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06/02/2021

The circle rates related to residential, commercial and industrial properties in Delhi have been reduced by flat 20 per cent across all categories of colonies and areas till September 30, 2021, a city government official said.

04/10/2020

What is normal wear and tear in a rental property?

Who is liable for property maintenance in a rented house?

Unless the tenancy agreement clearly states the property maintenance rules, the chances of disputes between the landlord and the tenant are quite high. So much so that either party may decide to take the other to court, over monetary damages suffered on account of one party’s failure to maintain the property. Rental property maintenance is a grey area, as Indian rental laws do not clearly specify who is responsible for what task and both parties tend to assume that it is the responsibility of the other.

The real problem arises when the landlord assumes that the tenant is responsible for any damages to the property and deducts the cost of undoing these damages from the tenant’s security deposit.

In the absence of any clearly-stated terms regarding this in the tenancy agreement, the tenant is often forced to pay for the assumed damages that he may actually not be responsible for.

Hence, one must have a clear understanding of the difference between damages to the rented property and normal wear and tear to the rented property.

What is general wear and tear in case of rented properties?

The changes that a rental property would undergo during the course of the tenancy without any intention of either the landlord or the tenant to affect those alterations, qualify as the general wear and tear. For example, the paint on the wall will lose its sheen over some years and could start peeling off, or grout lines may appear on the floor, despite the regular cleaning. If the property has wooden flooring, it would develop small dents with the passage of time. Wooden furniture would start to show normal wear and tear signs by losing its colour and integrity.

The same is true of the several fittings in the bathroom and kitchen. In cities like Noida, for instance, a pet peeve of all property owners is that all metal fittings become prey to rust in less than a year of being in use.

A crucial distinction between damage and wear and tear is the expected changes in the property after regular use. Dirty switchboards and stained kitchen sinks could be a result of the tenant’s neglect of the property. It is, however, not inconceivable. The same is, however, not true of faulty switchboards and a broken kitchen sink.

What qualifies as damages to the property?

All unwelcome changes in the property that have been used with a certain degree of intention on the tenant’s part, would amount to damages to the property. Big or small holes in the wall, broken floor tiles and wall mirrors, dysfunctional bathroom or kitchen fittings, torn carpets and permanent stains on the upholstery, are not the sort of changes the property would undergo without abuse or neglect. For all such damages that undermine the property’s value and do not qualify as the normal wear and tear, the tenant will have to pay the landlord for the repair work.

Tile breakage may not account for general wear and tear, but discoloration will.

Precautions that landlords should take

Due attention should be paid while drafting the rent agreement clauses, especially on the subject of maintenance of the property. As this has the capacity to greatly affect the future worth of the asset, the landlord should insert clauses that fix the respective responsibilities of both the parties. Leaving any sort of grey area in this regard would not only lead to disagreements with your tenant in future but also cause monetary damages.

Precautions that tenants should take

It is common courtesy to hand over the property to your landlord in the same state as you took it at the start of the tenancy period. Rental laws in India, including the Draft Model Tenancy Act, 2019, make it incumbent upon the tenant to safeguard the premises and that no obvious damages are caused to the landlord’s immovable asset. Even though no law across the world makes the tenant responsible to pay for the property’s normal wear and tear, they are still expected to get the house deep cleaned, to return the rented property in the same shape and form as it was at the start of the tenancy.

To ensure that the landlord does not overcharge you for the actual repair works, insist on getting receipts for all the expenses made in the process. Be mindful of the fact that the landlord can only replace the damaged goods with goods of the same quality.

23/07/2020

Everything home buyers need to know about the repo rate and how it affects them

Every time the Reserve Bank of India (RBI) makes a change in the repo rate, home buyers are told that the cost of borrowing will become higher/lower, because of the change. As the repo rate has such a significant bearing on your financials, it is important to know everything about it and how it impacts your home loan liability. It is also essential to know how the reverse repo rate works, in order to have a better clarity on the working of your home loans.

What is repo rate?

Just like borrowers have to pay a certain interest, to avail of credit from banks, financial institutions also have to pay interest, for the money they borrow from the central bank. This interest is known as the repo rate. The term ‘repo’ is short for ‘repurchasing option’ or ‘repurchase agreement’. Under the arrangement, scheduled commercial banks provide securities such as treasury bills or gold to the RBI for availing of overnight credit in case of liquidity shortfall.

