Results for #sell
Legal
#sell
We have a few plots that we wish to sell. There are some plots in my father's name, some on multiple people's names and none on my brother's name. But when we are trying to sell my elder brother, who is a lawyer, is threatening the buyers. What do we do about this?
We have a few plots that we wish to sell. There are some plots in my father's name, some on multiple people's names and none on my brother's name. But when we are trying to sell my elder brother, who is a lawyer, is threatening the buyers. What do we do about this?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
If your father is alive and the plots are brought by him from his self earned income, your brother cannot stall the sale. Similarly, if the other plots standing in multiple names are also brought by those parties from their self earned income, then too, your brother cannot stall the sale. However, if the plots are ancestral property or brought from the funds of the Joint family property, then y...
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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
#aunt#nri#process#poa#sell
Hi, we have a house which is joint-owned by my mother and my aunt who is a NRI. I wanted to know the process where my aunt can give POA to my mother, so that my mother can sell it.
Hi, we have a house which is joint-owned by my mother and my aunt who is a NRI. I wanted to know the process where my aunt can give POA to my mother, so that my mother can sell it.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Your aunt can execute a power of attorney before the Indian Embasy in the country where she resides and thereafter forward such power of attorney to your mother and who in turn can then have such POA adjudicated and pay stamp duty thereon and further have the same notarise before a notary public.
Legal
#flat#delhi#builder#owner#construction
I purchased a new flat in Laxmi Nagar in Delhi about four years ago. The building has nine flats now, three on each floor. The builder has only sold three out of the nine flats. I have multiple questions. Is it legal for the 4th floor owner to expand the construction? Also, do this without he approval of the flat owners. All the flat has car parkings along with the flat but the building only has enough space to park four cars. Also, can the builder sell parking space legally?
I purchased a new flat in Laxmi Nagar in Delhi about four years ago. The building has nine flats now, three on each floor. The builder has only sold three out of the nine flats. I have multiple questions. Is it legal for the 4th floor owner to expand the construction? Also, do this without he approval of the flat owners. All the flat has car parkings along with the flat but the building only has enough space to park four cars. Also, can the builder sell parking space legally?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the provisions of ownership of Flats Act and several judgments of the Supreme Court, the plans once sanctioned and disclosed to the flat purchasers, cannot be changed without their consent. Similarly, open car parking spaces cannot be sold by the developer and the same is a common aminity for enjoyment of all the flat purchaser.
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
#loan#bangalore#agreement#construction#sell
My brother bought a house on loan in Bangalore and completed the loan tenure after which LIC returned the sale deed but did not return the original sale agreement and the construction agreement, we did not bother then. Now when we are willing to sell the flat the bank giving the loan to the buyer is asking for these documents, what do we do in this case? We tried contacting LIC but they said that they destroyed old documents.
My brother bought a house on loan in Bangalore and completed the loan tenure after which LIC returned the sale deed but did not return the original sale agreement and the construction agreement, we did not bother then. Now when we are willing to sell the flat the bank giving the loan to the buyer is asking for these documents, what do we do in this case? We tried contacting LIC but they said that they destroyed old documents.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You would have to give indemnities to the Buyer for the loss of the original documents and the Bank granting the loan to the Buyer would have to be satisfied with such indemnities and should also be satisfied that the loss of such documents does not affect your title to the house.
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?
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.
Legal
#construction#document#flat#separate#sell
I own a two storey building in my name, although I did not have enough funds to undertake the whole construction so I asked my brother to pay for the construction of the first floor. But there was no written document. We also agreed that I would buy the flat from him after I can, when my kids grow up. He owns a separate house now, but he isn't willing to sell the property to me even when I am ready to pay more. What can I do about this?
I own a two storey building in my name, although I did not have enough funds to undertake the whole construction so I asked my brother to pay for the construction of the first floor. But there was no written document. We also agreed that I would buy the flat from him after I can, when my kids grow up. He owns a separate house now, but he isn't willing to sell the property to me even when I am ready to pay more. What can I do about this?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague and doesnt add up. The facts are contradictory.
Legal
#agricultural#land#sell#capital
My father owns an agricultural land which he purchased for INR 25,000 17 years ago. Some miners are interested in this land due to the presence of some ores. So, if I sell it for 50 lacs will I have to pay capital gains tax? If yes, how much?
My father owns an agricultural land which he purchased for INR 25,000 17 years ago. Some miners are interested in this land due to the presence of some ores. So, if I sell it for 50 lacs will I have to pay capital gains tax? If yes, how much?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague, as it does not say whether you or your father desires to sell the plot. It would infact depend on when you got the property from your father.
Legal
#poa#property#sell
I want to make a friend the POA for my property in Kolkata, to undertake procedural work and to sell this property later on. Will a POA typed and signed on a plain paper, attested by the local indian consulate be enough? Or does it have to be printed on an Indian stamp paper?
I want to make a friend the POA for my property in Kolkata, to undertake procedural work and to sell this property later on. Will a POA typed and signed on a plain paper, attested by the local indian consulate be enough? Or does it have to be printed on an Indian stamp paper?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
A POA typed on plain paper will do, however the same would have to be adjudicated once it is recieved in India and then stamp duty thereon will have to be paid, before the POA can be recognized.
