The Limitation Act, 1963, is a crucial piece of legislation in India that defines the time limits within which legal actions must be initiated. It aims to ensure that cases are filed within a reasonable period, preventing indefinite delays and maintaining judicial efficiency. Understanding this law is essential for individuals and businesses dealing with legal matters related to contracts, property, civil...
Adverse possession is a legal principle that allows a person to claim ownership of a property if they have occupied it continuously and openly for a specified period without the permission of the rightful owner. In India, this principle is governed by the Limitation Act, 1963, which sets specific conditions under which adverse possession can be claimed. Understanding Adverse Possession Adverse...
When buying a property, terms like sale deed and title deed are often used interchangeably. However, they are not the same. Let’s break down the key differences. 📜 1. Sale Deed vs. Title Deed: Understanding the Basics A title deed is a concept, not a specific document. It represents ownership rights over a property. A sale deed is a legal document that transfers ownership from the seller to...
Homebuyers may find themselves in situations where they need to cancel a flat booking due to various reasons—financial constraints, change of plans, or concerns about the project. If you are considering cancelling your flat booking, here’s what you need to know about refund policies, legal aspects, and financial implications. 1. Can You Get a Full Refund if the Agreement is Not Registered? If...
The highly anticipated Hyderabad Metro Rail Phase II expansion remains under active consideration despite the absence of dedicated funds in the Union Budget. Senior government officials have confirmed that approvals for the ₹24,269 crore project are expected in the coming months, as it progresses through technical evaluations. Project Overview and Evaluation Process The second phase of the...
NAREDCO Calls for a 25-30 Basis Points Reduction in Repo Rate The real estate sector is advocating for a reduction in the repo rate to stimulate housing demand and promote economic growth. The National Real Estate Development Council (NAREDCO) has requested the Reserve Bank of India (RBI) to lower the repo rate by 25-30 basis points in the upcoming monetary policy review. According to NAREDCO...
The Union Budget 2025 introduces a significant relief for fixed deposit (FD) holders by increasing the TDS (Tax Deducted at Source) threshold on interest income. The limit has been raised to ₹50,000 for general citizens (up from ₹40,000) and ₹1 lakh for senior citizens (doubling from ₹50,000). This change will take effect from April 2025 and aims to simplify tax deductions while easing the...
Budget 2025 Eases Tax on Multiple Homes The Union Budget 2025 brings a significant tax benefit for homeowners, allowing them to claim nil annual value on two self-occupied properties without additional conditions. This reform simplifies tax calculations and provides greater financial flexibility to taxpayers. Key Tax Benefits for Homeowners ✅ Homeowners can now claim nil tax on two...
Increased TDS Limit on Rent The annual threshold for TDS on rent will be raised from ₹2.4 lakh to ₹6 lakh. Announced by the Finance Minister on February 1, 2025, during the Union Budget. Relief for Small Taxpayers Fewer rental transactions will be subject to TDS. Beneficial for small taxpayers receiving lower rental income. Amendment to Section 194-I of the Income Tax...
Income Tax Benefits No income tax on monthly income up to ₹1 lakh, boosting middle-class savings & spending. Salaried individuals earning up to ₹12.75 lakh per year to pay zero tax under the new regime. Updated Income Tax Return (ITR) filing limit extended from 2 to 4 years. TDS on rent threshold increased from ₹2.4 lakh to ₹6 lakh. Delay in TCS payment...