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Showing posts from 2009

Real Estate India: Is my Rental Income upto $80K from my property in India free from US Taxation? What kind of forms I need to file in that case?

Question asked by Mr Rizvi from New York, USA: Please can you help me with the following, I have a rental property in India and I have been told that US TAx Laws allow me to deduct my foreign income upto some $80,000 per year. Can you tell me what form I need to use and if I need to do something on the Indian end? An experienced and Practising CPA from USA - Mr. Udai B Singh Answers: Answer from a Practising CPA in USA (Mr. Udai B Singh): Law is this>>> Foreign earned income upto $86k (or so) is tax free provided the person lived in foreign country and earned his livelihood while working there for at least 330 days. Refer Form 2555 for more details. Rest all income is taxed. Also, if the person does not qualify based on number of days presence in foreign country, income is again taxed in full, however, taxes paid on that income in foreign country could be claimed on US taxes on Form 1116. Thanks. Regards, UB http://www.atoneplace.com For more information, kindly visit at R...

Real Estate India: What can be done to stop the erection of transformer?

Question asked by Mr Binu from Bangalore, India: Hello, My name is Binu and I am in a sticky spot. My family purchased a house in Bangalore, a gated community. It is currently under construction. Now out of the blue, the developers of that area have decided to erect a transformer next to our house, right adjacent to the house. This was not disclosed earlier but also there is nothing in the contract to prevent the developers from using the rest of the land in the way they like. It poses two problems, it is a nuisance, and hazardous plus it ruins the look of the house. also the price would depreciate after the transformer is built. There are kids in our family and we would never live in this house if the transformer were to be built. What in your opinion is our best bet. Is there anything we can do to prevent this from happening. Thanks Binu Vatsala Answers: Most transformers have safety standards to follow. If there is genuine danger, nuisance or undue hardship, you can send a legal not...

Real Estate India: Conversion of agricultural land into Non agricultural land (Commercial)

Question asked by Mr Prem from Karnataka: Namaskar Vatsala, Please can you help me with the following, 1. Can you tell me the time it can take to convert agricultural land into Non agricultural land (commercial) in (North) Karnataka, in rural area not in city or village 2. what are the official fees for converting agricultural land per acre (karvar district) With friendly regards Mr. Prem, Karnataka Vatsala Answers: The time taken is generally three to four months, after submitting the documents. The fee is about Rs. 1,25,000/- per acre for commercial use. Normally the conversion is linked with plan sanction and the conversion order is issued along with the sanctioned plan for commercial building. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: How much VAT should be paid?

Question asked by Mr Moorthi Subramaniyan from Bangalore: Hi Vatsala, I am Moorthi, recently I got registered my flat in a small apartment (it has 12 flats) in Bangalore. My agreement with builder is Rs. 9L for land cost & Rs. 21L for construction (including electricity, water, registration etc). My question is, How much VAT I need to pay (based on 4%)? Can you help me on this? Regards Mr. Moorthi Subramaniyan Bangalore Vatsala Answers: Service tax will not be attracted for a complex where the total number of Apartments is 12. Regarding the VAT liability, it may not be payable on the entire amount of Rs.21 lacs. Definitely the amounts charged towards cost of registration and obtaining electricity and water connection should qualify for abatement. On the balance amount, the builder has two options for collecting VAT, viz., either the compounding option or the actual value option. If he prefers compounding option then the VAT is payable on the balance amount at 4% in Karnataka. If th...

Real Estate India: What would be the standard procedure to be followed to repay the housing loan?

Question asked by Mr Sunny Sureen: Dear Vatsala, Few years back my father had applied for a loan from LIC Housing Finance for construction( extension ) of his existing property. The papers of existing house were kept as a security. We are living in the same house till now. The loan was granted and it is being repaid in the form of EMIs. During the 1st year a part of the EMI was adjust for a premium payment of Insurance policy started at the time of approval of the loan. But it was discontinued due to financial constraints and the policy got lapsed. A month back my father passed away and a major part of the loan is still outstanding. I am getting calls from the institution to pay the EMIs due since past few months. I told them the situation on phone. Now the institution is suggesting me to continue paying the EMIs till the entire loan is repaid. Please suggest me what would be the standard procedure to be followed in this situation, so that later on I dont face any restrictions/hassles ...

