Results for #cost
Taxes & Duties
#transfer#flat#costs#involved#rent
If I want to transfer my share of a flat that I jointly own with my mother to my wife, what will be the costs involved? Also, after the transfer is complete can I pay rent on this flat and claim HRA exemption in my salary?
If I want to transfer my share of a flat that I jointly own with my mother to my wife, what will be the costs involved? Also, after the transfer is complete can I pay rent on this flat and claim HRA exemption in my salary?
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Answered on November 08, 2017
You can transfer your share to your wife by executing a gift deed. Further as the property is being gifted to wife (relative), there will be no tax liability under section 56 of the Income Tax Act. However stamp duty and registration charges needs to be paid in this case.
If the gift deed is executed, any payment of rent received by your wife in respect of the said property will be clubbed in...
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Regulations
#true#cost
Is it true when builders say that BMC premiums have gone up very high and account for a very large cost while constructing in BMC limits?
Is it true when builders say that BMC premiums have gone up very high and account for a very large cost while constructing in BMC limits?
Answered on November 08, 2017
Yes , To a great Extent it is True as all the Premiums have been Gradually Linked to Ready Reckoner and as the Ready Reckonner changes every year , The Rate of premiums and Development Charges Keep Increasing Every Year making the Cost of Development Substantially high.
Legal
#rented#flat#builder#prices#clubhouse
I have rented out my flat in Brigade Metropolis,Whitefield,Bangalore. The club house there is owned by the builder. The prices of this clubhouse are quite high and it is mandatory to pay these charges. The RWA has also agreed to the clubhouse by laws. The tenant in my flat doesn't use the clubhouse either. I don't wish to bare this extra cost. What do I do about this?
I have rented out my flat in Brigade Metropolis,Whitefield,Bangalore. The club house there is owned by the builder. The prices of this clubhouse are quite high and it is mandatory to pay these charges. The RWA has also agreed to the clubhouse by laws. The tenant in my flat doesn't use the clubhouse either. I don't wish to bare this extra cost. What do I do about this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The fees and charges in connection with the club house would depend on the terms of the Agreement executed by you with the Developer when you purchased the flat. If, the Agreement provides that payment of charges towards the club house are compulsory and if you have agreed to the same then you would be required to pay such charges irrespective of whether you used the clubhouse facility or not.
Taxes & Duties
#flat#mumbai#builder#cost#construction
I had bought a flat in Mumbai for which the builder is asking for service tax on the cost of construction. I wanted to know if this service tax is applicable on us and if yes, what is the % of amount that we will have to pay?
I had bought a flat in Mumbai for which the builder is asking for service tax on the cost of construction. I wanted to know if this service tax is applicable on us and if yes, what is the % of amount that we will have to pay?
Answered on November 08, 2017
Yes, Service Tax is applicable on the service portion in the execution of works contract. Currently, the abated rate of service tax on contract value is 4.5%
Legal
#association#charging#maintenance#mentions#payment
I am from the association of a 2 year old apartment in Whitefield. We are facing some problems related to the issue of charging maintenance. Our sale deed specifically mentions about the payment of the common cost and as per square feet of area of the flat. Now people are arguing that such maintenance constraints aren't valid even after being mentioned in the sale deed. Does the association have the authority to over rule the sale deed and decide on its own? Also, if they decide to charge differently from the sale deed can they be sued?
I am from the association of a 2 year old apartment in Whitefield. We are facing some problems related to the issue of charging maintenance. Our sale deed specifically mentions about the payment of the common cost and as per square feet of area of the flat. Now people are arguing that such maintenance constraints aren't valid even after being mentioned in the sale deed. Does the association have the authority to over rule the sale deed and decide on its own? Also, if they decide to charge differently from the sale deed can they be sued?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
It would depend under which act is the association registered. Is it the co-operative societies act or the apartment ownership act. The provisions of such act would have to be read with the terms of the sale deed and anything contrary to the act, would negate the terms of the sale deed and could invite litigation.
Legal
#car#park#exchange#deal#parking
I have two apartments, one came with an uncovered car park and one came with a covered car park. Now I want to exchange the car parkings for these flats. How can I go about with this? Both the flats were purchased as a deal with the parking space. Will I have to bare an extra cost for this?
I have two apartments, one came with an uncovered car park and one came with a covered car park. Now I want to exchange the car parkings for these flats. How can I go about with this? Both the flats were purchased as a deal with the parking space. Will I have to bare an extra cost for this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the latest judgments of the Hon'ble Supreme Court, Open car parking spaces cannot be sold and forms part of the common area of the property. As such, you will not be able to transfer the parking spaces between your two flats without the consent of the society and/or organisation of flat purchaser.
Purchase & Sales
#costs#buying#under-construction#flat
What is the difference between the the total costs in buying an under-construction flat versus buying a ready flat?
What is the difference between the the total costs in buying an under-construction flat versus buying a ready flat?
Answered on November 08, 2017
Buying a flat In under construction building will attract payment of GST whereas it is not applicale for a completed building having Occupation/Completion Certificate issued by approval authority
Taxes & Duties
#flat#mumbai#redevelopment#carpet#builder
I own a flat in Mumbai in a building that went under redevelopment. The original carpet area of the flat was 318 sq ft. After redevelopment the builder has given me 100 sq. ft free of cost and I have purchased another 100 sq. ft from him. So now the total carpet area is 518 sq. ft. The agreement is also registered. I want to know what would be my tax liability and purchase value when I sell the flat?
I own a flat in Mumbai in a building that went under redevelopment. The original carpet area of the flat was 318 sq ft. After redevelopment the builder has given me 100 sq. ft free of cost and I have purchased another 100 sq. ft from him. So now the total carpet area is 518 sq. ft. The agreement is also registered. I want to know what would be my tax liability and purchase value when I sell the flat?
Answered on November 08, 2017
Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. While the sale consideration will be proportionately divided by the area of the flat, the purchase value of your flat will be aggregate of the following:
1. For 318 sq. ft - original purchase value as per agreement.
2. For 100 sq. ft. received free of cost - NIL
3. For 1... (View more)
1. For 318 sq. ft - original purchase value as per agreement.
2. For 100 sq. ft. received free of cost - NIL
3. For 1... (View more)
Architecture & Interiors
#costs#residential#society
Do solar panels prove effective at cutting costs for a residential society?
Do solar panels prove effective at cutting costs for a residential society?
Answered on November 08, 2017
Yes, solar panels will certainly be cost effective in comparison to energy used from Power suppliers, because it uses natural resource of sunlight. (Similar to using of bore well water is economical than municipal supplied water.). However, as per present technology we need very large surfaces to mount solar panels facing direct sunlight.
Purchase & Sales
#flat#cost
I wish to buy a flat in Bhandup that is going to cost me approximately 45 lakhs. According to the market situation, is this the right time to buy?
I wish to buy a flat in Bhandup that is going to cost me approximately 45 lakhs. According to the market situation, is this the right time to buy?
Answered on November 08, 2017
It depends on the size of the flat. We need more details in terms of locality, amentiy, flat carpet area to determine the right price. Is this in a building with or without OC?
