Pagdi System Shop Mulund
1 year ago
Dear Sir, I have Pagdi System Shop in Mulund West which my grandfather has purchased and it was in the name of my grandfather, and my grandfather is no more, we were staying in that shop till 2003 and then shifted to Gujarat since then my uncle was caretaker of that property till date, now he is saying you dont have any share in this property, i have all old tax receipts, and water, phone bill of that address, sir please advise can i claim that property, will i have to proceed legally, what are the documents required and what is the process
A.Dear Sir,
RIGHTS OF PAGDI HOLDER
Q1. What is Pagdi system in Mumbai?
Ans. The Pagdi system is a pre-independence rental law that gives the tenant certain ownership rights over the rented property, including the right to sub-let the property or even sells it while giving a share to the original owner.
Q2. Is the Pagdi system legal in India now
Ans. While there are efforts to modernize or abolish the archaic Pagdi system altogether, the system was made legal as per the Maharashtra Rent Control Act of 1999 and came into effect in the year 2000.
Q3. What happens if my owner wants to sell the Pagdi property I’m renting?
Ans. If the original owners choose to sell the building with its land to a new real estate developer, you as a tenant will be given a substantial percentage of the current sale amount to vacate the premises.
Q4. Can I save on taxes on the sale of a Pagdi property I am renting?
Ans. The amount received from the sale of the Pagdi property is a capital asset and you can save tax on such long-term capital gains by reinvesting in a new home.
Q5. Can I get a home loan on a Pagdi property?
Ans. Getting a home loan on a property under the Pagdi System can be difficult, as many ownership issues remain prevalent with old properties. If you want the property rights transferred to your name, you need to establish your ownership rights for the banks to approve your loan application.
RIGHTS OF PAGDI HOLDER
Q1. What is Pagdi system in Mumbai?
Ans. The Pagdi system is a pre-independence rental law that gives the tenant certain ownership rights over the rented property, including the right to sub-let the property or even sells it while giving a share to the original owner.
Q2. Is the Pagdi system legal in India now
Ans. While there are efforts to modernize or abolish the archaic Pagdi system altogether, the system was made legal as per the Maharashtra Rent Control Act of 1999 and came into effect in the year 2000.
Q3. What happens if my owner wants to sell the Pagdi property I’m renting?
Ans. If the original owners choose to sell the building with its land to a new real estate developer, you as a tenant will be given a substantial percentage of the current sale amount to vacate the premises.
Q4. Can I save on taxes on the sale of a Pagdi property I am renting?
Ans. The amount received from the sale of the Pagdi property is a capital asset and you can save tax on such long-term capital gains by reinvesting in a new home.
Q5. Can I get a home loan on a Pagdi property?
Ans. Getting a home loan on a property under the Pagdi System can be difficult, as many ownership issues remain prevalent with old properties. If you want the property rights transferred to your name, you need to establish your ownership rights for the banks to approve your loan application.
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A.Hello Client,
Kindly contact an advocate who specialises in tax law and he will give all details. Hope this helps.
Kindly contact an advocate who specialises in tax law and he will give all details. Hope this helps.
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