It is pertinent to mention here that banks need funds for lending purposes. Apart from taking deposits from the general public, they also have the option to borrow from the central banks. Repurchase agreements make this possible.

Current Repo Rate - 4%
Reverse Repo Rate – 3.35%

Aside from helping banks with credit availability, the repo rate is an effective tool for the banking regulator, to control inflation. In case of high inflation, the RBI increases the repo rate, to discourage banks from borrowing. This eventually reduces the liquidity in the economy, subsequently taming the high inflation. A reverse technique is put in place, in case of falling inflation. In this scenario, the repo rate is reduced in a move to prompt banks to borrow more credit, which ultimately increases the supply in the market, triggering fresh investment activity.

Note here that the credit thus extended by the RBI to the banks, is provided only for overnight and the banks buy back their securities deposited with the banking regulator at a predetermined price.

What is reverse repo rate?

Reverse repo rate is the interest which banks charge from the RBI, to lend credit to the banking regulator. Reverse repo rate is another tool used by the RBI, to maintain desired inflation levels, by way of absorbing liquidity from the system. By increasing interest, the RBI encourages banks to lend money to the RBI, which results in depletion of excess liquidity from the system. Banks, thus, are not left with a lot of credit to lend.
Difference between repo rate and reverse repo rate

Repo Rate:
The interest RBI charges, to lend credit.
Always higher than reverse repo rate
A tool to control inflation.
Works as per repurchase agreement
Transactions take place via bonds

Reverse Repo Rate:
The interest RBI pays on borrowings.
Always lower than repo rate.
A tool to maintain cash flow.
Works as per reverse repurchase agreement
Transactions happen via bonds.

Key facts about repo rate in India
• The repo rate is fixed and monitored by the RBI.
• Repo rate is a tool to control inflation.
• Banks adjust savings account and fixed deposit returns, based on the repo rate.
• Before October 2004, the repo rate was known as the reverse repo rate.

What is monetary policy review?

The RBI’s six-member Monetary Policy Committee, headed by the RBI governor, meets every two months, to decide its monetary policy and tweaks key interest rates, according to the prevailing economic condition. The monetary policy review also sums up the prevailing economic conditions of the country and elaborates on present and future actions that RBI plans to undertake, in order to support the economy.

How does change in repo rate impact home loans?

When the RBI lowers the repo rate, the cost of borrowing for banks goes down. Banks are expected to pass on this benefit to the consumers eventually. Amid consumer demand bottoming out due to the Coronavirus outbreak and its adverse impact on the economy, the banking regular has brought the repo rate down to 4%, by implementing a 200-basis-point reduction over the past 12 months. On their part, banks have also started lowering home loan interest rates, to support consumers. The country’s largest bank, State Bank of India, for instance, recently reduced its repo rate-linked home loan interest to a record low of 6.95%.

Conversely, home loan interest rates go up with the RBI making an upwards tweak in its lending rate. Incidentally, banks are quicker in passing on the increase in rates to the customers, while they are generally quite slow in reducing their lending rates. So, even though changes in the repo rate should reflect in financial institutions’ interest rates immediately, only increases see fast transmission and the often RBI has to nudge banks, to pass on the benefits of reduced rates to borrowers.

With banks linking their home loan interest rates to the repo rate, since October 2019, faster transmission of policy could be expected in the future. Prior to that, banks used internal lending benchmarks like marginal cost of funds-based lending rate (MCLR), base rate and prime lending rate, to price home loans.

The MCLR, which came into effect in 2016, was an internal lending benchmark, allowing banks to ‘reset’ the loan rate, at an interval specified in the loan agreement. This, rate cuts implemented by the banking regulator were not passed on to the customers by the banks as swiftly as they were expected to, while the burden was quickly passed on in case of an increase. “In case of MCLR-based loans, banks have to factor in their cost of deposit, operating cost, etc., apart from the repo rates, while calculating lending rates. Hence, MCLR-based loans are always likely to have slower transmission of policy rate changes,”.

Disappointed by the MCLR regime’s limited success, the RBI, in 2018, directed banks to switch to an external lending benchmark, so that the borrowers are better placed to reap the benefits of policy transformation. Following this, banks switched to the repo rate-linked lending regime, starting October 2019. Currently, almost all major banks in India offer home loans that are linked to the RBI’s repo rate.

Key facts about repo-rate linked home loans

Buyers taking a home loan liked with the repo rates or those switching their old home loans to it, must have clarity about certain facts about these loans.

