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Old 23rd June 2017, 10:47   #1996
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Need some help from the property experts here.

Location: Bengaluru.

So, we sold one of our flats (in another part of town) and purchased a new flat (in South Bengaluru). The old flat was in my dads name and hence the new one was also registered in my dad's name. Now my dad would like to add me as a co-owner. What is the likely procedure for the same ??? Do we have to make a new sale deed, pay stamp duty and registration again ??? Jayanagar sub-registrar is where this was done if it helps.

Need some advice as we wish to complete the formalities before 1st July.

Thanks in advance.


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Old 23rd June 2017, 12:11   #1997
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Folks,

I need help in understanding GST effect on under construction properties.
I have booked an apartment in Pune last year and the possession will be around March 2019 as per the agreement. Till now, I have made around 40% payments to the developer. This includes 1% VAT and 4.5% service tax on each disbursement/payment.

Now from 1st July, GST will replace these taxes. After reading the related articles, my understanding is: for remaining payment (which is around 60% in my case), I have to pay 12% GST minus 1% VAT I've paid.

Going by this calculation, the total cost of the will increase sharply, unless I'm missing something.

Adding to the confusion, I read another news article wherein they've mentioned that the developer must pass the benefit of input tax credit to the consumer. It means I have to pay 12% GST minus 1% VAT minus whatever is the input tax credit to the developer.

So as of now, it's all confusing. Can anyone please help me clear this confusion?

Thanks!
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Old 23rd June 2017, 12:43   #1998
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Quote:
Originally Posted by pkulkarni.2106 View Post
Folks,

I need help in understanding GST effect on under construction properties.
I am also in the same boat and I am not an expert in this matter.
http://www.thehindu.com/todays-paper...le19078598.ece

The above news item should give us some peace.
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Old 23rd June 2017, 12:48   #1999
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Default Re: The Property / Real Estate Thread

One of my relative wants to relinquish his rights to the ancestral property. Before he goes to a lawyer, he wanted to be aware of few things :

1. Is this possible?
2. Can he go and get all the formalities completed on his own or should he do it along with his other siblings?
3. Any good lawyer to help in this. He resides in Bangalore and property is also in Bangalore only.

Any suggestions would be helpful?
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Old 23rd June 2017, 13:41   #2000
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Quote:
Originally Posted by drhoneycake View Post
Need some help from the property experts here.

Location: Bengaluru.


Need some advice as we wish to complete the formalities before 1st July.

Thanks in advance.


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It all boils down to what the is the intention of doing this.

1. IT related : then best would be to do a sale deed, but remember you will end up paying the prescribed stamp duty and also reflect the cashflows to complete the sale.

2. Non IT : Just get a Gift deed executed by your father in your name for relevant % share. This will save money on Stamp duty and also less headache. I would suggest this if you are the only child, else could lead to complications in the future.
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Old 23rd June 2017, 13:43   #2001
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Quote:
Originally Posted by TorqueyTechie View Post
One of my relative wants to relinquish his rights to the ancestral property. Before he goes to a lawyer, he wanted to be aware of few things :

1. Is this possible?
2. Can he go and get all the formalities completed on his own or should he do it along with his other siblings?
3. Any good lawyer to help in this. He resides in Bangalore and property is also in Bangalore only.

Any suggestions would be helpful?
1. Definitely Possible
2. Depends on the case, it will be stronger if all your siblings are together.
3. PM me if you need some reference

Which part of Bangalore is your relative?
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Old 28th June 2017, 18:18   #2002
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Default Re: The Property / Real Estate Thread

I am in the process of doing agreement with my builder in Mumbai. The builder is a reputed one.

However, in the agreement, the builder is not adding the clause of compensation due to delay in the possession.

All my conversations with the builder team is going in vain.

What should be the next step on this ?

Also, can anyone refer me to any good real estate lawyer from Mumbai please ?
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Old 3rd July 2017, 14:24   #2003
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Quote:
Originally Posted by rajakumar View Post
I am also in the same boat and I am not an expert in this matter.
http://www.thehindu.com/todays-paper...le19078598.ece

The above news item should give us some peace.
GST WILL definitely increase cost. Here is the calculation.

Pre GST:
Assume cost is 1 crore. Tax is 5.5% . Total cost to Customer is 1.055 crores.

After GST:
Cost is 95 lakhs. GST is 12%. Total cost to Customer is 1.064 crores.

An increase of Rs 90,000. I dont see where there is a deduction.
Am I missing something? Please help me understand

Last edited by manduvindupondu : 3rd July 2017 at 14:25. Reason: spell check
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Old 3rd July 2017, 16:19   #2004
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Any suggestions for a 1 BHK/2BHK in a budget of 25 lakhs. I am looking at a property which is in the in a radius of 5kms in and around Bannerghatta main road (uptill IIBM/Gottigere), BTM, HSR. This is for myself and not for renting purpose.
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Old 3rd July 2017, 17:11   #2005
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Default Re: The Property / Real Estate Thread

Quote:
Originally Posted by drhoneycake View Post
Need some help from the property experts here.

Location: Bengaluru.

So, we sold one of our flats (in another part of town) and purchased a new flat (in South Bengaluru). The old flat was in my dads name and hence the new one was also registered in my dad's name. Now my dad would like to add me as a co-owner. What is the likely procedure for the same ??? Do we have to make a new sale deed, pay stamp duty and registration again ??? Jayanagar sub-registrar is where this was done if it helps.

Need some advice as we wish to complete the formalities before 1st July.

Thanks in advance.


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I am in a similar situation where I need to add my wife to the sale deed of our current house. So far based on my enquiries with some local real estate experts and lawyers, it seems like a "Can't-do" situation. Apparently there is no procedure to add a name to an existing sale deed. I was advised to take the route of writing a will and assigning the house to her. There may be a way of selling it to the "other party" and then registering that sale with two co-owners but I didn't explore those options in my case. I may be misinformed but if you find any favourable information or anything different please let me know as well.
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Old 4th July 2017, 13:49   #2006
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Default Re: The Property / Real Estate Thread

Anyone looking to rent or broker a luxury flat in Bandra, Bandstand do PM me.

4 BHK+servants room with unobstructed sea view from all rooms, fully furnished & recently renovated flat that we are looking to lease. 2 car parks.
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