According to the ruling of Honorable Supreme Court of India, Property Registration is mandatory to transfer the title of the property through conveyance deed/sale deed. When my father bought first property in 1986, he skipped Property Registration. He bought a property through GPA (General Power Attorney). In those days, it was perfectly legal to transfer the property title through GPA and was common practice. There was always a hidden risk of a future dispute. The only reason for this arrangement was to save Property Registration Charges :). It was a revenue loss for the govt and secondly, ... Read More
26QB Challan Correction – 7 Imp Points
26QB Challan Correction is one of the most frequently asked queries on my blog. There is a lot of confusion related to 26QB Challan Correction process. In fact, the readers who called helpline of Income Tax department could not get a proper response in this regard. A property buyer is left in a lurch. Before you go through this post, i suggest you to check my post How to deduct TDS u/s 194IA?. Reason being, it will help to understand the background. Also, it is always advisable to file the correct details in challan. You can collect the information beforehand. The form 26QB challan is not that ... Read More
Renting a Property – 5 Points to Check
Renting a Property is sometimes painful for landlords. Finding a good tenant is tough. An owner trusts the real estate agents and brokers to find a good tenant. I hardly found direct renting between landlord and the tenant. The only exception is both are known to each other. Some landlords are skeptical in renting a property to people from specific professions as a lawyer, police, etc. A landlord has their concerns in this regard. Another common complaint is that tenant is not vacating the premises. It is especially true for commercial properties. Though these units are on long-term lease ... Read More
Register Under Construction Property for Home Loan
"Register Under Construction Property to avail Home Loan," a Bank Employee told to one of my clients. My client got confused. She was under a notion that under construction property can only be registered at the time of possession. Off late, banks are insisting borrowers to Register Under Construction Property before possession if you are availing a Home Loan. Though it is mandatory to Register Under Construction Property under subvention schemes, it is at the discretion of the bank. From a buyer's perspective, it's a mixed bag. Depending on case to case basis, to Register Under Construction ... Read More
The Most Popular Subvention Schemes
In my opinion, Subvention Schemes are the last lifeline for real estate sector. Currently, the sector is going through a rough patch. In a last ditch effort, builders are rolling out offers under Subvention Schemes to attract buyers. As an unwritten understanding among builder community, a direct discount on the rate card cannot be offered. Moreover, declining sales and ever growing debt burden are forcing builders to offer innovative marketing schemes. These offers can be labeled as Subvention Schemes as most of these offer indirect discounts. In my post, 7 Risks Associated with Subvention ... Read More
Imp points on Power of Attorney by NRI
A property transaction through Power of Attorney executed by NRI calls for extra checks/scrutiny. A sale deed can be declared NULL and VOID because of a small mistake or error in the execution of Power of Attorney by NRI. Sometimes these errors/mistakes are intentional and most of the times unintentional. In recent past, i came across multiple cases wherein a property transaction was challenged based on error/mistake in the execution of Power of Attorney (POA) by NRI. In many cases, the status of NRI is being concealed by his lawyer/CA in POA to avoid TDS. An NRI executing POA in India cannot ... Read More
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