Crucial Property Documents
Here are some key steps to be followed while purchasing property
A buyer and seller have to execute an 'agreement to sell' once the contract to buy or sell property has been finalised. The agreement will contain the main terms and conditions for sale of the property, along with details of the property and parties involved. Further, it will also contain information on payment terms, transfer fee, stamp duty and registration fee.
The transfer fee may either be payable by the seller or buyer, or may be shared equally by the two as mentioned in the agreement. It is not mandatory to register an agreement to sell.
Sale deed
Once the parties are ready to go ahead, a sale deed is executed. This document transfers ownership of the property in favour of the buyer. The deed contains details of the property, buyer, and seller. It may also capture the entire chain of past ownerships and their modes of transfer.
This is the most important document. Efforts must be made to ensure that there are no mistakes in this document.
Registration
A sale deed has to be necessarily registered at the Office of the Registrar. According to the Registration Act, one needs to register the documents at the time of purchase of property.
The Act specifies the documents that are to be registered compulsorily.
The details required at the time of registration of documents include details of property, number of floors, built-up area, survey number, ward, taluk etc. It is advisable to get them registered because the title is additionally secured. It facilitates availing a loan from a bank too.
Certified true copies of the documents can be obtained from the registering authorities after completion of index. Then, at any point in time, one can establish bonafide title to the property.
Stamp duty
All property transactions involve stamp duty. The buyer needs to pay the relevant stamp duty at the time of purchase of the property . The duty is paid to the State government, where the property is situated.
The stamp duty rates vary from State to State. The registration of the property documents is done after payment of the requisite stamp duty. Many States now have the facility of payment of e-stamps.
TDS
Effective June 1, 2013, tax is to be deducted at source (TDS) on payment for the purchase of property (including any land other than agricultural land, any building or part of a building) at one percent according to Section 194IA. This tax is to be deducted at 20 percent should the seller not have a PAN.
This rule comes into effect only if the purchased property's cost exceeds Rs 50 lakhs.
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them
OR
You can write back to us at
PrajnaCapital [at] Gmail [dot] Com
---------------------------------------------
Invest Mutual Funds Online
Invest Any Mutual Fund Online
Download Mutual Fund Application Forms from all AMCs
Download Mutual Any Fund Application Forms
---------------------------------------------
Best Performing Mutual Funds
- Largecap Funds Invest Online
- DSP BlackRock Top 100 Fund
- ICICI Prudential Focused Blue Chip Fund
- Franklin India Bluechip
- ICICI Prudential Top 100 Fund
B. Large and Midcap Funds Invest Online
- ICICI Prudential Dynamic Plan
- HDFC Top 200 Fund
- UTI Dividend Yield Fund
- Birla Sun Life Front Line Equity Fund
- Franklin India Prima
C. Mid and SmallCap Funds Invest Online
- Reliance Equity Opportunities Fund
- DSP BlackRock Small & Midcap Fund
- Sundaram Select Midcap
- IDFC Premier Equity Fund
- Birla Sun Life Dividend Yield Plus
- SBI Emerging Businesses Fund
- HDFC Mid-Cap Opportunities Fund
- ICICI Prudential Discovery Fund
D. Small and MicroCap Funds Invest Online
- DSP BlackRock MicroCap Fund
- Franklin India Smaller Companies
E. Sector Funds Invest Online
- Reliance Banking Fund
- Reliance Banking Fund
- ICICI Prudential Banking and Financial Services Fund
F. Tax Saver Mutual Funds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
- DSP BlackRock Tax Saver Fund
- Reliance Tax Saver (ELSS) Fund
G. Gold Mutual Funds Invest Online
- Relaince Gold Savings Fund
- ICICI Prudential Regular Gold Savings Fund
- HDFC Gold Fund
- Birla Sun Life Gold
H. International funds Invest Online
1. Birla Sun Life International Equity Plan A
2. DSP BlackRock US Flexible Equity
3. FT India Feeder Franklin US Opportunities
4. ICICI Prudential US Bluechip Equity
5. Motilal Oswal MOSt Shares NASDAQ-100 ETF
Posts
0 comments:
Post a Comment