realestate2022

Legal Options For A Home Buyer Who Is Forced To Take Possession In A Project Without OC Irrespective of their size, brand and reputation, several developers offer possession of homes even when the projects are yet to receive an occupation certificate (OC) - a document that states a building is fit for habitation. Growing impatience among buyers and perennial delays to get the documentation work done at public offices, are the prime reasons why even big builders resort to such illegal acts. What should a buyer, who is aware that taking possession of a unit sans the building getting an OC is not only illegal (your ownership of the property becomes questionable; you risk eviction, face penalty and can be denied utilities) but highly unsafe (the building might have structural or operational flaws) do when a developer arm-twists them into accepting possession of such a flat? There have been several instances in the recent past where builders have forced property possession on homebuyers wit...

What Is The Difference Between Agreement Of Sale And Sale Deed? An agreement for sale of an immovable property is not the same as a sale deed for the same property. We look at the differences that home buyers and sellers should be aware of, from a legal standpoint. While buying a property, people enter into an agreement with the seller. The form and format of the agreement may be different. It may either be an agreement for sale or it may be a sale deed. People generally do not understand the difference between these two documents and treat both as synonymous. However, it is not so. What is an agreement for sale? An agreement for sale, is an agreement to sell a property in future. This agreement specifies the terms and conditions, under which the property in question will be transferred. The Transfer of Property Act, 1882, which regulates the matters dealing with the sale and transfer of house property, defines the contract for sale or an agreement for sale as under: “A contract for t...

RBI Reduces Repo Rate By 35 Bps, In 4th Consecutive Cut The Reserve Bank of India (RBI), on August 7, 2019, reduced the repo rate by 35 basis points (bps) to bring it down to 5.4 per cent, a move prompted by low growth and weak inflation. This is the fourth consecutive cut in rates that the banking regulator has resorted to, since the new governor Shaktikanta Das took charge, in December 2018. Almost 80% of 66 economists who took part in a Reuters poll in July 2019, expected the RBI to cut its benchmark repo rate by 25 basis points to 5.50 per cent, while announcing its third monetary policy review on August 7, 2019.  For the uninitiated, repo rate is the rate at which the RBI lends money to scheduled banks. A reduction in repo rate, means banks will be in a better position to offer loans to borrowers at lower interest. How Does It Help Home Loan Borrowers And The Real Estate Sector? Several banks have already implemented a reduction in their marginal cost of funds...

Taxation of rent received and deductions available While income tax laws prescribe certain taxes on a person, who receives any rent from a property which he has let out, the tax payer is also allowed to claim certain deductions out of such income. We examine the legal provisions Taxation of rent received The Income Tax Act of India has a specific head of income, titled ‘Income from house property’, to tax the rent received by an owner of a property. So, any rent received with respect to a property that is let out, is taxable under this head. Rent received with respect to a residential house, as well as commercial property, is taxable under this head. Even the rent received for letting out your factory building or rent received on land appurtenant to the building, is taxable under this head. The property is taxable on the basis of its annual value. The annual value of a property, is determined on the basis of whichever is higher: the rent actually received by the property or the amount ...