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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…

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…

Properties can be transferred to someone you love, without any consideration, by way of a gift or through a will. We examine the pros and cons of each method Transfer of property by way of gift If you wish to transfer property, so as to make the donee enjoy the property immediately, this can be done by way of a gift. You can gift a self-acquired property to anyone, as long as you are competent to contract, as per the provisions of the Indian Contract Act. Any person who is of…

What are the taxes applicable on commercial properties that are used for the owner’s business, or if it is let out or sold? We examine the implications, in each case Property has been one of the oldest investment avenues in India, which existed before the advent of various financial products like direct equity and mutual funds. People who invest in commercial properties, do so either for their own use or for the purpose of letting it out. Taxation of let out commercial property Rentals received from any property owned by you,…

The Centre Government has launched a mobile application, ‘Swachh Nagar’, which will allow people to place a request, to have the waste picked up by the local civic body after making a payment The Centre, on August 13, 2019, launched a mobile application, through which people will be able to get their household waste picked up by urban municipal bodies. People will have to pay the civic bodies, to avail of the service through the ‘Swachh Nagar’ app. They can also track the waste collection vehicle on the app, ensuring accountability…

If you want to know what is RERA, then this post is for you. This post summarizes basic information about RERA and how exactly it will going to help the Indian citizen. The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute redressal. The…

Leading property consultant Anarock on Monday (12 August) said that it expected the property prices in the erstwhile state of Jammu and Kashmir to soar, reports Economic Times. As per the property consultant, property prices in Srinagar have been hovering in a very low range of Rs 2,200 to Rs 4,000 per square feet, which is much too low for a tier-2 or tier-3 city in India, compared to other such cities. The development, if materialised, would usher in a boom in the real estate market in the region, while benefiting the locals…

Times have changed and not many of us can afford the luxury of a debt-free life, something our parents and grandparents enjoyed. There is also a shift in the way people looked at borrowing. Unlike our elders, we do not perceive debts as harmful. Not only do loans save us in our time of need, but they also help us save on taxes. Experts are also of the opinion that debts should be part of one’s financial planning, and this planning should be done in a way that the borrower makes the…

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…

Safety has become a key concern for citizens amid rising instances of criminal activity in the country. While the overall state of safety is not quite encouraging in India, some states are doing much worse than their neighbors.   According to data released by the National Crime Records Bureau (NCRB) in 2016, Delhi recorded the highest number of crimes committed under the various sections of the Indian penal Code (IPC). Following the national capital, was Kerala in this dubious list. A state-wise breakup shows that Uttar Pradesh accounted for 9.5 percent…