Will homebuyers who have underconstruction properties benefit with the provisions of the Real Estate (Regulatory) Act or RERA once the Act is implemented by the different state governments?
– Rajeev Sharma
This will depend on the provisions of RERA as implemented in the concerned state. So far it is yet to be implemented in any state or union territory.
I have booked an apartment with a builder and hope to get possession by the end of this year. My apartment is on the seventh floor and a person I know has an apartment on the third floor in the same build- ing. What do we have to do if we mutually agree to interchange the apartments booked by us due to location priorities? What is the procedure to follow for this ? How can we do this and are there any charges we have to pay?
– Yogesh Bhasin
An exchange of apartments is nothing but sale of apartments by one person to another. It will attract stamp duty based on the market value of the property of greater value. Capital gains tax will be payable by both parties on the sale value minus the cost of the original apartment. The builder may also charge an amount for a no-objection certificate for this exchange if it’s allowed under your purchase agreement.
I got divorced in April 2015 and the present house where I live is in my and my former husband’s names. In the divorce decree it is mentioned that the property is solely mine and I can dispose it whenever I want and my ex-husband will have to sign or give me the power of attorney. Is this fine or should I get the property transfered in my name solely from a legal point of view?
– Pooja Sharma
Consult a lawyer and get a proper transfer deed signed in your name and get it duly registered with the registrar. Talk to a local lawyer regarding stamp duty implications on such a deed. This will ensure that you have a proper title to the property.
I own a 1 BHK flat and my mother a 1 room kitchen and another unit for which possession has not been received. The home loans have been closed. Can I now buy a 2BHK flat and get tax benefits? Kindly advice.
– Shantaram Chavan
I am assuming you are currently staying in your own 1 BHK flat. If you purchase another 2 BHK flat, the interest payable on the home loan taken to acquire that flat is deductible. The limit for deduction will be ` 2 lakh per annum if you are staying in that new flat.