Transmission is quicker: Any changes in the repo rate are likely to be reflected in your EMI outgo much faster.

“With repo-rate linked home loans, borrowers can expect a much faster transmission on to their loan rates. Also, such loans will be more transparent, as far as the rate-setting mechanism is concerned and should add more certainty to the borrowers, in anticipating their loan interest rates,”.

This also means, your home loan EMI will increase as and when the banking regulator makes any change in its key lending rate. “Consequently, repo rate-linked loans can work against buyers, during the rising interest rate regime.
Also, banks will ultimately decide the additional interest they would charge, on top of the repo rate on home loans. Even though the repo rate is currently at 4%, the cheapest available housing loan in the market current is at 7%, reflecting a difference of three percentage points.

24/06/2020

11 key facts about home loans in India

While it is a well-known fact that housing finance is a boon for modern-day home seekers who face financial limitations, there are various misconceptions attached to these facilities. Before a buyer plans to opt for a home loan to buy a new home, they must be familiar with certain facts about this product.

How much home loan you can get on the property value?

There could be cases where banks would offer you 90% of the property cost, as loan. However, there is no blanket rule about this. The lender would check a variety of factors, including your repayment eligibility, before they agree to grant you that kind of loan.

Can you claim tax benefits for loans from family members?

Tax benefits on interest payment under Section 24 of the Income Tax Act, are available to the borrower if he takes a loan from personal channels –friends, family, etc. The borrower must, however, note that they cannot claim deductions under Section 80C on repayment of the principal component. The borrower also cannot claim benefits on interest payment under Section 80EE or Section 80EEA.

Can you claim tax benefits on stamp duty and registration?

Under Section 80C, a home buyer can not only claim rebate on the home loan principal repayment but also on stamp duty, registration charges and other additional expenses. However, the limit stands at Rs 1.50 lakhs in a year.

Can you repay a housing loan in cash?

You can repay your home loan taken from any housing finance company (HFC) or non-banking finance company (NBFC) in cash, provided each installment is less than Rs 2 lakhs. According to a notification issued in 2017 by the Finance Ministry, the prohibition of cash payment applies to repayment of a single loan installment in cash and not to the aggregate amount. On the other hand, according to the income tax laws, cash payment of over Rs 2 lakhs is illegal.

Is it mandatory to have a co-borrower for a home loan?

When you apply for a home loan, most banks would encourage you to apply for a joint home loan, enumerating its various benefits. This may lead you into believing that co-applying is mandatory, which is incorrect. While there are several benefits of jointly applying for a home loan, there are disadvantages too.

How will credit score affect your loan eligibility?

Among the many factors based on which a bank may or may not approve your home loan request, is your credit score, which is a rating assigned to you by the credit bureaus based on our borrowing history. While a good credit score might get you a cheaper home loan, it is not the only factor that financial institutions consider, while processing your home loan application. More importantly, you could easily improve your credit score, by following some simple methods.

Do all borrowers get the same interest rates?

Banks offer varying rates of interest to different customers. The gender of the applicant also plays a role in deciding the interest rate. Most banks offer lower interest rates to women borrowers. Also, the rate of interest for the salaried class is lower than that for the self-employed, because of the higher risk perception. Similarly, banks offer cheaper rates to people with good credit scores.

Will the bank repossess home if you default?

This is generally the last resort for banks, as they are not in the business of claiming homes and selling it in the market to make profits. They are in the business of banking where they want to earn benefits by way of regular EMIs. Even in the worst-case scenario, banks would prefer to find an option that is most suited to all parties concerned.

Is home loan insurance compulsory?

Banks often nudge buyers into buying home insurance and home loan insurance as part of a package deal. Buyers often venture into buying such products, without analysing whether it is suited to their individual needs. Unless you are certain about the home loan and home loan insurance product that is being sold by the lender, do not buy them. You can always buy any of these products at a later stage, on completion of due diligence.

Can you transfer your loan more than once?

There is no rule that limits a borrower from transferring his home loan. Consequently, a borrower has the choice to change his lender as and when he thinks it is proper. However, changing your lender comes at a cost – each time you go through the process, you have to pay for expenses such as processing fees, stamp duty, legal charges, etc.

Do you have to pay penalty on prepayment?

The RBI has prohibited banks from charging any penalty, if borrowers pre-pay their housing loans. However, this remains true if the home loan interest is linked with floating rates. In case a home loan is linked with a fixed rate of interest, the bank can charge a penalty on prepayment.

