Builder NOC is one of the must crucial document for direct transfer of under construction property. Normally, Builder NOC is a standard format by a builder. As i keep highlighting that there is no concept of standard format except for legal and govt issued forms/documents. As i promised in my previous post, Direct Transfer of Under Construction Property to dedicate a post on Builder NOC. This NOC is also referred as a Resale NOC. As i explained in my previous post that buyers should prefer tri-party agreement instead of bi-party agreement with the seller based on builder NOC. If the situation ... Read More
How Builders Overcharge Property Buyers?
Let's accept the fact that Builders do overcharge Property Buyers. You must be wondering how, the answer is, by taking undue advantage of the multiple factors. These factors are ignorance of property buyers, loopholes in the legal agreement and lastly through Bullying. Though i have not observed any such incidences with very reputed builders. One of the reason is that reputed builders already include the brand premium in the cost of the property. The poor buyer has no other option but to oblige. In this regard, i like the English word "Standard". It is now a common practice to regularize ... Read More
Major Tax Changes and its Impact
Tax Changes impact the common man both financially and from the compliance perspective. In these dynamic times, Tax changes are more frequent compared to the past. Moreover, it is important to overhaul the tax system as per current requirement. Another reason is to nail tax evaders who are smarter due to easy access of information. As i mentioned in my previous posts that less than 3% of India's population pay direct tax. As per my calculation, 110 mn individuals are still out of tax net. In order to bring these people in tax net, Income tax department has no other option but to follow these ... Read More
7 Changes from Current Financial Year
This is my first post of current Financial Year :). I never celebrate New Year but being in a Personal Finance space, Financial Year is the New Beginning. Many readers asked me why i have not shared my inputs on Budget 2015. There was a mad race in the financial world to interpret the budget. I thought of sharing my views at the right time. In this economically liberalized era, the impact of a budget is negligible. Most of the provisions of the budget are Pro-Poor and Pro Farmer. The Budget does not make a much financial impact on the lives of a middle class & rich due to economic ... Read More
VAT and Service Tax – Under Construction Flat
Buying an under construction flat is most taxing for any buyer. In my post on Resale Flat or Under Construction Flat, Which is better? i discussed pros and cons of under construction flat. Builders attract buyers with attractive offers of Rs 2999* psf or Rs 3999* psf only. The "star" next to price point makes all the difference. A buyer is caught unaware of miscellaneous charges attached to under construction flat. Though with the time, things have changed and now reputed builders disclose most of the charges associated with under construction flat. Still small and unorganized builders which ... Read More