Tips for buying a name for your residence or Nameplate

Name letters are becoming popular due to personal reasons. Beautify the entrance to your house with unique personal names engraved with your family name and house number signs. Nameplates can help attract positive energy inside your house. A beautiful nameplate outside the front gate invites happiness, prosperity and wealth.

The nameplate serves as a decor element, reflecting the house owner's style sensibility.

Things to look for in Nameplate

Looking for a nameplate for your independent apartment, bungalow or any type of farm house, the nameplate should be on the main gate. Otherwise, if you are staying in an apartment, it is advisable to put a small nameplate on your door or next to your door.

In search of a nameplate for your independent apartment, bungalow or any type of farm house, the nameplate should be at the main entrance. Otherwise, if you are staying in an apartment, it is advisable to place a small nameplate on your door or next to your door. Walls may be a better option. Of course, there are no hard and fast rules when it comes to where the nameplate should go. All you need to keep in mind is that it should look good and make it absolutely clear to the first-time visitor where you live.

Colors play an important role when you are choosing a nameplate. Always try for contrasting colors; because contrasting colors make the nameplate more vibrant and show its name clearly and in style. Also, if you are choosing an acrylic or glass nameplate, make sure the letters are in a color that is noticeable against the wall.

All relevant information should be clearly visible in the nameplate. Adding flat numbers and names ensures that visitors are not confused when looking for you and your house.

You should ensure that you choose a nameplate that is sufficient to contain complete information about your home and is readable at least a foot or two away.

A nameplate that is not noticeable does not do its job. It is best to illuminate the nameplate with an external LED fixture. LED lighting is energy efficient and can ensure that your name appears in good light at an affordable cost.

The nameplate that always exposes the elements needs to be protected. So, look for names that are weatherproof. It is a small investment that will give you long term returns. This is particularly important for bungalows and independent houses.

Nowadays the nameplate is easy to install. All nameplates come with different installation options. You can go for names that may have screws, hooks or even permanent glue. Whichever installation method you go for, just make sure that you are using the nameplate for a longer period.

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.

Affordable Rental Housing For Migrant, Finance Minister Gives Push to Urban Poor

To relieve the real estate sector of some tension, Finance Minister Nirmala Sitharaman said that the government was extending a one-year extension to the CLSS or Credit Linked Subsidy Scheme which started in 2017 and ended on March 31, 2020. Until March 2021. This will help boost the demand for affordable housing.

The extension of the credit link subsidy scheme for a year will encourage many potential house buyers to buy houses, thereby increasing demand for affordable housing. There is currently a lot of untold inventory in the industry.

The mega-move will also help in maintaining employment as real estate is one of the largest labor intensive industries supporting around 200 allied industries. The proposed affordable rental accommodation under PPP is a welcome step. This will effectively help the issues of majority migrant laborers. Most of these urban poor live in miserable condition

Industry experts believe that the government's move to affordable housing in the last six years has been a great step forward. Its 'Housing for All by 2022' project has resulted in many soaps and incentives. In the last few years there has been a significant increase in buyer activities in the affordable segment.

Allowing new units and players to enter the affordable housing segment to build these rented dwellings, allowing manufacturing units and industries to take concessions and follow the same BOT model as road projects will do.

RERA project deadline to bring relief to developers, relaxation to house buyers interests

Although MSMEs, NBFCs and HFCs were the main focus of the Finance Minister's address, the real estate sector also received a major boost from the announcements made by Nirmala Sitharaman on Wednesday. Giving a major relief to real estate developers, FM extended the timeline for completion and registration of the project by 6 months.

The move will help the developers immensely as construction activity is grinding across the country. The wait for house buyers gets a bit long, but it was inevitable.

Including COVID-19 in the definition of “Force Measure” or “Act of God”, and the State / UT Regulatory Authority to revise the lawsuit on the moto and the date of registration and completion of projects by 6 months, in advance there is a boost for the sick. It is slated to combat disruption caused by epidemics. "This will not only provide more time for the project to be completed without any obligation for delay in completion of the project, but also prevent them from facing legal matters due to delays limited to this 6-month extension window. Will give,” a tax expert said.

While COVID-19 dissemination has been challenging for many sectors, including real estate, with many research reports in this area it appears encouraging that real estate is still considered the best investment option. This will be further strengthened by the Finance Ministry with various liquidity measures that will help reduce the rigidity currently being seen in the Indian real estate market.

