Results for #purchase
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?
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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.
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)
Taxes & Duties
#flat#allotted#purchase#consideration#paid
I applied for a flat which was allotted three months later, entire purchase consideration was paid by me in instalments. Possession is not yet offered by the developer. I have entered in an agreement to sell, I have received the advance and will receive the balance amount soon. How can I calculate the tax liability on this?
I applied for a flat which was allotted three months later, entire purchase consideration was paid by me in instalments. Possession is not yet offered by the developer. I have entered in an agreement to sell, I have received the advance and will receive the balance amount soon. How can I calculate the tax liability on this?
Answered on November 08, 2017
Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. The said gains will be considered as long term capital gains or short term capital gains based on the period of holding of the property. If the residential flat is held by you for a period more than 24 months than the same will be long term else short term. Indexation needs...
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Taxes & Duties
#property#july#letter#purchase
I bought a property after July 2010. I have received a letter from the Central Govrnment asking for service tax which is due on this property. Is the service tax due on such a purchase?
I bought a property after July 2010. I have received a letter from the Central Govrnment asking for service tax which is due on this property. Is the service tax due on such a purchase?
Answered on November 08, 2017
The liablity to pay service tax is on the service provideer (builder in this case). Service tax department cannot raise demand on the buyer of the property to pay service tax on behalf of the builder.
Purchase & Sales
#residential#property#mumbai#view#purchase
I wish to buy a residential property in Mumbai purely from an investment point of view. Is this the right time to make such a purchase or is the market expected to plummet soon?
I wish to buy a residential property in Mumbai purely from an investment point of view. Is this the right time to make such a purchase or is the market expected to plummet soon?
Answered on November 08, 2017
Mumbai real estate prices historically have increased at the rate of 15-18% annually over the last 50 odd years. Reasons for the same have already been answered in another question in the same category.
Legal
#purchase#attorney#alternate
I wish to purchase a house in India, I am of indian nationality, but live in Tanzania. Can my mother purchase it in my name through power of attorney, as I won’t be able to be physically present for a long time. Are there any alternate ways of doing this?
I wish to purchase a house in India, I am of indian nationality, but live in Tanzania. Can my mother purchase it in my name through power of attorney, as I won’t be able to be physically present for a long time. Are there any alternate ways of doing this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Yes, you can give a POA to your mother to conclude the sale on your behalf. The POA can be executed by you before the Indian Embassy in Tanzania or closest to you and the same can then be forwarded to India for adjudication and payment of stamp duty and thereupon your mother can utilise the same for concluding the sale.
Taxes & Duties
#flat#save#taxes#consideration#loan
I had one flat which I sold and to save taxes, I purchased another flat partially from the sales consideration received and partially by taking loan. Now, if I sell this flat within period of 3 years of purchase then on what amount am I liable to pay taxes?
I had one flat which I sold and to save taxes, I purchased another flat partially from the sales consideration received and partially by taking loan. Now, if I sell this flat within period of 3 years of purchase then on what amount am I liable to pay taxes?
Answered on November 08, 2017
In order to save tax on capital gains arising out of sale of residential flat, expemtion can be claimed under section 54 of Income Tax Act 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. The new residential property so purchased should be held by you for subsequent period of 3 years. In case ...
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Legal
#property#registered#protect#purchase
Mr. A owned a property. His son, Mr. B illegally registered the property to his name and sold some part of it to Mr. C who took the deed for confirmation, and to protect his purchase. Mr. B then sold the rest of the property to Mr. D, who also took the deed for confirmation. I have now bought the property from Mr. D. Does Mr. C's deed still hold validity?
Mr. A owned a property. His son, Mr. B illegally registered the property to his name and sold some part of it to Mr. C who took the deed for confirmation, and to protect his purchase. Mr. B then sold the rest of the property to Mr. D, who also took the deed for confirmation. I have now bought the property from Mr. D. Does Mr. C's deed still hold validity?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague and doesnt add up.
Legal
#villa#builder#bangalore#land#landowner
I am planning to buy a villa from a builder in Bangalore. The land is under landowner share. All the land required for the villa has already been sold out. What is the risk for this purchase? The builder is also under JDA.
I am planning to buy a villa from a builder in Bangalore. The land is under landowner share. All the land required for the villa has already been sold out. What is the risk for this purchase? The builder is also under JDA.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the Villa forms part of the land Owner's share, then a Tri-partite agreement bettween the land Owner, the Builder and yourself can be executed, where the builder confirms tha the Villa forms part of the land owners share and further, the land owner agrees to sell the same to you. If the tile of the land Owner is clear and the JDA is properly executed and registered, then the risk would only ...
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Taxes & Duties
#flat#mumbai#redevelopment#carpet#builder
I own a flat in Mumbai in a building that went under redevelopment. The original carpet area of the flat was 318 sq ft. After redevelopment the builder has given me 100 sq. ft free of cost and I have purchased another 100 sq. ft from him. So now the total carpet area is 518 sq. ft. The agreement is also registered. I want to know what would be my tax liability and purchase value when I sell the flat?
I own a flat in Mumbai in a building that went under redevelopment. The original carpet area of the flat was 318 sq ft. After redevelopment the builder has given me 100 sq. ft free of cost and I have purchased another 100 sq. ft from him. So now the total carpet area is 518 sq. ft. The agreement is also registered. I want to know what would be my tax liability and purchase value when I sell the flat?
Answered on November 08, 2017
Tax liability will arise on capital gains arising out of difference between sale consideration and purchase consideration. While the sale consideration will be proportionately divided by the area of the flat, the purchase value of your flat will be aggregate of the following:
1. For 318 sq. ft - original purchase value as per agreement.
2. For 100 sq. ft. received free of cost - NIL
3. For 1... (View more)
1. For 318 sq. ft - original purchase value as per agreement.
2. For 100 sq. ft. received free of cost - NIL
3. For 1... (View more)
