Showing posts with label RERA Act. Show all posts
Showing posts with label RERA Act. Show all posts

Wednesday, June 17, 2020

How You Know About House Is Perfect Or Not For Your Spouse

Buying a new home is always exciting; however, it can also be scary if you don't dig all the necessary information before putting that deposit down. Therefore, keeping in mind some points below, buy a new house that will guide you what you should try to get a newly built apartment in every city of India, if you are hunting it with your spouse.

1. Know Your Primary: You have to find all the important things that you want in your house. For this, you can make a list of all the items that are really important to you and others that are not necessary. Once you know your priorities, you'll be able to do a search and you don't have to wander from columns to posts. Place your preferences in a paper like location of your home such as 3 BHK, 4 BHK, etc., where you want to live, budget and so on.

2. Sharing Ownership: Talk to your partner about how you will share ownership of the property. There are two types of options that you can consider:

a. Joint tenant: You both have equal rights to share the entire property.

b. Tenants in common: You both own a part of the property.

Therefore, you need to interact with each other and after mutual understanding, choose the best option that suits you.

3. Check Credit: Whether you are buying a car or a home, the bank first checks the credit score. Therefore, you should check the credit score of both so that you can take important decisions to obtain mortgage approval. Today, there are many ways to know the credit score, here you just need to enter a little information about yourself and the platforms display the CIBIL score. After knowing the credit score, reach the bank for a home loan and get the house of your dreams.

4. Find the right cost: Before starting your search, find out the expenses you can face to buy your dream home. In addition to the initial cost, find out what other types of expenses you may have when acquiring that home.

5. Watch for financial help: Look for financial options so that you do not face any issues while buying your dream home. Find out if you are qualified enough to get a bank loan and if yes, you can start looking for your ideal home.

6. Joint Mortgage: When you apply for a joint mortgage, both credit reports will also be linked. In this way, the lender will be able to view your credit history and allow you to take a mortgage.

7. Make an exit plan: Most people buy only one house with their partner without thinking so that this partnership does not last long. If one of them dies, an exit plan can save your valuable time and save you from troubles.

Owning a house is always exciting and people try a lot to get a dream home. If you are buying a house with your partner then there are some special things that you have to keep in your mind. The above points will help you understand what steps should be taken and what you should not do. There is no need that a partner is your spouse, it can be brother, father, mother or someone else. Therefore, check all the above points and decide wisely.

Wednesday, May 20, 2020

If your property deal is cancelled How to get refund your amount???


Remediation of Token Money under Income Tax laws if property deal is cancelled

 

In the case of deals for the purchase of any real estate, the buyer usually pays some amount in the form of token money, when other terms and conditions are agreed for the transfer of the property. The amount of token money can vary from a substantial percentage of the value of the asset to being just a token. If the seller withdraws from his commitment to sell his property, there are no immediate financial implications, except that the buyer has the right to sue for specific performance in courts of law. However, it is not usually recourse.
 
If the buyer exits the deal, the seller has the right to forfeit the token money paid. In relation to such alleged token money, the buyer cannot claim any income tax benefit, as it is treated as a capital loss under the tax laws. However, the advance money that is seized becomes the seller's income in the year in which the deal is closed. Such confiscated funds are taxed on income from other sources and not under the 'main capital gains', even if the income is received in respect of a capital asset. Prior to the amendment of the law in 2014, the amount of the acquisition of the property must be deducted from the cost of the acquisition of the property in relation to which it was obtained, the year in which the property, which is the subject of the deal, was sold.


Stamp duty refund

 


Generally, for all property transactions, the buyer has to pay some amount as stamp duty. It is either a fixed amount or a percentage of the market value of the property. You will also have to pay a registration fee to register the agreement. The stamp duty and registration fee payable are determined by the respective state governments. Therefore, the rules for refund of stamp duty to be paid for property transactions will vary from state to state. You must pay the stamp fee before the execution of the document.


In Maharashtra, you are entitled, under certain circumstances, to claim a refund of the stamp duty within six months from your payment. You can claim a refund of stamp duty paid on such an instrument if it has not been executed. The government deducts 1% of the stamp duty, a minimum of Rs 200 and a maximum of Rs 1,000 of the stamp duty paid.


In case of cancellation of a transaction for the purchase of property and for which the agreement has already been registered, the Government of Maharashtra permits a longer period of two years from the date of agreement to claim the return of stamp duty. This refund is allowed only if the developer fails to hand over possession of the booked property and this fact is mentioned in the cancellation deed as a reason for the cancellation of the deal. The rules also provide that the cancellation agreement must be registered.


The buyer of the property can get a 98% refund of the stamp duty, if the stamp duty refund is applied. With the refund application, you are required to attach the original agreement, as well as the original cancellation deed, with both documents registered. However, you will not get a refund of the registration fee.



GST (Goods andServices Tax) refund

 


When you book an under-construction property as per the existing laws, the developer charges GST on the value of the agreement at a fixed rate. The rate will depend on whether the property falls in the 'affordable housing' category and also whether the developer is taking advantage of GST. For any reason, if you wish to cancel the booking and thus, surrender your rights to the property under construction, the builder may agree to refund the paid booking amount and installments, or even that you may agree to pay a higher amount. The although the developer may charge GST from you, he may or may not agree to refund this amount, as he would have already deposited the amount in the credit of the government. The builder will not be entitled to claim any refund in respect of GST, as he has already provided services to you.


When calculating capital gains, the GST you have already paid will be part of the cost of acquisition. Capital gains will be taxable as long-term, if your holding period is three years, or else, profit, if any, will be taxed as short-term capital gains.

Tuesday, November 5, 2019

The Government is considering giving more power to RERA officers


Real state regulators are all over India and sources have said that they will expedite amendments to the Real Estate Regulation and Development Act (RERA) to give more teeth, especially to conduct the orders passed by them.

It is not only home buyers who are obsessed with non-compliance by builders, legislation and orders established by the Real Estate Regulatory Authority (RERA), even regulators are concerned with the unfair disposition of builders.

Fed up, regulators are expected to explore further authorization under the law to make them legitimate to engage the untold inventions of builders to make them fall in line and find ways to complete projects.


They are also expected to raise issues before the government, including funding conditions for the region, which is unhappy with abandoned projects beyond the country. "Our terminal responsibility is to understand that abandoned projects are executed and therefore we have to look at liquidity issues," a regulator said.

The government is considering giving regulators more control so that they can practice bold steps. The law had created a perception in the states, there were some challenges to pursue it. He said that some legal matters need to be determined for the efficient functioning of the regulators.

It is a collective effort to recognize the issues early, address them and make suggestions to the government. Most attention is on how to strengthen and develop the system.

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