Results for #property
Legal
#government#property#worth
I am facing some issues with regards to the guideline values by the government. I had lent 10 lks to a friend, but he couldn't repay it to me so he give me a property which was worth 12 lakhs. The property is 30 lks according to the government guidelines so I am having to pay tax for the difference. Is there a solution to this?
I am facing some issues with regards to the guideline values by the government. I had lent 10 lks to a friend, but he couldn't repay it to me so he give me a property which was worth 12 lakhs. The property is 30 lks according to the government guidelines so I am having to pay tax for the difference. Is there a solution to this?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
No, under the relavent Income tax and Stamp act provisions, stamp duty and income tax is assessed based on the market value of the property. However if the genuine market value is infact Rs.12 Lakhs, then you would have to file appeals challenging the assessment of the property at Rs.30Lakhs before the Stamp authorities first and if the transaction is infact concluded, also before the Income ta...
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Legal
#property#death#owner#valid
i want to know if this will make sense in the current scenario. The will was made by the successor of the property after the death of the original owner. The rights are given to the successor's bother's son, but now the son has 5 brothers. Is this will valid?
i want to know if this will make sense in the current scenario. The will was made by the successor of the property after the death of the original owner. The rights are given to the successor's bother's son, but now the son has 5 brothers. Is this will valid?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Yes, it wouldnt make much difference. All sons of the party in question could claim ownership on the basis of the terms of the Will. It would however depend on the terms contained in the Will and further, the Will will have to be probated from a Court of competent jurisdiction.
Legal
#transfer#inheritance#property#ownership#transferred
My father owned a property. He died two years ago, leaving behind are his wife and two daughters. The flat's ownership was never transferred to my mother's name. What happens to the property if my mother passes away? Also, please guide us on the procedure to transfer the property in my mother's name.
My father owned a property. He died two years ago, leaving behind are his wife and two daughters. The flat's ownership was never transferred to my mother's name. What happens to the property if my mother passes away? Also, please guide us on the procedure to transfer the property in my mother's name.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Depending on your religion, the share of your father in the property will belong to your mother and her two daughters equally (in case of Hindus) and if the same is to be trandferred in her sole name, then the two sisters will have to transfer their respective shares in the property to the mother by way of a registered document. If the mother expires, then the property comes to the share of the...
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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...
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Legal
#impact#delhi#process#property
I am planning to get an Australian citizenship, for which I would have to surrender my Indian passport for the same. Will this have any impact in my properties in Delhi? Is there any documentation for this process? and more importantly, my family would also have an Australian citizenship, so will they be able to use the property?
I am planning to get an Australian citizenship, for which I would have to surrender my Indian passport for the same. Will this have any impact in my properties in Delhi? Is there any documentation for this process? and more importantly, my family would also have an Australian citizenship, so will they be able to use the property?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
It would have no difference on your title to the properties as you would be entitled to retain the same being a Person of Indian Origin and also since you acquired the same when you were Indian citizen.
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
#nri#purchase#process#buying#property
What is the process of buying a property if you are an NRI?
What is the process of buying a property if you are an NRI?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The process for buying of properties by an NRI is same as that for resident Indians. The procedure for foreign nationals is differnet and requires permission of the RBI.
Legal
#gift#documents#ownership#proof#property
My grand father had a plot, which he received as a gift and also has all the related documents required for ownership proof. How can we get this property as we aren't able to go to the location and what all documents do we require?
My grand father had a plot, which he received as a gift and also has all the related documents required for ownership proof. How can we get this property as we aren't able to go to the location and what all documents do we require?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The question is vague, if you have the title documents and do not have physical possession of the property and the same is with someone else, then you will have to file a civil suit for possession of the property on the basis of your title documents.
Legal
#deceased#property
My grandfather has a house of 101 square yards which he has distributed amongst his four sons. Since I am the only son to my deceased father, I wanted to know how can we claim for a share in the property? Please advise me on how to legally resolve this.
My grandfather has a house of 101 square yards which he has distributed amongst his four sons. Since I am the only son to my deceased father, I wanted to know how can we claim for a share in the property? Please advise me on how to legally resolve this.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can file a partition suit in connection with the share held by your father in the property in question and such suit can be filed in a court within whose jurisiction the property is located.
Legal
#nri#registration#nominee#documents#buying
Is it possible to nominate someone to sign the registration documents while buying a property if I am an NRI and not physically present in the Mumbai where the property is located ?
Is it possible to nominate someone to sign the registration documents while buying a property if I am an NRI and not physically present in the Mumbai where the property is located ?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
The right to admit execution of a document before the registration authorities can be granted to someone by way of a Power of Attorney. An NRI can execute such Power of Attorney before the Indian embassy at the place where such NRI resides and forward such Power of Attorney to India for adjudication and payment of stamp duty and thereafter, such Power of Attorney can be used to admit execution ...
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