Capital Gains Tax is levied on the profit earned from the sale of capital assets in India. However, there are several exemptions available to help reduce or eliminate the tax burden. Here's a comprehensive guide on how to qualify for exemptions on Capital Gains Tax in India: 1. Long-Term and Short-Term Capital Gains: In India, capital gains are categorized into long-term and short-term based on the...
2023
Property ownership in India is subject to certain legal and regulatory restrictions. Here's a comprehensive guide on the number of properties you can own in India: 1. No Fixed Limit: There is no fixed or specific limit on the number of properties an individual can own in India. You can own multiple properties, subject to compliance with legal requirements and financial capacity. 2. Legal and...
Fit-Out Possession in India refers to a specific phase in the real estate development process, where the property or commercial space is handed over to the tenant or buyer after basic construction, and the tenant or buyer is allowed to begin the interior customization, or fit-out, according to their specific needs and requirements. Here is a detailed explanation of Fit-Out Possession in India: 1. What...
In the realm of Indian real estate, the Possession Letter and Occupancy Certificate are crucial documents that hold significant importance for property buyers. Here, we present a comprehensive guide highlighting key facts about these two documents: 1. Possession Letter: A Possession Letter is issued by the developer or builder to the buyer when the property is ready for possession. It signifies...
In India, the question of whether to make the final payment before receiving the Occupancy Certificate is a significant concern for property buyers. Understanding the implications and considerations is crucial for making informed decisions: 1. What Is an Occupancy Certificate: An Occupancy Certificate, issued by the local municipal authority, signifies that a building complies with safety and...
A Partial Occupancy Certificate in India is a critical document that signifies the legal authorization for occupying a part of a multi-phase or multi-wing construction project. Here is a comprehensive guide to understanding what a Partial Occupancy Certificate entails: 1. Definition of Partial Occupancy Certificate: A Partial Occupancy Certificate, also known as a part-occupation certificate, is a...
Stamp duty on property purchase is a significant financial aspect of real estate transactions in India. Understanding the essential facts about stamp duty is crucial for both buyers and sellers. Here are the top ten things you should know about stamp duty in India: 1. Stamp Duty Basics: Stamp duty is a state subject in India, and each state or union territory has its own set of stamp duty laws and...
In Indian real estate agreements, buyers have the legal right to issue a legal notice to the seller for the cancellation of the agreement and seek damages in certain situations. Here's a comprehensive explanation of these rights and the associated clauses: 1. Legal Notice and Damages in Real Estate Agreements: Indian real estate agreements often contain provisions that grant buyers the right to...
In Indian real estate agreements, a "Seller's Conditional Cancellation Clause" may be included to allow the seller to cancel the deal if certain conditions from their side are not met. This clause provides guidelines on the consequences and remedies available to both parties in such situations. Here's a comprehensive explanation of this clause: 1. Seller's Conditional Cancellation Clause: Seller's...
In Indian real estate agreements, there may be specific clauses that address the scenario of a seller backtracking from the deal. These clauses provide guidelines on the consequences and remedies available to the buyer in such situations. Here's a comprehensive explanation: 1. Seller Backtracking Clauses: Seller backtracking clauses are contractual provisions in real estate agreements that govern...