GST on underconstruction properties
GST on underconstruction properties
Why GST is being charged at 18% on Price of an underconstruction property and not on cost? I had booked an underconstruction villa at 5Cr in 2019 plus 12% GST. The villa is still under construction an
10 months ago
A. Dear Client,
In March 2019, the GST Council cut the tax rates to 5% from 12% on residential properties and 1% from 8% for the affordable housing segment. However, Input Tax Credit (ITC) benefits will not be available under the new tax rate policy. The builders/developers shall now have an option for all the ongoing residential projects to either opt to pay tax at new rates (i.e. concessional rate of GST, with a condition that tax credit shall not be available) or continue with the earlier rate ...ReadMore
Agreement of Sale
I recently entered into a sales agreement to buy a flat with a reputed builder. All through the agreement I am being referred to as the "asignee" and not "purchaser". Will the final document be a sale
10 months ago
A. Dear Sir,
There is some fishy in the said document. You may show such document to any nearby property lawyer and also show the documents furnished by builder otherwise you may have to face troubles in future.
NOC for sale of cooperative flat at New Town, Kolkata
While applying for NOC for sale of cooperative flat, is it necessary to disclose the buyer’s name?
10 months ago
A. Dear Client,
To obtain NOC for the sale of a flat from the Cooperative Society which is registered under the Cooperative Society Act and governed by the Byelaws of the Society, you need to disclose the Buyers details who would be a member of the Society after you on the transfer of title of the flat after registration of a deed of conveyance based on the NOC to be issued by the Society on your request.
Stamp Duty and Registration Chages for PAAA in Mumbai
I got a flat in redeveloped society in Mumbai . The Development Agreement was signed in 2010 between society and developer . The possession was given in june 2019. How ever due to litigation i coul
10 months ago
A. Hello,
Stamp duty and registration charges for a Permanent Alternate Accommodation Agreement in Mumbai are subject to the applicable state laws and may vary based on the specific details of the agreement.
In Maharashtra, To determine the exact stamp duty and registration charges for your Permanent Alternate Accommodation Agreement, you should consult a local lawyer or visit the nearest Sub-Registrar's Office. They will have the most up-to-date information on the applicable rates and charges.
...ReadMore
I am a seller who entered into agreement
I'm a seller who entered into agreement with a buyer by getting an advance. Within 2 days of agreement, buyer is demanding for the advance amount saying that he doesn't want to purchase, but not willi
10 months ago
A. As a seller you need to keep original agreement to sale once it is executed and notarized giving a true copy of same to buyer. However, when you are aware and confident about the condition of automatic cancellation of agreement after expiry of 60 days you should refund the advance after the expiry of 60 days on receipt of original agreement from the buyer. Refund of advance should be done with a written note citing the clause of automatic cancellation with documented delivery of refund of advanc ...ReadMore
Incomplete reply to my RTI application by MCGM, Mumbai (Municipality)
I had filed an application to MCGM asking for all the papers submitted by the developer for obtaining IoD (This is a first step for redevelopment of property). I got incomplete papers. I feel they pur
10 months ago
A. Dear Client,
In case you are dissatisfied with the information provided by the Public Authority in response to your application made under Sec.6(1) of RTI Act, 2005, you may file an appeal before the First Appellate Authority u/s.19(1) of the Act within 30 days of receipt of reply from the SPIO stating the ground behind your appeal. Further, in case the information/document sought by you under RTI comes under the purview of Sec.8 and 9 of the Act restricting the Public Authority to disclose the ...ReadMore
To get Capital gain Exemption on joint ownership
This month my mom sold a plot which gave her capital gain of 30 lakhs. I want to save tax on capital gain of mom by sec 54/54f possibly. So, If I make my mom as joint owner with me on new residentia
10 months ago
A. Dear Client,
The Income Tax Act, 1961 allows an individual or a HUF to claim exemption on long-term capital gains (LTCG) tax, under Section 54 arising on the sale of a residential property, if the indexed LTCG is invested for purchasing another residential house, one year prior to or two years after the date of sale of the house, or for constructing a residential house within three years from the date of sale of the house.
Reach out to a CA for guidance and steps.
Builder is transferring my flat to other post allotment letter
Hello sir, I booked flat in pre launch offer in feb 2023. And have Paid the 10% booking amount to builder in march 2023 and also got the welcome and allotment mail from builder in mar 2023 itself. Af
10 months ago
A. Dear Client,
Is the housing project where you booked your flat is registered under RERA? In case it is a registered project under RERA, you should file a complaint against the Promoter/Builder along with your allotment letter for non-execution of Agreement to Sale on receipt of booking money and for unethical approach for changing the allocated flat.
Even in case the housing complex is not registered under RERA in compliance of the mandatory provision of Sec.3 of the Act, you may lodge the comp ...ReadMore
Property on HUF Account’s name
Hi, can we buy a property on HUF Account if the HUF Account does not have any income as of yet and its registered only a month before buying the property? We are husband wife, members of the HUF.
10 months ago
A. Hello,
As per the infromation you have given yes you can buy a property on the account of hindu undivided family.
Cancellation of sale agreement
We had made a sale agreement for purchasing a property (built house) on March 27,2023 ,In the sale agreement there is a clause "if any legal issues found, seller is bound to return the advance amount"
10 months ago
A. Dear Sir,
If you go to Court it may take years together. To be wise agree for his proposal for deduction of Rs.1,00,000/- and as a security take postdated cheques for your amount.
