Results for #flat
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.
| 
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...
(View more)
Legal
#flat#delhi#builder#owner#construction
I purchased a new flat in Laxmi Nagar in Delhi about four years ago. The building has nine flats now, three on each floor. The builder has only sold three out of the nine flats. I have multiple questions. Is it legal for the 4th floor owner to expand the construction? Also, do this without he approval of the flat owners. All the flat has car parkings along with the flat but the building only has enough space to park four cars. Also, can the builder sell parking space legally?
I purchased a new flat in Laxmi Nagar in Delhi about four years ago. The building has nine flats now, three on each floor. The builder has only sold three out of the nine flats. I have multiple questions. Is it legal for the 4th floor owner to expand the construction? Also, do this without he approval of the flat owners. All the flat has car parkings along with the flat but the building only has enough space to park four cars. Also, can the builder sell parking space legally?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the provisions of ownership of Flats Act and several judgments of the Supreme Court, the plans once sanctioned and disclosed to the flat purchasers, cannot be changed without their consent. Similarly, open car parking spaces cannot be sold by the developer and the same is a common aminity for enjoyment of all the flat purchaser.
Taxes & Duties
#applicable#registration#purchasing#flat#stampduty
What would be the applicable registration fees and stamp duty while purchasing a flat?
What would be the applicable registration fees and stamp duty while purchasing a flat?
Answered on November 08, 2017
Stampy Duty and Registeration fees will depend on the stamp duty provisions of each State. For Maharashtra, the rates are as below:
a) The stamp duty rate will be 5% of the agreement value or market value (computed as per the ready reckoner rate of the area), whichever is higher
b) Registration fees will be 1% on the market value or the agreement C72value but restricted to Rs. 30,000. (View more)
a) The stamp duty rate will be 5% of the agreement value or market value (computed as per the ready reckoner rate of the area), whichever is higher
b) Registration fees will be 1% on the market value or the agreement C72value but restricted to Rs. 30,000. (View more)
Legal
#buying#flat#under-construction
Which is the wiser thing to do with an eye for investment; buying a ready flat or an under-construction flat?
Which is the wiser thing to do with an eye for investment; buying a ready flat or an under-construction flat?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Ready flat would be expensive compared to a underconstruction flat.
Legal
#nri#flat#certificate#letter#possession
I am an NRI and I own a flat in surat-gujarat. This flat was bought in 2003. I got a share certificate and an allotment letter. I also have the possession letter for this. We also got a loan from ICICI bank. During this we did not execute the sale deed. Now I wish to sell this property and the buyer is asking for a sale deed. What can I do in this situation?
I am an NRI and I own a flat in surat-gujarat. This flat was bought in 2003. I got a share certificate and an allotment letter. I also have the possession letter for this. We also got a loan from ICICI bank. During this we did not execute the sale deed. Now I wish to sell this property and the buyer is asking for a sale deed. What can I do in this situation?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague. As the same does not record from whom the flat has been acquired.
Legal
#loan#bangalore#agreement#construction#sell
My brother bought a house on loan in Bangalore and completed the loan tenure after which LIC returned the sale deed but did not return the original sale agreement and the construction agreement, we did not bother then. Now when we are willing to sell the flat the bank giving the loan to the buyer is asking for these documents, what do we do in this case? We tried contacting LIC but they said that they destroyed old documents.
My brother bought a house on loan in Bangalore and completed the loan tenure after which LIC returned the sale deed but did not return the original sale agreement and the construction agreement, we did not bother then. Now when we are willing to sell the flat the bank giving the loan to the buyer is asking for these documents, what do we do in this case? We tried contacting LIC but they said that they destroyed old documents.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You would have to give indemnities to the Buyer for the loss of the original documents and the Bank granting the loan to the Buyer would have to be satisfied with such indemnities and should also be satisfied that the loss of such documents does not affect your title to the house.
Legal
#development#flat#builder#permission#construction
I have purchased two flats in an under development project in New panvel. This are falls under the gram panchayat. I want this flat to be ready at the time when I move in so I want to make a few alterations internally and also to the brickwork. So now the builder isn't giving met he permission to do so and is saying that if there are any changes that have to be done at the time if the construction and this would lead to changes in the brickwork OC for the whole building. What can be done in this situation?
I have purchased two flats in an under development project in New panvel. This are falls under the gram panchayat. I want this flat to be ready at the time when I move in so I want to make a few alterations internally and also to the brickwork. So now the builder isn't giving met he permission to do so and is saying that if there are any changes that have to be done at the time if the construction and this would lead to changes in the brickwork OC for the whole building. What can be done in this situation?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Unless, the building plans are amended in accordance with your requirement, you will not be entitled to make such changes as the same would violate the sanctioned building plans.
Legal
#construction#document#flat#separate#sell
I own a two storey building in my name, although I did not have enough funds to undertake the whole construction so I asked my brother to pay for the construction of the first floor. But there was no written document. We also agreed that I would buy the flat from him after I can, when my kids grow up. He owns a separate house now, but he isn't willing to sell the property to me even when I am ready to pay more. What can I do about this?
I own a two storey building in my name, although I did not have enough funds to undertake the whole construction so I asked my brother to pay for the construction of the first floor. But there was no written document. We also agreed that I would buy the flat from him after I can, when my kids grow up. He owns a separate house now, but he isn't willing to sell the property to me even when I am ready to pay more. What can I do about this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague and doesnt add up. The facts are contradictory.
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...
(View more)
Legal
#flat#agreements#paid#registration#redevelopment
I purchased a flat and I am the sixth party in the scenario. All the other five agreements are in place out of which the third party has not paid the stamp duty, but he has donet he registration. Will this affect me in the future with regards to the sale or redevelopment. Do I have to pay the stamp duty?
I purchased a flat and I am the sixth party in the scenario. All the other five agreements are in place out of which the third party has not paid the stamp duty, but he has donet he registration. Will this affect me in the future with regards to the sale or redevelopment. Do I have to pay the stamp duty?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague, registration would not have happened if stamp duty was unpaid on the document in question.