Real Estate India: Repatriation by an NRI of All Proceeds from Sale of Residential Real Property in India, Purchased With Foreign Exchange

Question asked by Mr Suphal Agrawal from USA: Gentlemen, I was referred to your site by one of my relatives in India. I am a male of Indian origin, now a U.S. Citizen for several years. I am interested in purchasing residential real property near Mumbai with a goal to sell it later on (time not definite yet, but could be anytime after a year or so, depending upon the local market situation and my own financial plans) and then buy something else, but eventually I intend to repatriate all proceeds -- my original investment and all gains -- back into the U.S. Based on my extensive search on this topic, here is what I understand: 1) I am classified as an NRI due to having held an Indian passport previously, and due to both my parents being Indian 2) As such, I can buy residential real property in India without any specific permissions; I can pay for it via wire transfer from my US bank to the seller's bank in India; later, I can sell it to an Indian citizen or another NRI but must hold...

Real Estate India: Information about selling gifted property

Question asked by Mr Asma Ashfaq: Hello I am interested in selling a property received through a gift deed from my father. Will this invite capital gains tax ? Regards Asma Ashfaq Vatsala Answers: You can sell the property received through gift deed from your father. It will definitely attract capital gains tax. After payment of the applicable capital gains tax, the balance amount can be repatriated upto a maximum of 1 million US Dollars. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: What legal action can be taken against the builder?

Question asked by Mr Gautam Dutta: Hi, Recently, I have brought a property where after completion of sale deed builder is charging extra money for registration saying it was an approximate. But where as during the time of booking there was no approximation mentioned in the form and proof of which is the carbon copy. After booking of form they have manipulated the original form by writing approx on the right hand side of registration cost which is clearly not there in carbon copy. Second thing they have issued a letter for remodeling of house which they are delaying or trying to skip. They are charging money for extra registration cost as well as I may have to incur some loss for remodeling otherwise they are threatening not to give the possession certificate and parking allotment. Where as in Sale deed a covered area parking allotment is mentioned and they have already taken money for that. What all legal action can be taken for this and how long it can bother me? With Regards Mr. Gaut...

Real Estate India: What are the documents needed to buy agricultural land?

Question asked by Mr Abhishek Samant from Mumbai: Hi, I just want to know the detail and documents to buy agriculture land. My grand father used to hold an agriculture land. Waiting for your response. Thanks Mr. Abhishek Samant, Mumbai Vatsala Answers: The documents to purchase agricultural lands are 1) parent deeds 2) RTC from 1969 onwards 3) Mutation certificates 4) Akarband 5) Tippany 6) Village Map 7) Family tree wherever applicable 8) Encumberance certificate and 9) Index of land and Record of rights, if available. This is a general list and may vary from case to case. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: What is an elegibility criteria for a PIO card?

Question asked by Mr Mishaal from Africa: HI, I am a person of Indian origin but me and my family have been in Africa since 2 generations. My mother was born in India but we are unable to trace her birth certificate. I have my 1st cousins in India in Bombay. Is there any way in which I can be elegible for a PIO card. If not, what is the alternate option for Investing in India Regards Mr Mishaal, Africa Vatsala Answers: Getting a PIO card is secondary. A person of Indian origin is defined as a person who has held an Indian passport at any time, or whose father or grandfather was a citizen of India. A person of Indian origin, can purchase property (except agricultural land) anywhere in India. No formalities are required except when sale proceeds are to be repatriated. Funds for purchase should be routed through normal banking channels. Spouses of Indian citizens are not considered as PIO’s. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Onli...

Real Estate India: Loan For Buying A BDA Site

Question asked by Vivek S from Bangalore, India: I am planning to buy a BDA site in bangalore. i want to know how to get a loan for that and what will be terms and conditions from the bank. Pls reply back. Vatsala Answers: To get a loan sanctioned for a BDA site, if it is a first time allottment, the allottment letter from the BDA should be given to the bank along with other formalities like your salary certificate, etc. If it is re-sale, then you should furnish the allottment letter, possession certificate, lease cum sale agreement (if applicable), sale deed, khata, tax paid receipts and encumbrance certificates. After inspecting the originals, the bank will sanction the loan. Vatsala www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Commercial property on BDA auction site

Question asked by Mr Kishore Marimganti from Bangalore: Dear Madam, I have bought a corner site in a BDA auction. It has road on two sides and a single property (church) on the other two sides. Please let me know if I can build a commercial building in this property. What options do I have if I want to build a 'dwelling house'? Thanks for your response. regards Mr. Kishore Marimganti, Bangalore Vatsala Answers: You should first check the zonal use prescribed in the CDP and the road width abutting the property. If the road is more than 60 feet, you can build a commercial premises after getting the proper plans approved by the relevant authority. To build a dwelling house the same procedure should be followed – check zonal use and approach proper authority for plan sanction. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: VAT to be paid for an apartment

