FAQs
Yes, your home loans are eligible for tax benefits. The principal and the interest components of the loan are eligible for income tax deductions under section 80C and 24 respectively of the Indian Income Tax Act.
Maintenance charges are usually applicable from the date of when service connections are received (5working days)
Property tax is applicable from the date of execution of Property documents in favor of the owner.
You will need to pay the following taxes at the time of registering the property:
- TDS on any amount exceeding Rs 50 lakhs for the purchase of immovable property excluding agricultural land.
- Stamp duty on registration
- GST is applicable if the property you are purchasing was conceived and constructed before it was offered to your possession. If you are purchasing a ready-to-use property then GST is not applicable.
- TDS- 1% on the amount exceeding Rs 50 lakhs.
- Stamp duty depends on the state and municipal laws. For TN it is 11% on UDS and 2% construction agreement.
- GST @ 5% if the project is under construction.
A sale deed, also called a “conveyance”, is a document which transfers immovable property be it land or a house, flat, office or other structure to another person. In almost all cases, the sale deed must be registered compulsorily except in the case of resale of units in existing cooperative societies where the state law grants a specific exemption from registration. Regardless, all sale deeds are liable for stamp duty and the rates vary from state to state. Also the duty depends upon various factors, such as age of building, location and type of unit and so on.
Same set of documents as above. The agreement must record the title flow, the various permissions taken and the terms agreed to by the parties.
A title deed is a document that proves the right of a person to an immovable property. A person can acquire an immovable property by various means and a properly stamped and executed document evidencing the transaction is a title document. For example a sale deed, a release deed, a relinquishment deed, a gift deed, a family settlement deed, a partition deed, a will all are evidence of how a person has acquired an immovable property and may be called title deeds.
No. You cannot sell a property without proper registered document(s). A registered document is the authenticity and guarantee of the ownership over the property. Neither should one sell a property without proper registered documents and neither should one purchase a property wherein the seller does not have registered document of his/her ownership in the Property
The original property document to be registered along with a copy is to be presented with the concerned Sub- Registrar by the Seller. Both Seller and the Purchaser are present before the concerned Sub- Registrar who admits the execution of the document. The sub- registrar after making the due inquiry registers the documents and returns the original document to the concerned party.
Book Your Home Today!
- Building your finest homes in the finest neighborhoods. If you can dream it, we can build it. At Sidharth Housing we build homes that are architecturally distinctive with diversified amenities, allowing for residents to be immersed in a world of aesthetic living.
Book Your Home Today!
- Building your finest homes in the finest neighborhoods. If you can dream it, we can build it. At Sidharth Housing we build homes that are architecturally distinctive with diversified amenities, allowing for residents to be immersed in a world of aesthetic living.
