Results for #reside
Legal
#land#mumbai#sell#property#builder
I own a piece of land in Mumbai jointly with my three brothers. My father insists that none of us can individually sell our share of the property. Therefore, we have jointly approached a builder to build a residential property on that land. We would like 4 2BHK flats, but the builder has given us an option to take a lump sum of 3 crores. If we accept his offer, what would be the taxes due? Is there any other method we can follow to maximize our profit in this situation?
I own a piece of land in Mumbai jointly with my three brothers. My father insists that none of us can individually sell our share of the property. Therefore, we have jointly approached a builder to build a residential property on that land. We would like 4 2BHK flats, but the builder has given us an option to take a lump sum of 3 crores. If we accept his offer, what would be the taxes due? Is there any other method we can follow to maximize our profit in this situation?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Capital gains will be applicable on the transaction and the same could be Short Term Gains or Long Term Gains depending on how long you have held the property. You could utilise the sale proceeds received from the Builder to acquire another residential property within a period of 1 year from the date of the sale to minimise and/or avoid capital gains payment.
Regulations
#fsi#builder#residential#commercial#mumbai
What is the FSI available to a builder on any given plot for residential purposes or commercial purposes in Mumbai?
What is the FSI available to a builder on any given plot for residential purposes or commercial purposes in Mumbai?
Answered on November 08, 2017
This is a vry subjective question as in Mumbai FSI is permissible under DCR 32 +tdr under 34 + Fungible under 35(4). Also there is DCR 33 wherein Additiona Fsi up to 4.00 is permissible for specific uses and special cases.
Answered on November 08, 2017
Yes Only after Converting or Taking Conversion Permission to Permit Residential Users in Industrial Zone by Leaving Required Seggregating Distances as per Regulations and providing amenity as per Policy. Most Importantly the Labour Commissioners NOC is Mandatory for such aplciation as Labour Dues hav to be settled first and foremost.
Society Matters
#reside#society#mumbai#liable
I reside on a ground floor in a Coperative Housing Society in Mumbai. Am i liable to pay lift expenses?
I reside on a ground floor in a Coperative Housing Society in Mumbai. Am i liable to pay lift expenses?
Answered on November 08, 2017
Yes, all common expenses have to be borne proportionately between all the members of the society
Regulations
#mumbai#maharashtra#tuition#residence
Can I run tuition classes in Mumbai in a residential flat in my co-op housing society?
Can I run tuition classes in Mumbai in a residential flat in my co-op housing society?
Answered on December 03, 2017
Mumbai DCR Regulation 51(i) states: Apart from residential use, Customary Home Occupation shall be permitted in buildings, premises or plots in a purely residential zone.
"Home occupation" is defined as customary home occupation other than conduct of eating or drinking place offering services to the general public customarily carried out by a member of the family residing on the premises with...
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Legal
#property#residential#aunt#grandmother
My grandfather has a property. This property is a residential property and my aunt lives there along with her husband and my grandmother. My aunt can live separately and afford it but she still stays there. My father does not want this drama so he wants to opt out of the share available in the property, but my mother doesn't agree with him and wants to fight for our share. Do my mother and us children have a share in this property and more importantly, can we fight for it?
My grandfather has a property. This property is a residential property and my aunt lives there along with her husband and my grandmother. My aunt can live separately and afford it but she still stays there. My father does not want this drama so he wants to opt out of the share available in the property, but my mother doesn't agree with him and wants to fight for our share. Do my mother and us children have a share in this property and more importantly, can we fight for it?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Till you father is alive, you and your mother will have no say in his share and he is free to deal with the same as he deems fit.
Legal
#residential#property#sell#occupy
I was forced to rename my residential property in my father's name. After doing, this my brother convinced my father to sell all of it. Although, my father has let me live on part of the property, I am worried that he will also sell the part that I currently occupy. If this does happen, what can I do to prevent it?
I was forced to rename my residential property in my father's name. After doing, this my brother convinced my father to sell all of it. Although, my father has let me live on part of the property, I am worried that he will also sell the part that I currently occupy. If this does happen, what can I do to prevent it?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If the property is acquired from your self earned income, then you can obtain an injunction from a civil court restraining your father etc., from dealing with your property or your share therein. If the property is acquired by the father from his income, then you cannot prevent him from dealing with the same.
Others
#residential
What is the difference between living in a stand-alone building versus living in a large residential complex?
What is the difference between living in a stand-alone building versus living in a large residential complex?
Answered on November 08, 2017
It is a matter of personal choice of the buyers. A residential complex could offer more amenities, larger no of families to socialize, a set no of agencies to ensure daily housekeeping on a timely basis and even better security sometimes. On the other hand, a stand alone building has fewer members, hence decisions related to the society can be made faster, amenities are used by far fewer people...
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Legal
#land#builder#residential#property#2bhk
I own a piece of land in Thane jointly with my three brothers. Now we have approached a builder to build a residential property on that land. We have received two offers from the builder. One, he will pay us 40-60 lakhs and 4 2BHK flats. Two he will give us a lumpsum amount of 2.5 crores. Will the proceeds from this development be taxable, and if so what will be the tax rate in each scenario?
I own a piece of land in Thane jointly with my three brothers. Now we have approached a builder to build a residential property on that land. We have received two offers from the builder. One, he will pay us 40-60 lakhs and 4 2BHK flats. Two he will give us a lumpsum amount of 2.5 crores. Will the proceeds from this development be taxable, and if so what will be the tax rate in each scenario?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Capital gains will be applicable on the transaction and the same could be Short Term Gains or Long Term Gains depending on how long you have held the property.
Regulations
#landowner#property#mumbai#fsi#residential
I am a landowner of a 1000 sq. meter property in suburban Mumbai. As per the current regulations, what FSI can be consumed for residential premises?
I am a landowner of a 1000 sq. meter property in suburban Mumbai. As per the current regulations, what FSI can be consumed for residential premises?
Answered on November 08, 2017
For Regular Development Earlier it was Base Fsi 1.00 + Optional Addl FSI 0.5 + TDR. = Max 2.00 + Fungible 35 % =. 1+1+0.7 = 2.70 FSI (Subjec to Reservations). But as per TDR road width policy the Fsi is Base Fsi 1.00 + Addl FSI 0.5 + TDR as per Road Width (0.5(9-12.2 mtrs road)/0.7(12.2 to 18.30 m road)/ 0.9 (18,30 to 30m road) / 1.00 (more than 30m road) = Max 2.00/2.2/2.4/2.5 + Road Setback a...
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