Legal Guidance
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Tips to Avoid Complications in Property Co-Ownership
Many people opt for co-ownership in property due to several beneficial reasons. Because having a co-applicant in a home makes you eligible for a higher loan amount and both of the applicants can enjoy tax benefits. But then as you know ‘there is no free lunch’; hence for all the benefits, you have to pay something. Such as the responsibility to repay the home is held on both the applicants. If...
LEGAL GUIDANCE -
What if Sale Agreement Fails from Either of the Party?
Sale agreement refers to the agreement between the seller and buyer of a property. But what if either of the party fails to respect the agreement? Hence it gets important for both buyer and seller to check carefully while making the clauses in the agreement and on the same terms both the party’s must know their rights. In case the seller breaks the sale agreement the before doing anything the...
LEGAL GUIDANCE -
Paying Stamp Duty Is Compulsory During Property Registration
To encapsulate the transfer of the immovable property, the Stamp duty has to be paid compulsorily. This amount has to be paid at the time of registration of the property. Every state has its own stamp duty charges. For example, according to the Maharashtra Stamp Act, 1958, regulates the different rates of stamp duty payable on the various instruments of transfer of immovable property. The Stamp Du...
LEGAL GUIDANCE -
Here is How the Tax on Income from Property Is Calculated
The Section 22 of Income Tax is all about taxation and income generated from house property. The house property tax includes flats, buildings, office spaces, shops, factories, farm houses, residential houses, any building, hotels or land appurtenant thereto. However, the income from an open plot of land can be charged under income from business sources or other sources but nor under the income fro...
LEGAL GUIDANCE -
All you Need to Know about Claiming I-T Exemption on Relocation Allowance
Businesses are expanding to a multi geographic location with globalization, economic growth, e-commerce and digitization. An employee working in an organization has several opportunities to work and grow in multiple locations within the country and that too without switching job. Due to business requirements employees are relocation to other branch offices in other cities within the country and...
LEGAL GUIDANCE -
What can You do If Your Builder is Running Out of Money?
The reports of the builders running out of money and stopping the projects are piling up. There are many home buyers who are suffering even after having paid almost full money but still haven’t received their house as the builder has stopped the project. The question is, who is to be blamed for the mess the buyers are in. the industry experts often blame the buyers for not doing a proper rese...
LEGAL GUIDANCE -
TDS: An Important Factor for A Home Buyer
First of all, let us understand what is TDS (Tax deducted at source): As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department. The company or person that makes the payment after deducting TDS is called a deductor and the company o...
LEGAL GUIDANCE -
Tax Exemption for NRI in India
There are certain Tax exemptions for the NRI (Non Resident Indians) as well from the income generated in India including property. As per the last budget delivered by Finance Minister Arun Jaitley the period of short term capital gain has been reduced to two years from three years. For example, if you sell a property within two years of its purchase then you are liable at a rate of 30 percent f...
LEGAL GUIDANCE -
Tax Exemptions Nris Can Avail In India
A non resident Indian or NRI can avail certain tax benefits from the income generated from the sources in India, including the real estate. The Finance Minister of the country Mr. Arun Jaitely announced in this year’s budget that the short term capital gains term period has been reduced from three years to two years. In simple terms, if you sell the property within two years of its purchase t...
LEGAL GUIDANCE -
Some Unknown Facts About Cibil Report
All information about your credit history is stored and maintained with The Credit Information Bureau of India Limited (CIBIL). Your Cibil score or Cibil report determines your financial position, your worth and your credibility. It is one of the crucial factor in the home loan process and very important for borrowers to maintain it properly. But a Cibil report is not the only a complete repo...
LEGAL GUIDANCE
