Posted in India, Indian Property, Indian Real Estate, Possession, Property Registration, Residential Property, Sale Deed, tagged Bank, Indian Property, Indian Real Estate, Loan, Property Registration on October 4, 2011| Leave a Comment »
Posted in Bank, Indian Property, Indian Real Estate, Loan, Residential Property, Sale of Properties, tagged auction, Bank, Indian Property, Indian Real Estate, Khata, Loan, Mutation of property, sale certificates, Sale Deed on September 28, 2011| Leave a Comment »
Posted in Bank, Indian Property, Indian Real Estate, legal, Loan, Residential Property, tagged agreement, foreclosure fee, icici bank, Indian Real Estate, Loan, mortgage, Property Registration, Residential Property on September 28, 2011| Leave a Comment »
Posted in Bangalore, banglore, Bank, Buy Real Estate, Gift deed, India, Indian Property, Indian Real Estate, Karnataka, Parent deeds, Property Registration, Real Estate, Registration, Residential Property, Sale Deed, Sale of Properties, tagged Bank, co-owner, Gift deed, Indian Property, Indian Real Estate, Loan, Property Registration, Residential Property, sale agreement, Sale Deed, tax benefit, taxation on October 27, 2009| Leave a Comment »
Posted in Bank, Builder, Buy Real Estate, Capital gains, citizen of India, India, Indian Property, Indian Real Estate, Loan, Possession, Premium, Property Registration, Property Tax receipt, Real Estate, Residential Property, Sale Deed, Sale of Properties, Sales Tax, Service Tax, VAT, tagged Builder, car parking, income tax, Indian Property, Indian Real Estate, Loan, registry, Resale, Sale Deed, Service Tax, Stamp Duty, VAT, white money on October 24, 2009| Leave a Comment »
Hi I have a question to ask. I bought a house from Builder in Hyderabad in August 2006. The agreement of sale was for 33 lakhs. The registry was done at a lower cost 18 lakhs in august 2006 itself. The flat was under construction that time. I also took a loan of 27 lakhs from the bank for it. Now I am selling the house for 62 lakhs. The buyer is taking over my loan. The bank will give me a difference between loan amount sanctioned and selling price i.e. 30 lacs (Cheque) and the buyer will give me 5 lacs. So in total I am getting 35 lakhs in my account. Now the questions are:
1. The Buyer wants to get the registry of the flat done at 25 lacs. How is that possible as he is giving everything in white? How will I explain to income tax authorities as to where this 35 lac came from when I sold the house for 25 lacs (as per the registry) and where did I get the money (27 lacs) for prepayment of loan. Will I become party to evasion of stamp duty in this case? (There are two agreements, one is agreement of sale which shows the correct price on which the bank finances and the other is the sale deed which shows the amount in the registry and is registered)
2. What documents do IT authorities refer when calculating Capital Gains?
3. The builder is the agent through which I am reselling the flat. And I am paying him a commission of 100/- sq. ft. Now, I got to know that he is fooling the new customer by collecting service tax and VAT from him which is not applicable on Resale Flat. And he will keep that amount with him. Now the question is if the new customer some day knows that Service Tax and VAT was collected from him and is not applicable then can I be in trouble as the builder is just the agent, I am the Seller of the flat? What should I do?
Thanks in advance
Posted in atoneplace.com, India, Indian Property, Indian Real Estate, legal, Real Estate, tagged agreement of sale, Builder, declaration of Apartment, flat, icici bank, Loan, Sale Deed on December 2, 2008| Leave a Comment »
Dear Sir, I have purchased a flat Nilayam apartment Nasik, in 1999. That time I got loan sanctioned from ICICI on the same property on “agreement of sale” without declaration of Apartment. Builder hasn’t done declaration of apartment yet giving various reasons. Because of this I can’t sale my flat, since new laws demand apartment declaration for “sale deed”. Now advice me how to get legal help since builder is not co-operating. Please reply.
Regards
Nitin Klabande
Vatsala’s Answer has been moved to our new site
Posted in atoneplace.com, Builder, Buy Real Estate, Registration, Residential Property, Sale Deed, Sale of Properties, tagged Bank, Civil Case, Completion period, Construction Agreement, consumer forum, Escalation Cost, Flat Cost, Fraud Criminal Case, interest, Loan, penalty charges, police complaint, Possession on September 8, 2008| 3 Comments »
I have booked a flat two years back by paying 1% of the flat cost as booking advance and then after 45 days, Agreement of sale and Construction is prepared by the promoter. 59% of flat cost paid in 34 days advance, which comprises of 1st Instalment of construction cost and sale deed for registration of undivided share of land in my name. Remaining 40% is also paid in due course, where 21% is delayed due to delay in releasing the loan from bank and remaining is paid on time and advance. We have paid 18% interest for delayed payment as per agreement and also promoter gave us 18% interest for advance payment in the initial stage. Completion period of construction is 18 months and additional grace period 3 months. But now he is asking Escalation Cost (No Where in the Agreement). We also lodged police complaint against Builder for Denying Possession of Flat. Immediately to escape from police interference he has lodged Civil Case and Fraud Criminal Case (as private complaint) against us. Also, builder has to pay penalty charges after the said period in case of Non-Delivery of the flat as per construction agreement.
Booked Flat on 23-06-2006
Last Date of Payment made on 06-07-2006
Due date of Delivery of the Flat – Sep 2007
Additional Grade Period for Delivery 3 months – Dec 2007
Till date possession of my Flat is held with the promoter and asking Escalation Cost (After Thought)
We have to get our Property only through Civil Court / Contact Consumer Forum for Remedy, when Civil Case is filed by the builder?
If Yes, Is there any time frame applicable for Filing case in Consumer Forum?
Kindly guide us
Magesh LC
Vatsala’s Answer has been moved to our new site
Posted in atoneplace.com, banglore, India, Indian Property, Indian Real Estate, legal, Property Registration, Real Estate, Registration, tagged Apartment, collateral, default, GPA notarized, gurantee, lending, Loan, money suit, mortgage deed, Possession, principal amount, Promissory Note, recovery, registered GPA, sue, surety on July 25, 2008| Leave a Comment »
Namasthey Vatsala,
Please can you help with your legal expertise :
I am planning to lend 20 Lakhs to a person for a period of one year with his apartment flat as collateral. He says that he will give a GPA notarized on my name as surety.
1. Is GPA the right way to proceed or is there any other better approach for ensuring my lent money ?
2. Is GPA notarized sufficient gurantee that I can sell the flat towards my principal amount should I not get my principal amount ?
3. Are there any special clauses to be included in GPA ( irrevocable, etc ? ) .
4. In the unfortunate event of death of either party , will the GPA be valid and will my family still claim the collateral for my lent money ?
Thankyou in advance !
Warm Regards
Venkat, Bangalore
Vatsala’s Answer has been moved to our new site
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