Bank Auction is bit tedious process. In my previous post, Bank Auctions - The Cheaper and Smarter way to buy your dream house i discussed some of the do's and don'ts related to Bank Auction. In this post, i will discuss the Bank Auction Process in detail. Currently Bank Auctions are hijacked by some agents. Agents charge hefty commission in this whole process. I never suggest to go through agents as the probability of cheating is high through agents. Specially in Mumbai, all my clients prefer to buy bank auction property through agent and willing to pay x% through cash during Bank Auction ... 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
How to Deduct TDS on NRI Under Section 195?
In continuation of our discussion on TDS under section 195. In this post, we will understand How to Deduct TDS on NRI Under Section 195 by resident Indians?. As per Income Tax Act 1961, Any person responsible for paying to Non Resident or Non Resident Indian, neither being a company nor being a foreign company, of any interest or any other sum chargeable under the provisions of Income Tax Act, 1961 (Excluding income chargeable under the head "Salaries"). Any such payment shall at the time of credit of such income to the account of payee or at the time of payment through any mode i.e. Cash, ... Read More
How NRI’s can lower TDS on Property Sale?
In my previous post on NRI's and TDS on sale of property we discussed basics of TDS on Property Sale by NRI. In this post we will understand how my NRI friends can lower the TDS on Property Sale. Before you decide to go ahead with property sale following 2 points should be considered 1. Type of Capital Gain from Property Sale i.e. Short Term Capital Gain or Long Term Capital Gain 2. Whether i am willing to pay capital gain tax or would like to save capital gain tax by Re-investment of capital gains Once these 2 points are clear then we are ready for property sale in India. Let's discuss the ... Read More
NRI’s and TDS on Sale of Property
Taxation on Sale of Property by NRI's (Non Resident Indians) is bit confusing subject. This confusion is caused due to lack of information and improper explanation. Sometimes it is in the interest of few professionals to complicate things and confuse NRI clients to maximize their gains. In most of the cases, i observed that neither buyer nor NRI seller are aware of what to do. Let me admit that Income Tax Act is not that complicated but it is in the hands of people who interpret it to make it complicated or simplified. To start with, Selling of property by NRI is taxable under u/s 195 of the ... Read More
Deviation from Approved Layout Plan
Deviation from Approved Layout Plan is major problem in Real Estate sector. Recently one of my client shared Approved Layout Plan of an under-construction property in Mumbai. When i checked the actual layout plan by physically visiting the site, I was shocked. In approved layout plan there was a tar Road on Western side of the approved layout plan. On actual site, Road was on Northern Side of the project. In Short, builder rotated entire project 90 degree right side. Best part was that project was approved by leading Home Loan Providers. The flip side is that this project will never get ... Read More
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