Question asked by Mr L Chandrashekar from Bangalore: Dear Sir / Madam, Do we have to pay any VAT for an apartment? In my case, there are 175 apartments in the project. Please let me know the details. Regards, Mr. L Chandrashekar, Bangalore Vatsala Answers: In majority of cases, service tax and VAT will be applicable. It does not depend only on the number of flats but on whether the builder has outsourced the construction activity or not. Vatsala http://www.atoneplace.com For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Sales & Service Tax issues

Question asked by Divya from Banglore: Respected Mam, My name is Divya k c, I'm basically from Kerala and I'm currently living in Bangalore. I am currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Divya k c, my Husband Sinoj Nair who too lives here in Bangalore have bought an Appartment in Bangalore, from the Multi Group Builders. The size of the land is 1350 sqft approximately .After registering the appartment to our individual names in late 2007 ,we singed a construction agreement with the promoter to build and deliver the house to us. We have financed the appartment through housing loans. The builder is now close to handing over the possession of the properties and there is one issue at this point. 1) There has been around 3-4 Lakhs that's been collected by the promoter for each of these properties towards Sales & Service Taxes. This community development at the curre...

Real Estate India: Can a Non Resident Indian Buy Property In India?

Question asked by Mr Subedar from UK: As a British citizen but born in India /Gujarat can i buy a property in Mumbai if yes then please show me some new properties in Mumbai in a good locality. Thank you for your information Mr. H. Subedar. Uk Vatsala Answers: If you are 1) a person of Indian origin (father, grandfather or great grandfather should have been an Indian) or 2) if you have held an Indian passport, then you can purchase an immovable property in India. You cannot purchase immovable property in India simply because you were born here, as it does not confer citizenship. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Can a NRI buy a large plot of land and make a farmhouse?

Question asked by oci (canadian citizen of indian origin): I am oci (canadian citizen of indian origin) holding oci status. can we buy a large plot of land and make a farmhouse? can we buy waste land that is not being used for agriculture and turn it fertile? I basically want to return to india & live I can invest up to 400,000$ thanks for your inputs. Vatsala Answers: A person who is not a resident of India cannot purchase farm lands anywhere in India according to the Foreign Exchange Management Act. A resident is a person who resides in India for at least 182 days a year. An overseas citizen of India is no exception to this rule.However as a person of Indian origin, you can purchase other lands in India that are not agricultural lands. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Sales and Service tax - Legal Help please!

Question asked by Rajesh Padmanabhan from Los Angles, California: Hello Vatsala Madam, My name is Rajesh Padmanabhan, I'm basically from chennai and I'm currently living in Los Angeles as an NRI. I currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Rajesh Padmanabhan, my brother Mohan Padmanabhan who too lives here in CA are and our Mother Meera Padmanabhan who is living in chennai have bought individual homes in a Gated community in chennai outskirts, the gated community is called PARSN's "RENASCENCE" and it has been promoted by Parsn Urban Development Ltd. 129 Parsn Villa, Luz Church Rd., Chennai, , India ()4424991734, 4424995988 fax, http://www.parsn.com The size of the land of each of this three individual house is varying in size from 2200 sqft - 3000 sqft approx. After registering the land from the promoter Parsn to our individual names in early 2006 through ou...

Real Estate India: Is the customer liable to pay service tax according to the latest rule by the Government of India?

Question asked by Divya k c from BangaloreUS: Respected Mam, My name is Divya k c, I'm basically from Kerala and I'm currently living in Bangalore. I am currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Divya k c, my Husband Sinoj Nair who too lives here in Bangalore have bought an Appartment in Bangalore, from the Multi Group Builders. The size of the land is 1350 sqft approximately .After registering the appartment to our individual names in late 2007 ,we singed a construction agreement with the promoter to build and deliver the house to us. We have financed the appartment through housing loans. The builder is now close to handing over the possession of the properties and there is one issue at this point. 1) There has been around 3-4 Lakhs that's been collected by the promoter for each of these properties towards Sales & Service Taxes. This community development at the c...

Real Estate India: Is there a blanket ban on sales & service taxes paid on a property?

