Purchasing a property is as nerve-racking. There are a number of questions that come up, which make us feel confused. When the questions get tricky, we need an expert opinion to bail us out. While the properties rates in Thane might differ from that of Pune, the underlying questions do remain the same. Thus, whether you are buying a new flat or searching for property in Thane, here are few of the frequently asked questions that help clear your doubt.
– How many properties can one own?
A – There is no limit to owning properties. You can own as many residential properties you like as long as your financial status permits.
– How can one qualify for exemptions on the Capital Gains Tax?
A – There are a few exemptions available for long-term Capital Gains if you:
- Constructor buy a new home from the money you receive from selling a property; you are then exempted from paying tax on Capital Gains
- Through the Capital Gain Account Scheme, you can save the received funds in designated banks.
- Investing in bonds or financial assets can also help save tax
– What are Capital Gains on purchasing of property?
A – Capital Gains are considered as levied on the gains arising from the sale of property while the property itself is considered a capital asset.
– Does one require to pay stamp duty if the property is transferred or is gifted?
You would be required to pay stamp duty. Stamp duty on the gift deed ranges from 5 to 12% in all states.
– What are the taxes that one needs to pay before buying a property?
The buyer needs to pay the following taxes before purchasing property:
– TDS or Tax Deduction at source on the amount exceeding Rs.50 lakhs
– Stamp Duty
– Service Tax
– Value Added Tax aka VAT
– How can one convert a leasehold property to freehold?
A property can be converted from leasehold to freehold if the local laws permit it.
– What should be the language of the registration document?
The language of the registration document must be the one that is generally used in your district.
– Can an individual authorize someone else to register my property by granting him Power of Attorney?
Yes, you can execute Special power of attorney to get your property registered by someone else.
– What is property registration?
It refers to the registering of documents relating to the transfer, sale, lease or any form of disposal of an immovable property.
– What documents are needed for registration of an independent house?
You would require Allotment papers of the plot, Building Plan approvals, Transfer Deed (in case of multiple owners), Sale Deed, PAN Card and Photographs.