[tikku.dk]

Originally Posted by jkrishnakj

Needed a quick legal counsel help please.

Question - Will this merit a case in the consumer court? I've no memories in print or digital of a very important family function.

Sue him in district consumer forum, for refund and compensation. After receiving consideration amount, he was supposed to provide a decent service, sharing pictures in G Drive is just a temporary acknowledgment. He ought to have saved a copy as a professional photographer.

[adisan]

Query regarding affidavit for name correction in PAN database:
My name is recorded as "<first name> <initial of father name>" in all documents and certificates including Aadhaar.
For name correction in PAN database (for some reasons), online application fails because of mismatch with Aadhaar (PAN requires expansion of the initial).
How to make an affidavit stating that "<first name> <initial of father name>" and "<first name> <first name of father>" are representing the same name? Would this be Affidavit for One and the Same Person?
Thanks.

[deepak_misra]

Originally Posted by nfs_2_GT

A quick question for all the Lawyers on the

I also have poured over the internet and most information suggests registering the GPA for any property transactions. So I wanted to confirm whether registration is mandatory or not. Time is of the essence here as I can get the registration done in the next couple of weeks but after that, it may not be possible. Seeking suggestions from our esteemed lawyers on this issue.

I dont know the legalities but if I were in your place, I would register the GPA.
Not doing so might cause issues when selling even if not required.
End of the day, do what gives you peace of mind. The stakes are too high.
A GPA registration should hardly take any time. What are issues in getting it?

[sudeepg]

Are there any good lawyers here who are very well versed with residents' association acts and typical bye laws in Karnataka? If so, are you willing to provide some assistance?

[jigar1791@gmail]

Query around property agreement and LTCG component

BACKGROUND
* We currently reside in a 3BHK in Borivli, which is owned by my parents (both their names are mentioned in the agreement).
* The current valuation of the house is approximately 2.5 crore, and we plan to sell it to move into a new residence.
* We intend to purchase the new property by booking an under-construction unit with a reputable builder in Borivli. The completion of the project is scheduled for June '27, with possession expected in December '26. The new property's agreement will include my father's and my name.


WAY FORWARD
* We plan to execute the purchase agreement for the new property in April '24 and sell our current residence in December '26 (after receiving possession of the new property). * The agreement for the new property will be in both my father's and my name.
* The home loan for the new property will be in my name. After selling our current residence, we aim to close the loan by December '27.

Regarding LTCG calculation
We anticipate that approximately 40-50 lakh will be taxed as LTCG (20% of the profit from the sale of the current property) when we sell our current residence.

ADVICE NEEDED
We seek clarity on whether there's a possibility to reduce the LTCG component by having the new property's agreement (in April '24) solely under my name, and then having my father sell our current residence in December '26.

Is there a way we can avoid/reduce the LTCG slab in the above transaction?

[KL01toKA03]

Originally Posted by jigar1791@gmail

Is there a way we can avoid/reduce the LTCG slab in the above transaction?

I am not a lawyer, but I think the easiest way to save tax is for your parents to gift you the current residence, which you can sell and use to purchase the new property. That should reduce the LTCG.

[tanwaramit]

Originally Posted by jigar1791@gmail

Regarding LTCG calculation[/b]
We anticipate that approximately 40-50 lakh will be taxed as LTCG (20% of the profit from the sale of the current property) when we sell our current residence.

Is there a way we can avoid/reduce the LTCG slab in the above transaction?

Did you factor in indexation benefit. If the property was bought at suppose 50L, 35 years back. The property itself has appreciated, it's current price will be used as base price.

While filing ITR, you need to enter the cost of property, bought year, it then suggests the price today due to inflation.

If your selling price is less than Or equal to this, then no tax. If it's more than this value, then you may have to pay tax unless you invest this amount in another property.

Try doing this test in filing an ITR, don't submit keep it in draft and see if it works.

[aashishnb]

Originally Posted by jigar1791@gmail

Query around property agreement and LTCG component

BACKGROUND
* We currently reside in a 3BHK in Borivli, which is owned by my parents (both their names are mentioned in the agreement).
* The current valuation of the house is approximately 2.5 crore, and we plan to sell it to move into a new residence.
* We intend to purchase the new property by booking an under-construction unit with a reputable builder in Borivli. The completion of the project is scheduled for June '27, with possession expected in December '26. The new property's agreement will include my father's and my name.


WAY FORWARD
* We plan to execute the purchase agreement for the new property in April '24 and sell our current residence in December '26 (after receiving possession of the new property). * The agreement for the new property will be in both my father's and my name.
* The home loan for the new property will be in my name. After selling our current residence, we aim to close the loan by December '27.

Regarding LTCG calculation
We anticipate that approximately 40-50 lakh will be taxed as LTCG (20% of the profit from the sale of the current property) when we sell our current residence.