27/05/2020

What is land tax and how to pay it online?

Real estate ownership comes at a cost. You also have to continue to pay a price for the ownership of the title, once it is attached to your name. Under the specific state laws, the owner has to pay a bi-annual or annual property tax on various types of real estate possessions – land, plot or any improvements made on these pieces of land, including buildings, shops, houses, etc.

Who imposes land tax?

Also known as land tax, property tax is one of the major sources of income for city municipal bodies. Municipalities use different methods to arrive at the annual value of your real estate asset and impose a tax rate, depending on that value. This tax has to be paid one or twice in an assessment year, to the local municipal body in your area. The revenue generated through land tax collection, is used by the civic body to build and improve the infrastructure in the area, apart from offering and maintaining amenities including water and power supply, sewage systems, lighting and cleanliness. As civic bodies have different rules and valuation methods, the rate of land tax is different from one area to another area and one city to another city.

Who should pay land tax?

Note that the owner does not have to pay any land tax, as long as the plot is vacant. This is, however, not true for a vacant house.

Also, land or property tax is not the same as the annual tax that you are liable to pay every year from your income, under the income tax laws. On your annual income, you have to pay taxes on your real estate assets under the head income from house property, under the IT Act.

How is land tax calculated?

Based on several factors, such as the size, location and amenities, civic bodies attach an annual value to properties in their area, for land tax collection purposes. However, they use different methodologies to arrive at this calculation. There are primarily three land value calculation methods applied by the many municipal bodies in India, to establish this annual payment liability.

Annual rental value system

Municipal bodies in Chennai and Hyderabad use this method, to calculate annual property value. Every property has the potential to generate a particular monthly rental, irrespective of whether or not it is actually rented out. Based on the annual rental value of your property, a certain percentage of your earning has to be paid as land tax.

Unit area value system

Municipalities in Ahmedabad, Bengaluru, Delhi, Kolkata, Hyderabad and Patna use this system, to calculate land tax. Under this method, a per-unit price is attached, based on its built-up area or carpet area. While deciding the value, the location and usage of the property plays a vital role and a tax rate is applied, depending on the expected returns on the property.

Capital value-based system

The Brihanmumbai Municipal Corporation (BMC) intended to frame rules for levying property tax, based on the capital value of a property. However, the Bombay High Court scrapped the order in April 2019. Under this system, the market value of the property, which is revised on an annual basis by the civic body, is used to determine the land tax.

How to pay land tax?

Most civic bodies in India have now switched to the online mode, for payment of land tax. So, you can pay land tax online on the website of the municipal body, or by downloading the app of your municipal body on your mobile phone. Land tax payment can be done online, using your property’s unique ID and PIN allotted to you. The payment can also be done using net banking, debit/credit card and mobile wallet credentials. Alternatively, you could also pay property tax offline, by visiting the municipal office, where you can fill and submit the suitable form and make the payment through cheque.

Rebates on land tax

Municipal bodies across the country offer various rebates to tax payers, based on a variety of factors.

Depending on the age of the owner: Rates are lower for senior citizens.

Depending on the nature of the area: Rates are lower for properties in flood-prone areas.

Depending on the usage of the property: Rates are lower for properties meant for public use or owned by charitable trusts.
Depending on the age of the property: In some cities, old properties attract lower property tax.

Depending on the property’s occupancy: In some cities, the longer you have stayed in the property, the lower the rates.

Depending on the income of the owner: Land tax rates are also lower for people from the economically weaker sections and low income groups.
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22/05/2020

All about India’s Enemy Property law

The movable and immovable assets left behind by people who left India after the Indo-China war of 1962 and the India-Pakistan wars of 1965 and 1971, are known as enemy properties

What is enemy property?

After the Indo-China war of 1962 and the India-Pakistan wars of 1965 and 1971, the Indian government took over the ownership of movable and immovable assets left behind by the people who left India after the wars. These properties, spread across several states in India, are known as enemy properties.

The Custodian of Enemy Property for India (CEPI), an office established under the Defence of India Act, 1939, is in charge of enemy properties in India. Through the Custodian, the centre is primarily in possession of all enemy properties in India. Following the 1965 war, India and Pakistan signed the Tashkent Declaration in 1966 and promised to negotiate the possible return of assets taken over by either side after the war. Breaching that promise, Pakistan disposed of all its enemy properties in 1971.

