Legal Guidance
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What are the Income Tax Implications for Treating Constructed Flats and Offices as Capital Assets?
The income tax department of India provides various heads for the taxation depending on the nature of your asset. Depending on whether you are a regular investor or trader of the same, your assets may come under the ‘Profits and Gains of Business or Profession’ or under the ‘Capital Gains’. There are tax implications of converting an asset from one form to another. For example, converti...
LEGAL GUIDANCE -
What is Conveyance Deed and why is it Important for the Buyer?
One of the most important documents for the transferring and purchasing of a property is a conveyance deed. Buyers do not understand the term and often get confused. Let’s explain what the term as a whole means. ‘Conveyance’ refers to as an act of transferring the title, right and interest of the property from one person or entity to another. The term ‘deed’ refers to the document wh...
LEGAL GUIDANCE -
Know how Title Insurance Protects the Interest of the Homebuyers
There has been a positive wave going on in the real estate sector since the RERA has come into full force. With a view of making things more comfortable for the home buyers, title insurance is being made compulsory for the registered developers. As of now, the lawyer issues the title insurance letter which can have no accountability. Before moving further, lets’ understand what title insuranc...
LEGAL GUIDANCE -
Why Reading and Understanding Property Related Legal Documents are Necessary?
Often we come across the words like ‘Caution’, ‘Care’, while going through the property documents. As these words are repeated quite frequently, they might bore some of the buyers and one might not even give the documents a full read. Here’s a thing, one should always give the legal documents a thorough read before signing the papers. Just taking care of things doesn’t ensure that y...
LEGAL GUIDANCE -
Do You Know why Leases are for 99 Years? Here is why
We all know that leases are usually for 99 years, but we often wonder why 99 years and what happens or who acquires after the lease period ends? Before going further let’s understand real estate jargons termed as ‘freehold property’ and ‘leasehold property’. In freehold property, the development authorities of various cities sell the land as freehold to the developers for an unlimited pe...
LEGAL GUIDANCE -
Should Housing Societies Issue Moral, Ethical and Social Diktats?
It is not new for resident welfare societies to issue ethical and moral code for the residents. Often the one who suffers and find it difficult to lead the independent lifestyle, are the single youngsters. One important question that arises is that can resident’s welfare association issue such rules? The housing laws are to the rescue for the same. It stands clear that no bylaws can breach or...
LEGAL GUIDANCE -
Property Transactions where PAN Card is Necessary
PAN card which means an individual’s Permanent Account Number is an essential document and is compulsory for many financial and non-financial transactions that include buying or selling properties or even leasing it out. So, here we have listed some cases where it is necessary and the consequences of not providing it. PAN card is necessary while purchasing a property. If someone buys an i...
LEGAL GUIDANCE -
Property Rights of A Daughter of Hindu Family
In December 2015, the Delhi High Court gave a ruling that the daughter of a Hindu family can be the Karta of the Hindu Undivided Family (HUF). The Hindu Succession Act is applicable to Hindus, Sikh, Jain and Buddhists. The roots of the amendment lie in the Act passed in 2005, Hindu Succession Act, 1956. This Law has drastically changed the way of rights of daughters in property of paternal HUF. ...
LEGAL GUIDANCE -
Legal Matters that NRI's Should Be Aware of Before Investing in the India Real Estate
Foreign Exchange Management Act, 1999, states that NRIs are those who reside outside the country or are Person of Indian Origin (PIO). Real estate of the country has always been a very wise investment sector for the NRIs and in the recent years, the interest for the same has increased. We list down everything involving the legal matter before investing in the Indian Real Estate. 1.Documents ...
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Taxes and Penalties Related to Benami Properties
The ‘Benami Transaction (Prohibition) Act’ 1988, was passed to curb and monitor the black money circulation although it was never implemented. Now with the passing of ‘Benami Transaction (Prohibition) Amendment Act’, 2016, an effective law has come into force making sure that it will be difficult for people to register a property under an alias. Purchasing a property under a false name ...
LEGAL GUIDANCE