ADVICE NEEDED
We seek clarity on whether there's a possibility to reduce the LTCG component by having the new property's agreement (in April '24) solely under my name, and then having my father sell our current residence in December '26.

Is there a way we can avoid/reduce the LTCG slab in the above transaction?

In all likelihood, most/all LTCG of your father can be exempt u/s 54 - where you sell one residential unit & buy another 1 yr before or 2 yr after sale or build another 1 yr before or 3 yr after sale. You will also get indexation, etc.

As for the share of sale for your mother, since she is not a buyer of the new house, this specific exemption will not be available.

As for you, if you have any long term assets (shares, etc.) that you sell 1 yr before or 1 yr after the purchase of new residential unit, the LTCG can be exempt u/s 54F, subject to certain conditions.

Please note, availing these exemptions requires meeting certain conditions. Do read up the specific sections in incometax website, or perhaps better discuss with your tax consultant.

[Rev4×4]

Company Closed - Axis Bank not ready to close Current A/C

We incorporated a Pvt. Ltd. Company in 2021; but could not start our activities under the same due to some personal reasons.
Then in 2023, things started looking favorable and we decided to start our business and we opened current A/C with Axis bank. And put our required capital in the same A/C.
But after some time the A/C got ‘Freezed’ from MCA and company got a status of “Strike Off”. This is due to non-submission of INC-20 form in stipulated time frame.
Now the situation is that MCA is not ready to reinstate the company and make the status as ‘Active’ and Axis bank is not ready to close the A/C unless company status is ‘Active’ on MCA portal.
Now we are in a situation where we cannot start our business activities; cannot withdraw the fund to use it somewhere else.

Can someone please suggest the options we have with us?

Thanks in Advance!

[jinojohnt]

Requesting advice from lawyers - My cousin's house has recently been vandalized by unknown people (window panes stoned). He just installed CCTV but one neighbor (who is suspected of the stone throwing) is objecting to this, citing his right to privacy. Is there a law in India that forbids CCTV cameras pointing towards neighbor's property? The cameras capture neighboring property but NOT inside his house.
We got multiple comments from laymen that this is fine, but wanted advice from a lawyer.

[Bhokal]

Need advice on a property sale and resulting LTCG component (query somewhat similar to jigar's posted above)

I own two flats A and B. A is self occupied with a home loan (HL) running. B (possession offered but not taken yet) was also with a HL which has been paid fully recently. I am not a fan of real estate as an investment avenue. So I want to sale B and use the incoming funds to clear the HL against A.

How to minimize the LTCG (20%)? Reinvest profit in specific bonds under 54EC for 5 years?

[Capri89]

Payment of Salary

One of my friend received an offer letter from a company, an IT services firm in Karnataka, but the office registered in Kerala. What stood out was the salary payment dates which is as below.

Attendance is not a calendar month but from 11th to 10th.

Salary will be calculated from the 11th of this month to the 10th of the next month and paid on the last working day of the next month. So, if someone joins on 24th of April, his/her salary will be calculated from the 24th April to 10th May and paid on the 31st May (if it is a working day) or 30th May (if 31st May is Sunday or holiday)

Hence, at the end of any month the company will have 20 days salary of the employee as unpaid.

Is this even legal?

[tikku.dk]

Originally Posted by Capri89

Payment of Salary
Attendance is not a calendar month but from 11th to 10th.

Salary will be calculated from the 11th of this month to the 10th of the next month and paid on the last working day of the next month. So, if someone joins on 24th of April, his/her salary will be calculated from the 24th April to 10th May and paid on the 31st May (if it is a working day) or 30th May (if 31st May is Sunday or holiday)

Is this even legal?

Statute mandates that one must receive his wages before the expiry of the seventh day from the last day of the wage period for which the wages are payable. Maximum extension is 10 days

[Capri89]

Originally Posted by tikku.dk

Statute mandates that one must receive his wages before the expiry of the seventh day from the last day of the wage period for which the wages are payable. Maximum extension is 10 days

This is my opinion too. And this is as per Payment of Wages Act too, which is applicable through out India. I don't think States have any say on this or can overrule this.

However the HR in the said company is bluffing around talking that since it is registered in Kerala this is ok.

Thanks for the clarification.

[VWAllstar]

Cross posting from the Real Estate Thread for more visibility.

Need a help, more from a technical/legal aspects on real estate. My grandparents were the original owners/members of the current flat I am living. I was the nominee as per the signed nominee form. As my Grandfather passed away, in the Share Certificate, my and my grandmother's name was updated. Later when my grandmother passed away, my Father made an affidavit and got signatures of his brothers as a NOC that the flat to be 100% owned by me. With that Affidavit / NOC (Rs. 100 stamp paper) society updated the share certificate with my name. Electricity, Gas and Maintenance bills have my name on it. However, I am been told that to sell the flat I would need a Release Deed. Affidavit is fine to make changes in the society but that does not clear the title of the flat legally. Need advice / plan of action to sort this.