Real Estate India, Residential Commercial Real Estate Properties India

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 ...

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 .

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 .

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 .