Results for #deal
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?
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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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Taxes & Duties
#vat#paid#agreement#builder#flat
I have a doubt on the VAT to be paid on an agreement value. My builder is asking me to pay 5% VAT on the agreement value for a flat bought in June 2008. Please suggest as to who is liable to pay the VAT and how much should it ideally be?
I have a doubt on the VAT to be paid on an agreement value. My builder is asking me to pay 5% VAT on the agreement value for a flat bought in June 2008. Please suggest as to who is liable to pay the VAT and how much should it ideally be?
Answered on November 08, 2017
In Maharashtra, VAT on sale of underconstructed property brought into effect from June 2006. Hence, builder would be liable to pay VAT on agreement to sale effected in June 2008. There are various methods for arriving at the taxable value of transfer of property in goods during construction.
Libality to pay VAT by flat buyer to the builder would be dependent on the contractual arrangement betw...
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Legal
#property#ideally#divide
My dad passed away a few months ago but he hasn't left any will behind for the property he owns. So how should we ideally divide it among the family members?
My dad passed away a few months ago but he hasn't left any will behind for the property he owns. So how should we ideally divide it among the family members?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The property will devolve on all the legal heirs of your father in accordance with the laws of intested succession depending on the religion you follow.
Legal
#agricultural#builder#deal
I am a farmer and I have an agricultural plot of area 5445 sq.ft. I gave this plot to a builder on the deal of getting 45% share for me. After that the builder made another deal for a plot that is behind my plot. That plot doesn't have a direct entrance to the road. Can I object under the terms of not letting them build on a plot along with my plot?
I am a farmer and I have an agricultural plot of area 5445 sq.ft. I gave this plot to a builder on the deal of getting 45% share for me. After that the builder made another deal for a plot that is behind my plot. That plot doesn't have a direct entrance to the road. Can I object under the terms of not letting them build on a plot along with my plot?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
It would all depend on the terms of the agreement executed between you and the builder, however if you have agreed to revenue share in the development of the plot, then merely because the developer is building the adjoining plot also the same would not affect your share from the transaction.
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.
Legal
#buying#loan#co-owner#flat#deal
I am buying my second house on 80% loan. This loan is to be taken on me and my wife's name, who is a housewife. She is also the co-owner of the flat in the papers. In this deal, I am going to pay the entire EMI for the loan, with regards to this can I claim the entire interest benefit? The entire interest amount against my salary?
I am buying my second house on 80% loan. This loan is to be taken on me and my wife's name, who is a housewife. She is also the co-owner of the flat in the papers. In this deal, I am going to pay the entire EMI for the loan, with regards to this can I claim the entire interest benefit? The entire interest amount against my salary?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The fact that the entire payment for the flat is going to be made by you and also since the EMI is going to be paid by you from your salary, you alone would be entitled to claim the benefit of the payment of interest in your income tax returns and more so since the income of husband and wife are clubbed by the income tax authorities in most cases.
Legal
#inherited#property#selling#gift#implications
My mother one of the coparceners of an inherited property. She is selling her share and so are the others. She is willing to split her share gains between me and my sister at 50% each. My sister has asked her share in cash. I have asked my mother to buy a house and then either gift it to me or let me inherit it under a will. Can this be done? What are the tax implications related to this? And how long does it ideally take to get a property without any tax issues?
My mother one of the coparceners of an inherited property. She is selling her share and so are the others. She is willing to split her share gains between me and my sister at 50% each. My sister has asked her share in cash. I have asked my mother to buy a house and then either gift it to me or let me inherit it under a will. Can this be done? What are the tax implications related to this? And how long does it ideally take to get a property without any tax issues?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague. However, your mother can surely buy a flat and gift the same to you. You will incur long term or short term captial gains tax in connection with the same when you sell it, depending on the number of years you have held the Flat.