In addition, the announcement of Rs 30,000crore special liquidity plan for NBFCs / HFCs and MFIs will ease the liquidity misery of stressed stakeholders. This would greatly benefit the real estate sector, given that NBFCs and HFCs are its main lenders.

Karnataka minister announced no landlord should take rent during lockdown

R. Ashok, a revenue minister from Karnataka, said that landlords could not charge rent from tenants during the lockout. He said that action will be taken against the landlords if they force the tenants to vacate the property due to non-payment of rent.

"In this epidemic situation, action should be taken against the house owners in which owner can be imprisoned for up to one year or more under the National Disaster Management Authority," as he said.

However, if the order was not only for tenants belonging to economically weaker sections or people of the society, it did not make it clear.

Although the relationship between a tenant and an owner falls under the Karnataka Rent Control Act, 2001, the government may issue an amendment or an ordinance under the Act to chart instructions regarding collection of rent and eviction.

According to tax experts, Fiat can be challenged in court. Ashish K Singh, partner at law firm Capstone Legal, said, "In my opinion, the exercise of powers under the National Disaster Management Act for rent-related disputes would be challenged before the High Court or the Supreme Court." "It is clear that the NDMA's mandate does not cover the relationship between landlord and tenant."

The state government has taken cues from Singapore passing the COVID-19 Act 2020, which allows a tenant unable to pay rent and other dues under commercial leases from rental payment obligations for six months Seeks temporary relief.

According to property brokers, many prospective house buyers have postponed their plans to buy the property, which has boosted demand for rented houses in Bangalore.

Potential house buyers are expected to moderate prices and home loan rates.

You should know the difference between a Leave Agreement and License agreement and Rent agreement

If you are looking for a house for rent or a house is rented, then you must have come up with terms like leave and license agreement, and rent agreement.

Many people use these words thinking that it is the same things, but in reality, they are actually two separate documents and there are some important differences between them. Although in the end, they see the interest of both the landlord and the tenant, there are differences are:-

Property Ownership

In a leave and license agreement, the tenant cannot claim any ownership of the property because the agreement does not fall under the Rent Control Act of India. In this agreement, the owner licenses the property to the "tenant" and leaves the property.

When it comes to rental agreements, tenants can claim ownership of the property after living in the same place for at least 10 years. They can make this claim under the Rent Control Act of India. In this case, landlords have very limited options to vacate the tenant or increase the rent.

The leave and license agreement can be used anywhere in India as a valid address proof. It is a legal document that binds the licensor in terms of security amount, rent amount, length of stay, and other payments for the use of the property. These points cannot be changed once the agreement is signed by both parties. This is important for the tenant because it protects his rights to live there and his living conditions are clear.

A rent agreement that is registered grants the tenant some rights to the property. In Mumbai, many tenants are still paying Rs. 15 / month due to Rent Control Act and sitting on prime property. According to their rental agreement, as long as they pay the rent on time, they cannot be evicted. To avoid such a situation, execute the rental agreement only for 11 months. 11-Monthly rent agreement does not come under the Rent Control Act.

It is much safer to leave and license agreement for 11 months. After 11 months, the agreement should be renewed for the next 11 months. Limit your agreement to 11 months.

Rent Control Act

A leave and license agreement is governed by the Indian Relaxation Act, 1882. Here, it states that the owner leaves the property with various facilities; the same is given to the licensee for use while the owner is on leave for a specific period. Once the leave is over, and the owner returns, the licensee departs. When he leaves, it is his duty to leave the house in the same condition he was given.

He cannot make any major changes and that is all that should have been given with the property because the agreement is temporary. The property is to be used only for the activity that was originally mentioned or outlined in the agreement. For payment, a large amount is paid by the tenant at the beginning of the tenancy, and no monthly rent is paid thereafter.

In the Rent Control Act, the tenant takes the rented property from the landlord, paying a fixed amount as rent for commercial or residential use. Legally, the landlord cannot evict the tenant as long as the rent is being paid. The tenant pays a deposit and the monthly rent that was fixed in the agreement.

Rights of tenants and landlords

If you look at it, a tenant has far more rights and becomes more preferred when it comes to a rental agreement as it is regulated by rent control laws. They prevent landlords from overcharging, giving tenant’s greater right to own property.

A leave and license agreement is more landlord / owner friendly as in no case can their property be taken over by the tenant. There can be no major modification to their property.

If you need help with a rental agreement or leave and license agreement, leave it to the experts at SuGanta.com. We are here to make your documentation process easy and stress free.