Category: Seller

Sep 04
Hidden cost of buying a Home, Flat or Apartment

There are several charges that go into making the total cost of an apartment. From parking space charges to club membership costs, here is more. We have compiled a list of the general hidden cost of buying a home, flat or apartment. One must be aware that there are several hidden cost of buying a home over and above the advertised price of the property. While the hidden costs may vary from one society to the other, inevitably every property will have several cost factors. In some cases, these costs may…

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Aug 23
Stamp Duty: What are its Rates & Charges on Property?

The government levies a compulsory tax on the transfer of rights in a property, known as ‘stamp duty’. We examine how it is calculated and ways to save money on this tax amount The government levies a tax when there is a transaction of property (i.e., when a property changes hands, from the seller to the buyer). This tax is known as ‘stamp duty’. It is levied on residential and commercial property transactions, as well as freehold or leasehold properties. Stamp duty is levied by states and therefore, the rate varies…

Aug 19
Home loan and tax benefits if you own multiple homes

As the law allows a person to own multiple homes and avail of multiple home loans, we look at the implications on tax exemptions on the home loan for the second house There is no restriction on the number of properties you can own. Similarly, there is no restriction on the number of houses for which you can take home loans and claim tax benefits, either under the tax laws or banking laws. However, the amount of home loan available to you for all the properties taken together, shall depend on various factors…

Aug 17
Can parents take back property gifted to their children?

A gift of a property that is valid and accepted by a donee, cannot be revoked by the donor, except under certain special circumstances. We look at the cases where revocation is possible With many children opting to migrate out of India for employment and the gradual disappearance of the joint family system, parents with limited means may find it difficult to make ends meet, in case their children do not support them. Often, many parents also transfer their properties to their children due to various reasons. After the property is…

Aug 17
Stamp duty and tax on gift deed of Property

While a gift of house property does not involve monetary consideration, it needs to be registered and taxes should be paid in certain cases Gifting is an act, through which a person voluntarily transfers certain rights in an asset to another person, without any consideration. Gifting of house property has a certain income tax and stamp duty implications. Legal requirements for the gift of property As per the Transfer of Property Act, the transfer of a house property under a gift has to be effected by a registered instrument/document, signed by…

Aug 11
3 Things All Smart Home Buyers Do

There is no denying the fact that home buying is emotionally gratifying.  In fact, we will not be exaggerating if we said that more than often, the purchase decision is emotional than rational. Many a time, we are so moved by the rush of these emotions that we enter the territory without doing any prior preparation.  Even if everything turns out alright in the end, the process is so harrowing for a naïve buyer that they are left feeling wearisome. This buyer also runs the risk of the investment turning bad…

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Aug 02
Home Renovation Mistakes Seller Must Avoid

Are you all set to put your home on the market for sale? You need to dress up the property to make it look appealing to potential homebuyers. While you are staging your home for upcoming visits by buyers, here are some commonly made mistakes you must avoid. Not knowing your audience One of the most critical steps you should take before staging your property is to know the kind of homebuyers that are likely to pay visit. This would depend on the size, location and price of the property. For…

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