Question asked by Mr Rajesh Padmanabhan: My name is Rajesh Padmanabhan, I'm basically from chennai and I'm currently living in Los Angeles as an NRI. I currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Rajesh Padmanabhan, my brother Mohan Padmanabhan who too lives here in CA are and our Mother Meera Padmanabhan who is living in chennai have bought individual homes in a Gated community in chennai outskirts, the gated community is called PARSN's "RENASCENCE" and it has been promoted by Parsn Urban Development Ltd. 129 Parsn Villa, Luz Church Rd., Chennai, , India ()4424991734, 4424995988 fax, http://www.parsn.com The size of the land of each of this three individual house is varying in size from 2200 sqft - 3000 sqft approx. After registering the land from the promoter Parsn to our individual names in early 2006 through our PoA and then we singed a construction agreem...

Real Estate India: What kind of legal action can be taken if the builder does not fulfill the promises they make at the time of the booking?

Question asked by Mr Pankaj Shrivastava: I have purchased a flat at Kalyan, Maharashtra. At the time of booking it was told that all the trivial issue would be taken care of however now they are backing out. Some of the issue that I’m facing is listed below please let me know what kind of legal action can be taken. For their safety they have no prints / brouchers etc. Issues: 1. Irregularity in color shade of Bathroom tiles. 2. No night lamp point in Bedroom 3. No electric point for dining area 4. Electric point placed just beside the shower 5. Broken titles in Bathrooms and living room. Mr. Pankaj Shrivastava Vatsala Answers: If the builder has not specifically undertaken to give night lamp point, electric point in dining area, it cannot be enforced. However, the broken tiles and electric point just below the shower can be rectified by going to the Consumer court (within the limitation period) as it will constitute deficiency in service.Vatsala http://www.atoneplace.com For more infor...

Real Estate India: Who if anyone is liable for Service tax under construction of complex service?

Question asked by Chetan from Dallas, Texas: Whether Service tax is liable under construction of complex service [section 65(zzzh)] on builder, promoter, developer or any such person— (a) Who gets the complex built by engaging the service of a separate contractor, and (b) Who builds the residential complex on his own by employing direct labour? Vatsala Answers: Clarification a) In a case where the builder, promoter, developer or any such person builds a residential complex, having more than 12 residential units, by engaging a contractor for construction of the said residential complex, the contractor in his capacity as a taxable service provider (to the builder/Promoter/developer/any such person) shall be liable to pay Service tax on the gross amount charged for the construction services under construction of complex service [Section 65(105)(zzzh) b) If no other person is engaged for construction work and the builder/promoter/developer/any such person undertakes construction works on h...

Real Estate India: Problems with merging of two 1 BHK to one 3 BHK by Builder

Question asked by Mr Sanjiv Jain from US: I booked I have booked one 3 BHK flat in a new construction building and I’ll get possession in 6 months. This Flat has two numbers allocated to this (303+304). I checked with builder about the floor plan as approved by the corporation and found that this 3BHK is actually created by combing two 1 BHK flats. Builder told me that once building construction is over, he will get plan re-approved as per modified structure. According to him, I need to go for only single agreement of purchase and registration/stamp duty. I want you opinion on this. Should I go for this agreement? Will I get single loan on this property or that will be treated as double home loan even if I go single agreement? Mr. Sanjiv Jain, USA Vatsala Answers: As long as the modifications from sanctioned plan are internal, it will not amount to FAR violations. Hence you can proceed with the purchase. You should make sure that the builder gives you the Khata for your flat (in the na...

Real Estate India: Whether the Service tax and VAT are applicable to the customer or the developer

Question asked by Mr Rahul Saraswat from US: I booked a flat 18 months back. The flat is now ready for possession; I need to do registration of the flat. Can you please suggest whether the Service tax and VAT are applicable to me? Do i need to pay service tax to the builder? There are 56 flats in this complex. Mr. Rahul Saraswat, USA Vatsala Answers: In majority of cases, service tax and VAT will be applicable. It does not depend only on the number of flats but on whether the builder has outsourced the construction activity or not. Vatsala For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Information On The Transfer Of Property

Question asked by Mr Amalraj from Bangalore: Dear Madam, This is Amalraj. I live in Bangalore and i need your advice on Transfer of property. I do own a small piece of land measuring 29' x 18' with House constructed on the land. The Original owner of the land had made Irrevocable GPA on my Mother's name for the land and based on that construction was carried out and after death of my Father, my mother decided to register the House in my Name for which the Khata was as Holder (in my Mothers' name) and with consultation of an advocate GIFT Deed was done in My name at Domlur Registrar Office in Bangalore and after that property tax was paid every year as usual. Since the Property Tax receipt was still in Holder's name, I requested the Corporation Office where i used to pay Property Tax to change the receipt to my name giving them a copy of the Gift Deed done. It is now after this I was told that the person Holding GPA and being a Holder in terms of Khata cannot make a ...

