Results for #possession
Legal
#loan#implications#possession
I have purchased a home in my wife's name and home loan on my name. I am planning for a second home in my name. May I know the tax implications on the second home. Also will I benefited if date of possession will be after two years from now?
I have purchased a home in my wife's name and home loan on my name. I am planning for a second home in my name. May I know the tax implications on the second home. Also will I benefited if date of possession will be after two years from now?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Deductions qua interest are limited, if your payment towards interest is more than the stipulated limited permitted under the IT rules, then that much amount will be disallowed whilst computing your income and further, you will be charged notional rent as income from the second flat (on and from receipt of possession of the second flat), even if the same is not rented out then.
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
#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...
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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
#deceased#unmarried#death#possession#property
My deceased father has an elder brother, who is 80 years old. My father had looked after him for all his life as he is unmarried. My uncle's Will named my father for all his earthly possessions but unfortunately my father died an early death and after his death my uncle named his possession in the name of a Gurudwara without our consent. We wanted to know if we are entitled to a share in his property?
My deceased father has an elder brother, who is 80 years old. My father had looked after him for all his life as he is unmarried. My uncle's Will named my father for all his earthly possessions but unfortunately my father died an early death and after his death my uncle named his possession in the name of a Gurudwara without our consent. We wanted to know if we are entitled to a share in his property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Unless the Will is probated no rights flow from the same and as such unless you or your father have applied for probate of such Will, you would not be entitled to any benefits under the Will executed by the elder brother of your father. However, even if the Will is not probated, you would still have a share in the property in view of your father being one of the legal heirs of his elder brother...
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Taxes & Duties
#booked#flat#possession#sell#capital
I booked a flat in 2010 and got possession in 2013. If I sell the flat now, will it attract capital gains tax? Which date is considered to be the purchase date?
I booked a flat in 2010 and got possession in 2013. If I sell the flat now, will it attract capital gains tax? Which date is considered to be the purchase date?
Answered on November 08, 2017
Yes, tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration.
As far as rate is concerned, tax will be computed @ 20% plus surcharge (if any) on long term capital asset held for more than 24 months. While tax rate will be 30% plus surcharge (if any) if the asset is a short term capital asset.
As far as date of purchase is ... (View more)
As far as rate is concerned, tax will be computed @ 20% plus surcharge (if any) on long term capital asset held for more than 24 months. While tax rate will be 30% plus surcharge (if any) if the asset is a short term capital asset.
As far as date of purchase is ... (View more)
RERA
#delay#possesion#interest#possession#promoter
In case of delay in getting possession from the promoter, will the buyer be entitled to get interest on the amount paid by him, for such delayed period?
In case of delay in getting possession from the promoter, will the buyer be entitled to get interest on the amount paid by him, for such delayed period?
Dhvanil Vakharia,Design Engineer
31 Answered
Answered on November 08, 2017
( Source : maharera.mahaonline.gov.in) Yes. In accordance with the model form of agreement, if the Promoter fails to abide by the time schedule for completing the project and handing over the [Apartment/Plot] to the Allottee, the Promoter agrees to pay to the Allottee, who does not intend...
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Legal
#flat#possession#paid#payment#liable
I won a flat that I purchased in 2010 and got the possession by the end of the year. I paid the 1% service tax on the flat at the time of the payment, but I did not pay any service tax as there was a case that was going on, about the percentage of the service tax on homes. Am I liable to pay this tax? If yes, how much ?
I won a flat that I purchased in 2010 and got the possession by the end of the year. I paid the 1% service tax on the flat at the time of the payment, but I did not pay any service tax as there was a case that was going on, about the percentage of the service tax on homes. Am I liable to pay this tax? If yes, how much ?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You would have to pay service tax on the value of the flat as mentioned in your agreement. However, the same would also depend on the terms relating to payment of service tax and as contained in the Agreement.
Legal
#death#transferred#property#advice#possession
My Father had bought 2 properties in jaipur. After my Father's death my elder brother has falsely transferred one of the properties on his name. I have been living with my family in the same property for 19 years now. My elder brother has not only disconnected the electricity but also he is asking me to leave the property. Please advice as to how can I claim my father's property as I have had the possession of the property for 19 years?
My Father had bought 2 properties in jaipur. After my Father's death my elder brother has falsely transferred one of the properties on his name. I have been living with my family in the same property for 19 years now. My elder brother has not only disconnected the electricity but also he is asking me to leave the property. Please advice as to how can I claim my father's property as I have had the possession of the property for 19 years?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can file a civil suit in a court of Competent jurisdiction on the basis of your title or on the basis of adverse possession.
Legal
#booked#flat#delayed#possession#builder
I have booked a flat in Andheri and the dealer has delayed the possession by 2 year, is there any legal step that I can take against the builder to get the possession?
I have booked a flat in Andheri and the dealer has delayed the possession by 2 year, is there any legal step that I can take against the builder to get the possession?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can file a suit for seeking possession of the flat or in the alternative approach the authority under RERA seeking compensation for delay in handing over possesion of the flat and also for possesion of the same.