What is the enemy property law?

In 1968, India enacted the Enemy Property Act, providing for the custody and control of enemy property. The centre was, however, forced to amend the 50-year-old law in 2017, amid rising claims of succession by the legal heirs of the original owners of enemy properties. “Of late, there have been various judgments by various courts, affecting the powers of the CEPI (Custodian) and the government of India as provided under the Act, adversely,”.

A Supreme Court verdict of 2005 has been particularly instrumental, in pushing the number of such claims up remarkably. While giving its verdict on the ownership of the estate of the erstwhile raja of Mahmudabad, the top court ruled in the son’s favour, who claimed ownership over the property after his father’s demise in 1973. His father, who owned various heritage estates across Sitapur, Lucknow and Nainital, had left India for Iraq following the Partition. He took Pakistani citizenship in 1957 and later shifted to London, where he eventually died. Even though the raja’s wife and son stayed behind in India as Indian citizens, the raja’s estate was declared enemy property, under the provisions of the enemy property law of 1968. After a legal battle that lasted for over four decades, the SC restored the ownership of the raja’s estate with his son. The order was, however, made null and void when the rules of the 2017 law came into force retrospectively.

The Enemy Property (Amendment and Validation) Bill, 2016, was introduced, with an aim to amend The Enemy Property Act, 1968 and The Public Premises (Eviction of Unauthorised Occupants) Act, 1971. The Bill was approved in parliament after the Lok Sabha, in March 2017, passed it. By way of making the definition of ‘enemy’ and ‘enemy subject’ more inclusive, the 2017 law established that irrespective of their nationality, heirs of those who departed from India after the wars of 1962, 1965 and 1971, cannot claim ownership over enemy properties.

Enemy property in India: Key facts

In-charge: Custodian of Enemy Property for India (CEPI)
Number of properties: 9,406

Estimated worth: Rs 1 lakh crore (immovable assets)

Estimated worth of enemy shares: Rs 3,000 crores

Estimated worth of enemy jewellery: Rs 38 lakhs

Key features of the enemy property law 2017

Definition of enemy

The definition of ‘enemy’ and ‘enemy subject’ includes the legal heir and successor of any enemy, whether a citizen of India or a citizen of a country which is not an enemy. It will also include the succeeding firm of an enemy firm in the definition of ‘enemy firm’, irrespective of the nationality of its members or partners. It also says that the law of succession or any custom or usages governing succession, will not be applicable in relation to enemy property.

In-charge

Provides for the continued vesting of enemy property with the Custodian under the Defence of India Rules, 1962. The enemy property will continue to vest in the Custodian, even if the enemy or enemy subject or enemy firm ceases to be an enemy due to death, extinction, winding up of business or change of nationality. This applies, even if the legal heir or successor is an Indian citizen or a citizen of a country which is not an enemy.

Only the Custodian, with the prior approval of the central government, can dispose of such properties. “No enemy or enemy subject or enemy firm shall have any right and shall never be deemed to have any right, to transfer any property vested in the Custodian and any transfer of such property shall be void,”.

State-wise break-up of enemy properties in India

Of the total 9,406 enemy properties in India, 9,280 are left behind by Pakistani nationals and 126 properties by Chinese nationals.

Properties left by Pakistan nationals: 9,280

Uttar Pradesh: 4,991
West Bengal: 2,737
Delhi: 487
Goa: 263
Telangana: 158
Gujarat: 146
Bihar: 79
Chhattisgarh: 78
Kerala: 60
Uttarakhand: 50
Maharashtra: 48
Tamil Nadu:34
Rajasthan: 22
Karnataka: 20
Haryana: 9
Assam: 6
Diu: 4
Andhra Pradesh: 1
Andaman: 1

Properties left by Chinese nationals: 126

Meghalaya: 57
West Bengal: 51
Assam:15
Delhi: 1
Maharashtra: 1
Karnataka: 1

21/05/2020

No registration fee, stamp duty for first sale of apartments in Tamil Nadu

The move comes in the wake of some sub-registrar offices demanding to register the apartments attracting stamp duty and registration fee. However, it is applicable only on the first sale of the property

In a relief for , the in Tamil Nadu has clarified that ready to occupy new apartments and buildings need not have to pay stamp duty and registration fee.

The move comes in the wake of some sub-registrar offices demanding to register the apartments attracting stamp duty and registration fee.