Real Estate India: Tax On Construction Of Building

Question asked by Mr Wilbur D'Souza from Mumbai Hello, Im keen on constructing a building on my own property from which I will be forming a small partnership company. How will the tax be calculated? And what will be the percentage of deduction on the profits? Will appreciate if you could give throw some light on this. Thank you. Regards Mr. Wilbur D'Souza, Mumbai Vatsala Answers: Is the partnership in the business of construction and sale of properties? If so, then the land and building will be considered as stock in trade and no capital gains will be charged on transfer. The tax you have to pay is the normal tax on profits made by the partnership firm at the end of each financial year. Vatsala http://www.atoneplace.com\ For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: how to get a loan for a BDA Site and what will be terms and conditions from the bank

Question asked by Mr Vivek from US: I am planning to buy a BDA Site in Bangalore. i want to know how to get a loan for that and what will be the terms and conditions from the bank Mr. Vivek, USA Vatsala Answers: To get a loan sanctioned for a BDA site, if it is a first time allottment, the allottment letter from the BDA should be given to the bank along with other formalities like your salary certificate, etc. If it is re-sale, then you should furnish the allottment letter, possession certificate, lease cum sale agreement (if applicable), sale deed, khata, tax paid receipts and encumbrance certificates. After inspecting the originals, the bank will sanction the loan. Vatsala For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Property Registration Enforcement by Consumer Courts India

Question asked by Mr Narayan Bhagavatula from Fremont, California: Hi Vatsala, My mother (75 yrs) has purchased an apartment in Hyderabad on March 21, 2006 , paid full amount and the seller and builder have acknowledged receiving the amount and my mother is in possession since March 21, 2006. But the Seller and Builder have refusing to register the property in her name. We have sent out notice to both 2-3 times. Can we pursue the case in Consumer Court ? Does Consumer Court have jurisdiction or powers to enforce the registration process ? I briefly read Consumer Act of India and felt it covers only movable goods and deficiency in services. I live in USA. I will appreciate any inputs from you. Thanks a Lot. Mr. Narayan Bhagavatula, Fremont, California Vatsala Answers: You can move the Consumer court only for deficiency in services. You should move the concerned civil court for specific performance. Vatsalahttp://www.atoneplace.com For more information, kindly visit at Real Estate India ...

What steps can be taken if any to ensure that another piece of land is given, if the developer seme piece to two parties?

Question asked by Ms. Aradhana from Bangalore: Hello, I am looking for some advice on the following: My friend bought some land from a developer and only has khatha for it (no registration). Meanwhile, the developer sold the land to another party who has completed khatha as well as registration. While the developer initially offered another piece of land, he does not seem to be forthcoming with his offer anymore. What steps can be taken if any to ensure that another piece of land is given or at least the money is returned? Any advice is appreciated. Thanks! -Aradhana Vatsala Answers: If receipts are available, a simple money suit can be filed demanding the return of monies paid with interest. If a valid agreement of sale is available (and it has not become time barred due to limitation) and if it can be proved that the registered owner had purchased the land after being aware of the prior agreement, then you can sue in a court of law. Otherwise you cannot get another site, but can get ...

Real Estate India: Is it compulsory to Register Sale Agreements/ Documents of ownership flats?

Question asked by Sanjay: Is it compulsory to Register Sale Agreements/ Documents of ownership flats? Vatsala Answers: No, Sale agreements are not compulsorily registerable documents. They can be optionally registered. Majority of such agreements are not registered. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Guidelines for acquisition of agricultural land / plantation property / farmhouse by NRIs

Question asked by Vineet: What are the guidelines for acquisition of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin ? Vatsala Answers: NRI’s cannot purcahse agricultural land in India according to the Foreign Exchange Management Act. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Information regarding the correct way of registering a sales deed

Question asked by Mr Ravishankar Kuruganti from US: I booked a flat 18 months back. The flat is now ready for possession; I need to do registration of the flat. Can you please suggest whether the Service tax and VAT are applicable to me? Do i need to pay service tax to the builder? There are 56 flats in this complex. Mr. Ravishankar Kuruganti, USA Vatsala Answers: It is not clear what is the exact problem with the sale deed. You cannot get anything regularized in the green belt area unless there is a similar scheme like Sakarama applicable. Sakrama is now applicable only in the (BBMP) Corporation areas. You can use your contacts to find a suitable lawyer. Vatsala http://www.atoneplace.com. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: What is the process of purchasing a land in auction from BDA?

