Results for #money
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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Society Matters
#commercial#builder#charging#money#maintenance
I have a commercial office in Andheri (E) since last 20 years. Since so many years, the builder is regularly charging the maintanence but I believe he is not utilising the money towards the maintenance of the office. I wanted to know that can the builder do so? Also, can the builder charge us for repairs or only the society can?
I have a commercial office in Andheri (E) since last 20 years. Since so many years, the builder is regularly charging the maintanence but I believe he is not utilising the money towards the maintenance of the office. I wanted to know that can the builder do so? Also, can the builder charge us for repairs or only the society can?
Answered on November 08, 2017
How old is the society? When is the builder going to hand over operations to the society. Normally, as a practice a builder runs the maintainance for 6 months to a year to ensure everything is smoothly running. Post this, it is normally handed over to the society with proof of where the money has been utilized.
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.
Legal
#owner#flat#transfer#documents#consideration
I need advise in dealing with the owner of a flat that I purchased recently as he is not signing the transfer documents when the full and final consideration has already been paid. He is asking for additional money for doing this. The sale deed is already registered. Please suggest.
I need advise in dealing with the owner of a flat that I purchased recently as he is not signing the transfer documents when the full and final consideration has already been paid. He is asking for additional money for doing this. The sale deed is already registered. Please suggest.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can file for specific perfomance of the Agreement of Sale i.e. Sale Deed. You can approach a Civil Court and seek directions against the owner to execute necessary documents for completing the transfer of the Flat in your favour.
Legal
#property#money
I sold my property recently. I want to know if I can buy multiple properties from this money or am I restricted to buy just one.
I sold my property recently. I want to know if I can buy multiple properties from this money or am I restricted to buy just one.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
There is no bar on buying multiple properties.
Legal
#bank#deposit#nominee#death#money
My father and I have a bank account jointly where we maintain fixed deposit and he has updated me as nominee. Later, incase of my father's death will I be the only person to receive money or my siblings will also get?
My father and I have a bank account jointly where we maintain fixed deposit and he has updated me as nominee. Later, incase of my father's death will I be the only person to receive money or my siblings will also get?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You will be entiteld to withdraw the monies lying in the fixed dpeosit of your father on the basis of the nomination made by him, however, if your father has died intestate then all his legal heirs will be entiteld to claim thier respective shares in the estate of the father which would include the fixed depsoits made by him.
Legal
#construction#builder#money#loan#suggestions
I want to invest in an under construction project, but I am uncertain about this as I do not know what to do if the builder stops the construction mid way. It is a 3 year project and I wish to invest my own money without any loan. Any suggestions on how I can protect my money once I have paid 30-50% of the amount.
I want to invest in an under construction project, but I am uncertain about this as I do not know what to do if the builder stops the construction mid way. It is a 3 year project and I wish to invest my own money without any loan. Any suggestions on how I can protect my money once I have paid 30-50% of the amount.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can investigate the title of the developer and also ascertain his reputation vis-a-vis his past constructions. Further under provisions of the RERA the builder would now be required to put up all such details on the RERA Website. The provisions of RERA now protect flat buyers in under construction buildings to a large extent.
Legal
#will#property#share#promised#agricultural
Firstly, can a will be broken? What needs to be the case, if it can be broken? Secondly, my wife's grandfather had a property and he made a will which stated that the property should be shared only between 2 children out of the 5. He promised agricultural lands to the other 3 children. But the will states that the three children will receive a sum of one lakh rupees from the 2 children who got the property. Now, one of them has claimed the money. Are there any chances that the other two would ask for equal share in the property?
Firstly, can a will be broken? What needs to be the case, if it can be broken? Secondly, my wife's grandfather had a property and he made a will which stated that the property should be shared only between 2 children out of the 5. He promised agricultural lands to the other 3 children. But the will states that the three children will receive a sum of one lakh rupees from the 2 children who got the property. Now, one of them has claimed the money. Are there any chances that the other two would ask for equal share in the property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The question is vague. However, a testator can change his will as many times as he wants and only the last will made by the testator will have any relevance.
Legal
#money#gift#property#heirs
I want to know if I can receive money from my daughters in the form of a gift deed if I fall short of the money required to buy the property. I will be stating my daughters as the legal heirs to this property as I don't have a son.
I want to know if I can receive money from my daughters in the form of a gift deed if I fall short of the money required to buy the property. I will be stating my daughters as the legal heirs to this property as I don't have a son.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
There is no bar on receiving money from your daughter under a Gift Deed.
