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
Low CIBIL Score – Check your Credit Utilization
Low CIBIL Score is now synonyms to Loan or Credit Credit Card Rejection. There is a common perception that Low CIBIL Score is only due to default or delay in payment of credit card bill or loan EMI. It is not 100% correct. Low CIBIL Score has very strong co-relation with overall credit eligibility. "Credit Eligibility" means max credit that a person can avail and "Credit Utilization" is actual credit availed. It is important to maintain a fine balance between credit eligibility, credit requirement & credit utilization. Optimum distribution of credit is essential depending on your current ... 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
Should i apply for Pre-Approved Home Loan?
In my opinion, Pre-Approved Home Loan is one of the least risky way of buying a property through Home Loan by a buyer. Obviously it require intelligent planning and execution. Later in the post, I will explain how Pre-Approved Home Loan mitigate certain risks. Every product has its own advantages and disadvantages therefore before making any decision it is advisable to understand the product in detail. I receive lot of queries from my clients on Pre-Approved Home Loan therefore i decided to write a separate post on this subject. In my previous posts, i explained Pre-Approved Home Loan product ... 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
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