Question asked by Rajan Venugopal: What is the process of purchasing a land in auction from BDA? Vatsala Answers: The BDA announces the auction in newspaper. A certain base price is fixed. Successful bidders are required to deposit a certain sum with the BDA, after which the sale deed is registered in the name of the successful bidder. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: How responsible is BWSSB to provide Water in the newly developed areas like Devanhalli in Banglore?

Question asked by Arjun: I am planning to buy a plot in devanhalli area in Banglore. I have been told that there is inadequate supply of water in the area. At the same time there is a lot of residential and commercial development happening in the area. Assuming that in a few years the water supply is not made, but these plots have been registered, can I sue the Bangalore water and sewage supply board for lack of water? Vatsala Answers: The Bangalore Water Supply and Sewerage Board (BWSSB) is the premier governmental agency responsible for sewage disposal and water supply to the Indian city of Bangalore. The BWSSB undertakes to supply water only to areas coming within its jurisdiction. Besides, the layout should be approved by the proper authorities. Only then the BWSSB is responsible for water supply. However the law of torts is not very well developed in India and suing the BWSSB for lack of supply may not get a favourable judgement, although you do have a cause of action on which you...

Real Estate India: What is the penalty for the late delivery of Prelaunch Real Estate Properties?

Question asked by Arjun: I bought a plot measuring 500 sq yds in a pre launch offer from a reputed builder. There was a clause in the agreement, which stated that if the builder could not allot the plots in a specified timeframe, 18% interest would be accumulated on the deposit. Now after a delay of 14 months, the builder is finally in a position to allot the plots. He is not recognizing the clause for penalty. Is there any legal shelter I have? Vatsala Answers: You can approach the Consumer Court in the place where the property is situated and file a case for deficiency of service. You can claim compensation for the delay with interest. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Can a Non Indian buy Indian Real Estate/Indian Property? If yes then how?

Question asked by Michael: I am an American. Can I buy Indian property? If yes then how? Vatsala Answers: A foreigner can purchase immovable property in India only by interfacing with the Reserve Bank of India for funding the purchase. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: What is Single window charge? Difference between Service Tax and Sales Tax

Question asked by Dinesh: I am looking to buy a property from a builder in Bangalore. The builder has added single window charges, which include * Bangalore Water and Sewage Supply Board * Karnataka Electricity Board * Sales Tax - Taxes as applicable for sale of the property * Service Tax - As applicable5. Legal Charges - Charges for stamp paper, legal fees etc. My question is… why is the builder charging sales tax and service tax both? Also are there any other charges that will come to me later, other than those mentioned? Vatsala Answers: It has recently been clarified that service tax is not applicable to builders. Hence you no longer need to pay service tax on your apartment. You may have to watch out for khata transfer fee, car parking charges, maintenance charges, club house fees, Association formation charges, etc., These can be clarified at the time of signing the agreement. For more information, kindly visit at Real Estate India or Online Real Estate Vide...

Real Estate India: Cost involved in registering a property in India

Question asked by Ahmed from New Jersey, USA: "How long does it take to register a property and how much does it costs?" Vatsala Speak: The time taken for title inspection varies from 3 days to 7 days, depending on the documents made available. The process of taking a bank loan may take 3 weeks to a month. The costs associated are lawyer’s fees, agent’s fees, bank loan processing fees, stamp duty and registration costs and in case of flats, other costs like various deposits and car parking charges, tax, etc. For more information, kindly visit at Real Estate India or Online Real Estate Video .

Real Estate India: Documents to Register a Property in India

Question asked by Alok from Santa Clara, USA: "Hi, i am planning to buy a property in Bangalore but I am not clear about what documents I need to register a property in India? Can you help me with the registration process followed in India?" Vatsala Speak: The documents required differ if it is an agricultural land, flat, independent house, etc. Generally speaking the sale deed can be registered with supporting documents like Khata (called by various names in different parts of India), tax paid receipts, General Power of Attorney if applicable, Sanctioned plan if it is an apartment or house, parent document and conversion certificate (if property is in Karnataka). In additions some pre printed affidavits and forms should be filled up and presented along with the Demand Draft towards stamp duty and registration fees. For More information about Real Estate Properties , kindly contact us at Real Estate Company India .