However, it is applicable only on the first sale of the property.
Inspector general of registration on Monday issued an order that confines undivided share (UDS) of a property under the bracket of stamp duty and registration fee.

"If a document is presented for registration for first sale of undivided share of land, the registering officers are instructed not to demand or insist on inclusion of building in the subject matter of sale document for the sole reason that completion certificate has been issued by the competent authority to the project,".

This would help homebuyers not pay the combined 11% stamp duty and registration fee for new apartments.
The order paves way for subjecting only UDS for stamp duty and registration fee.

"For instance, a new flat costing Rs 60 lakh, of which UDS is Rs 20 lakh and rest Rs 40 lakh is the price of the apartment. Homebuyers need not shell out stamp duty and registration fee on the building. It is a welcome move for those buying properties in completed projects because it does not attract GST,".

10/05/2020

संपत्ति खरीदते समय कानूनी राय लेना उचित क्यों है ?

एक संपत्ति खरीदना केवल पैसे का भुगतान करने और इकाई पर कब्जा करने के बारे में नहीं है। लेन-देन में शामिल प्रक्रिया और प्रलेखन जटिल है और अक्सर एक आम आदमी की समझ से परे है। इसके अलावा, हर कोई संपत्ति के अधिग्रहण से संबंधित विभिन्न कानूनों के साथ बातचीत नहीं करेगा। जैसा कि आप संपत्ति खरीदने में अपनी जीवन बचत डाल रहे हैं, आपको अपनी रुचि को सुरक्षित रखने के लिए, प्रक्रिया के लिए कानूनी राय लेनी चाहिए।

मैंसंपत्ति के शीर्षक और विपणन की योग्यता

खरीदार के लिए यह सत्यापित करना बहुत महत्वपूर्ण है कि विक्रेता के पास संपत्ति में एक अच्छा शीर्षक है। शीर्षक का मामला इतना जटिल है कि संपत्ति के शीर्षक में किसी भी दावे या दोष के खिलाफ खरीदारों को सुरक्षित करने के लिए अचल संपत्ति के नियमों को एक डेवलपर को एक शीर्षक बीमा खरीदने की आवश्यकता होती है, जो वह विकसित कर रहा है। शीर्षक में दोष कानूनी प्रतिमा के रूप में हो सकता हैउस जमीन की प्रकृति / जिस पर संपत्ति का निर्माण किया गया है या संपत्ति पर मौजूदा सुविधा अधिकार हैं, जिसे किसी को पता नहीं चलेगा, जब तक कि एक विस्तृत जांच नहीं की जाती है। यदि मूल दस्तावेज जमा करके संपत्ति को गिरवी रखा गया है, तो एक खरीदार को यह नहीं पता हो सकता है कि क्या मूल दस्तावेज उसे सौंप दिए गए हैं, क्योंकि लोगों के लिए दस्तावेजों की प्रतियां इस तरह से प्राप्त करना मुश्किल नहीं है कि वे इस तरह दिखते हैं मूल।

किसी भी लिटिग से बचने के लिएसंपत्ति के संबंध में जो आप खरीद रहे हैं, उसके संबंध में यह पता लगाना महत्वपूर्ण है कि डेवलपर ने संपत्ति के निर्माण से संबंधित सभी कानूनों और प्रक्रियाओं का विधिवत अनुपालन किया है या नहीं। स्थानीय अधिकारियों से योजना के लिए अनुमोदन प्राप्त करने के समय लगाए गए कुछ शर्त का पालन नहीं करने के कारण कई संपत्तियां हैं, जिन्हें अधिभोग प्रमाणपत्र नहीं मिला है।

अचल संपत्ति खरीद समझौता और अन्य दस्तावेज

एक संपत्ति खरीदने में विभिन्न दस्तावेजों का अध्ययन करना शामिल है, साथ ही कई दस्तावेज तैयार करना भी शामिल है। केवल एक व्यक्ति जिसे कानूनी दस्तावेजों की व्याख्या करने के लिए प्रशिक्षित किया जाता है, खरीदार को पहले के खरीदारों के समझौतों में किसी भी प्रतिबंधात्मक खंड की पहचान करने में मदद कर सकता है। यह जमीन के संबंध में हो सकता है, क्योंकि संपत्ति का निर्माण एक फ्रीहोल्ड भूमि पर किया गया हो सकता है, जहां पूर्ण शीर्षक ट्रांसफ़ हैखरीदार को मिटा दिया। भूमि को एक पट्टे के तहत भी अधिग्रहित किया जा सकता है, जहां पट्टे के कार्यकाल के अंत में जमीन का स्वामित्व मूल मालिक को जाता है।

