General
:-How is the market value of a property assessed?
:-What are the benefits of property assessment?
:-How is a property's stamp duty determined?
:-Is there any income tax exemption for transferring newly acquired property?
:-When is a property considered sold?
:-What is a leasehold property?
:-What is a freehold property?
:-What are the advantages in converting a leasehold property to a freehold one?
Residential
:-How is a lease agreement devised?
:-How does one differentiate between carpet area, built-up area and super built-up area?
:-How is the maintenance charge for an apartment calculated when there are different sizes in a complex?
:-Why is a sinking fund collected by co-operative housing societies?
:-Does gifting property entail any charges?
NRIs
Do NRIs or PIOs require any special permission to acquire, transfer, gift or rent out immovable property in India?
How should the purchase consideration for the immovable property be paid by PIOs under the general permission?
Can sale proceeds of such property if and when sold be remitted out of India?
Are other facilities available for repatriation?
Are NRIs eligible to procure loans for acquisition of a house/apartment for residential purpose from financial institutions providing housing finance?
General
How is the market value of a property assessed?
The market value of any property is usually based on the following factors: location, kind of property, quality of construction, maintenance, local infrastructure and demand and supply in the market.
What are the benefits of property assessment?
An official property assessment would entail more than just a comparison of recent sales or purchases of similar properties in that particular area. Many banks now insist on assessment certificates before issuing loans using properties as security. It also increases chances of getting a higher amount of loan sanctioned. It can also be used as a negotiating tool during sale of the property. An official certification becomes imperative in situations requiring the precise value of the property legally, such as a will, insurance, balance sheets, etc.
How is a property's stamp duty determined?
The stamp duty is based on the market value or the value decided upon in the agreement, whichever is higher.
Is there any income tax exemption for transferring newly acquired property?
The income tax exemption under Section 54F of the Income Tax Act does not apply if the transfer is made within three years of purchase.
When is a property considered sold?
The property is considered sold with an agreement of sale and with the actual possession of the property for which the entire amount is usually paid.
What is a leasehold property?
When a property is leased to an individual (known as the lessee) for a stipulated period of time, by the owner of the property (known as the lessor), it is called a leasehold property. A fixed amount is decided by the lessor to be paid as lease premium and annual lease. The land ownership rights stay with the lessor, so any transfer of property requires prior permission.
What is a freehold property?
When a purchaser is given ownership rights of a property for a price, that property is called a freehold property. No annual lease charge is levied and the freehold property can be registered and/or transferred in part(s).
What are the advantages in converting a leasehold property to a freehold one?
One becomes the owner of the property when it is converted to a freehold property and the sale deed is registered. A freehold property can be sold, mortgaged or used as standing security, none of which can be done with a leasehold property.
:-How is the market value of a property assessed?
:-What are the benefits of property assessment?
:-How is a property's stamp duty determined?
:-Is there any income tax exemption for transferring newly acquired property?
:-When is a property considered sold?
:-What is a leasehold property?
:-What is a freehold property?
:-What are the advantages in converting a leasehold property to a freehold one?
Residential
:-How is a lease agreement devised?
:-How does one differentiate between carpet area, built-up area and super built-up area?
:-How is the maintenance charge for an apartment calculated when there are different sizes in a complex?
:-Why is a sinking fund collected by co-operative housing societies?
:-Does gifting property entail any charges?
NRIs
Do NRIs or PIOs require any special permission to acquire, transfer, gift or rent out immovable property in India?
How should the purchase consideration for the immovable property be paid by PIOs under the general permission?
Can sale proceeds of such property if and when sold be remitted out of India?
Are other facilities available for repatriation?
Are NRIs eligible to procure loans for acquisition of a house/apartment for residential purpose from financial institutions providing housing finance?
General
How is the market value of a property assessed?
The market value of any property is usually based on the following factors: location, kind of property, quality of construction, maintenance, local infrastructure and demand and supply in the market.
What are the benefits of property assessment?
An official property assessment would entail more than just a comparison of recent sales or purchases of similar properties in that particular area. Many banks now insist on assessment certificates before issuing loans using properties as security. It also increases chances of getting a higher amount of loan sanctioned. It can also be used as a negotiating tool during sale of the property. An official certification becomes imperative in situations requiring the precise value of the property legally, such as a will, insurance, balance sheets, etc.
How is a property's stamp duty determined?
The stamp duty is based on the market value or the value decided upon in the agreement, whichever is higher.
Is there any income tax exemption for transferring newly acquired property?
The income tax exemption under Section 54F of the Income Tax Act does not apply if the transfer is made within three years of purchase.
When is a property considered sold?
The property is considered sold with an agreement of sale and with the actual possession of the property for which the entire amount is usually paid.
What is a leasehold property?
When a property is leased to an individual (known as the lessee) for a stipulated period of time, by the owner of the property (known as the lessor), it is called a leasehold property. A fixed amount is decided by the lessor to be paid as lease premium and annual lease. The land ownership rights stay with the lessor, so any transfer of property requires prior permission.
What is a freehold property?
When a purchaser is given ownership rights of a property for a price, that property is called a freehold property. No annual lease charge is levied and the freehold property can be registered and/or transferred in part(s).
What are the advantages in converting a leasehold property to a freehold one?
One becomes the owner of the property when it is converted to a freehold property and the sale deed is registered. A freehold property can be sold, mortgaged or used as standing security, none of which can be done with a leasehold property.