and demand for commercial real estate is now on the rise, especially for compact units in the range of 400-1000 s...
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Legal
#nri#registration#nominee#documents#buying
Is it possible to nominate someone to sign the registration documents while buying a property if I am an NRI and not physically present in the Mumbai where the property is located ?
Is it possible to nominate someone to sign the registration documents while buying a property if I am an NRI and not physically present in the Mumbai where the property is located ?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The right to admit execution of a document before the registration authorities can be granted to someone by way of a Power of Attorney. An NRI can execute such Power of Attorney before the Indian embassy at the place where such NRI resides and forward such Power of Attorney to India for adjudication and payment of stamp duty and thereafter, such Power of Attorney can be used to admit execution ...
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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?
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.
Regulations
#fsi#builder#residential#commercial#mumbai
What is the FSI available to a builder on any given plot for residential purposes or commercial purposes in Mumbai?
What is the FSI available to a builder on any given plot for residential purposes or commercial purposes in Mumbai?
Answered on November 08, 2017
This is a vry subjective question as in Mumbai FSI is permissible under DCR 32 +tdr under 34 + Fungible under 35(4). Also there is DCR 33 wherein Additiona Fsi up to 4.00 is permissible for specific uses and special cases.
Legal
#mumbai#flat#owner#loan#property
I am a 24 year old individual living in Mumbai. I want to buy a flat in Kharghar. The owner of this flat had taken a loan for this property and hasn't paid it off altogether. What will happen to that? Also the papers of the house would be with the bank, so how can I claim that? Are all the original documents required during the registration? And what all documents will I have to provide while buying the flat?
I am a 24 year old individual living in Mumbai. I want to buy a flat in Kharghar. The owner of this flat had taken a loan for this property and hasn't paid it off altogether. What will happen to that? Also the papers of the house would be with the bank, so how can I claim that? Are all the original documents required during the registration? And what all documents will I have to provide while buying the flat?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You will require an NOC ffrom the bank prior to buying such property. You can make payment of the balance dues of the bank from the agreed value of the flat to the Bank directly and thereupon you can also get the originals of the flat from the bank. The original documents of the Flat will not be required at the time of registration of your agreement/sale deed.
Society Matters
#reside#society#mumbai#liable
I reside on a ground floor in a Coperative Housing Society in Mumbai. Am i liable to pay lift expenses?
I reside on a ground floor in a Coperative Housing Society in Mumbai. Am i liable to pay lift expenses?
Answered on November 08, 2017
Yes, all common expenses have to be borne proportionately between all the members of the society
Redevelopment
#mumbai#sell
I own a plot in Mumbai and I wish to erect a three-storeyed building with 2 flats on each floor and sell these flats. How do I go about doing this?
I own a plot in Mumbai and I wish to erect a three-storeyed building with 2 flats on each floor and sell these flats. How do I go about doing this?
Answered on November 08, 2017
Please contact Practising Architect in your area. We can try and find names if we get exact details for the area in which you operate
Taxes & Duties
#mumbai#flat#ideally
I own two flats in Mumbai. One is in Kandivali in my name, and the other is in Goregaon in my wife's name. I want to buy another flat, ideally in whose name should this flat be bought?
I own two flats in Mumbai. One is in Kandivali in my name, and the other is in Goregaon in my wife's name. I want to buy another flat, ideally in whose name should this flat be bought?
Answered on November 08, 2017
If you own both the properties, then the propety held by you in name of your wife in Goregaon is a Deemed Let Out Property (DLOP) in your income by applying clubbing provisions of Income Tax Act. The ideal way to purchase new property is to gift the amount of sale consideration to your wife and then she can purchase the property in her own name then the same can be considered as Self Occcupied ...
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Regulations
#mumbai#maharashtra#tuition#residence
Can I run tuition classes in Mumbai in a residential flat in my co-op housing society?
Can I run tuition classes in Mumbai in a residential flat in my co-op housing society?
Answered on December 03, 2017
Mumbai DCR Regulation 51(i) states: Apart from residential use, Customary Home Occupation shall be permitted in buildings, premises or plots in a purely residential zone.
"Home occupation" is defined as customary home occupation other than conduct of eating or drinking place offering services to the general public customarily carried out by a member of the family residing on the premises with...
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