When a person buys any property, it generally involves taking a home loan and also exhausting a substantial amount of one’s savings, to fund the margin money. Moreover, home buyers also try to avail … READ FULL STORY
A tripartite agreement is the key legal document involving the buyer, bank and seller. It’s the document required when a buyer opts for a home loan to purchase a house in an under-construction project. … READ FULL STORY
The provisions related to owning of an immovable property outside India by a resident Indian, are governed by the Foreign Exchange Management Act (FEMA). Owning an immovable property The FEMA restricts Indian residents … READ FULL STORY
After the implementation of the Real Estate (Regulation and Development) Act (RERA), home buyers are optimistic that the new law will protect their interests. However, the moot question is, whether people know how to … READ FULL STORY
The government levies a tax when there is a transaction of property (i.e., when a property changes hands, from the seller to the buyer). This tax is known as ‘stamp duty’. It is levied … READ FULL STORY
Any non-resident Indian (NRI), who is interested in buying a property in India, should be aware of certain legal provisions pertaining to the purchase or owning of an immovable property in India under the … READ FULL STORY
Owners of residential properties in Gurugram, are liable to pay property tax to the Municipal Corporation of Gurugram (MCG) every year. The MCG follows a simple system for property tax calculation that mainly takes … READ FULL STORY
To meet the high costs of living in rented accommodations, employers pay house rent allowance (HRA) to their employees. India’s income tax laws also provide benefits to people who do not own a house … READ FULL STORY
Purpose A home loan is taken for the purpose of either buying a ready-to-move-in house or for the purpose of booking an under-construction property. Home loans are available for residential, as well as commercial … READ FULL STORY
Investing in a house is as much an emotional decision, as a financial one. While buying a property, people look at details like the area of the flat, its location and negotiate on the … READ FULL STORY
Status of joint owner for tax purposes The Income Tax Act has divided the tax entities into various categories. All individuals are taxed under the category of an ‘Individual’. However, if more than one … READ FULL STORY
Many home buyers are often confused, when it comes to understanding the applicability of long-term capital gains (LTCG) tax, when they sell a property. Let us check out five important things related to LTCG … READ FULL STORY
According to Indian tax laws, an assessee is entitled to claim exemption on long-term capital gains tax, on sale of a property or any other asset, if s/he purchases a residential house. However, there … READ FULL STORY