अधिकांश संपत्ति खरीदार खरीद समझौते के प्रारूपण के लिए वकीलों की मदद नहीं लेते हैं और इसके बजाय, दलाल से कहें कि वे समझौते को पूरा करने में मदद करें। दलालों, ज्यादातर मामलों में, एक मानक समझौता होता है, जिसमें वे केवल संपत्ति के विवरण को प्रतिस्थापित करते हैं औरखरीदार और विक्रेता। वे शायद ही कभी महसूस करते हैं कि विशेष परिस्थितियां हो सकती हैं, जो वारंट करती हैं कि समझौते को कुछ विशिष्ट रेखाओं पर तैयार किया जाना चाहिए – उदाहरण के लिए, जब संपत्ति को कानूनी वारिस या एक वसीयत के निष्पादक द्वारा बेचा जाता है।

यदि आप होम लोन ले रहे हैं, तो समझौते की एक कानूनी जाँच आपको शर्तों को समझने में मदद कर सकती है, जिसके तहत आप होम लोन ले रहे हैं। इनमें प्रीपेमेंट ओ के लिए शुल्क से संबंधित खंड शामिल हो सकते हैंहोम लोन का आर ट्रांसफर, होम लोन को फिक्स्ड रेट से फ्लो करने का चार्ज और इसके विपरीत, या जिन परिस्थितियों में ऋणदाता संपत्ति पर कब्जा कर सकता है।

स्टैंप ड्यूटी और संपत्ति खरीद के आयकर निहितार्थ

अचल संपत्ति के सभी लेनदेन के लिए, खरीदार को संपत्ति के बाजार मूल्य पर स्टांप शुल्क का भुगतान करना होगा। हर राज्य का अपना स्टैंप ड्यूटी रेडी रेकनर रेट है, जो लोकप्रिय हैसर्कल रेट के रूप में खुद। स्टांप ड्यूटी रेकनर में निर्दिष्ट दरें, आधार दर होती हैं, जिस पर किसी प्रॉपर्टी के लिए स्टैंप ड्यूटी का भुगतान करना पड़ता है। फिर भी, संपत्ति की आयु के आधार पर, बाजार मूल्य से कुछ कटौती की अनुमति दी जाती है, चाहे वह पट्टे की भूमि पर हो या फ्रीहोल्ड भूमि, आदि। इसी तरह, भवन की लिफ्ट नहीं होने की स्थिति में भी कटौती की अनुमति है। एक वकील इस तरह के मामलों पर आपका मार्गदर्शन करने के लिए बेहतर स्थिति में है, यह सुनिश्चित करने के लिए कि आप उच्च स्टाम्प शुल्क का भुगतान नहीं करते हैं, टीइस तरह के लेन-देन के कारण वैध रूप से लटका हुआ है।

आयकर अधिनियम की धारा 50C के अनुसार, जहां स्टैम्प ड्यूटी तैयार रेकनर वैल्यूएशन एग्रीमेंट मूल्य से अधिक है, विक्रेता को माना जाता है कि स्टैम्प ड्यूटी तैयार में कहा गया है। जब तक यह अंतर समझौते के मूल्य से पांच प्रतिशत से अधिक नहीं हो जाता है, तब तक उसके अनुसार पूंजीगत लाभ कर का भुगतान करना आवश्यक है। इसी तरह, खरीदार को भी कर का भुगतान करना आवश्यक हैअंतर पर धारा 56 (2) (x), जो कि अनुबंध मूल्य के 50,000 रुपये या 105 प्रतिशत से अधिक है और स्टांप शुल्क मूल्यांकन है।

केवल एक व्यक्ति, जो संपत्ति की खरीद से संबंधित सभी कानूनों को जानता है, आपको पैसे बचाने में मदद कर सकता है, साथ ही साथ संपत्ति में आपकी रुचि को सुरक्षित रख सकता है। आदर्श रूप से, संपत्ति चाहने वालों को वकील की बजाय केवल वकील की नियुक्ति करनी चाहिए। संपत्ति की लागत का एक या दो प्रतिशत जो आप इस ओर खर्च करते हैं, आपको वें लेने में मदद करेगाई संपत्ति खरीदते समय सही निर्णय।

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