Property Agents

Time limit to claim father's property:   According to section 109 of law of limitation, a Hindu governed by Mitakshara Law has to file a suit for setting aside his father's alienation of ancestral property within 12 years from the date on which the alien has taken possession of property. a) The date on which your father sold the ancestral property. What is time limit to make a claims by legal heirs? Thus the legal heirs of the original owner are barred by law as per the provisions of the Limitation Act and cannot file a suit today, i.e. 46 years after the property was transffered by the original owner to the subsequent owner. Thus the claim of the personas claiming to be legal heirs of B is barred. Is there any time limitation to claim ancestral property? The limitation period to file a civil suit to restrict the sale of ancestral property by a heir is 3 years from the date of sale. In case the legal heir is minor, he could instruct the civil suit within 3 years after reachi

Difference Between Rent And Buying Property: Renting generally gives a feeling of lower liability. In metro cities you can rent a house worth Rs 50 lakh for only Rs 10,000-15,000 a month. At the same time, if you buy a home at the same cast, you have to shell out anywhere from Rs 30,000-40,000 as an EMI (equated monthly installment). Is it better to rent or buy a house in India? While owning a home is typically every Indian's dream, skyroketing property prices , especially in metros, have led to people preferring to rent rather than buy. In India, it has been observed that people who can afford to buy a house place a higher value on owning a home, with renting serving as a compromise.  What is the difference between rent and buy? Renting : You pay less up front. Relocating can be easier; if you think you might move cities or change jobs in the near future, you have less responsibility leaving a rental. Owning: Most mortgages require a down payment, and you generally get better ter

Selling Property Tax Rules:- Long term Capital Gains on sale of real estate are taxed at 20%, plus a cess of 3%, if the sale fulfils certain conditions. If you sell a property that was gifted to you, or that you have inherited, you will still be liable to pay capital gains tax on it. Is property sale amount taxable in India? If a property is sold witin three years of buying it, any profit from the transaction is treated as a short-term capital gain. If you sell after three years, the profit is treated as long-term capital gains and taxed at 20% after indexation. Do I need to pay tax when I sell my house? In NSW only buyers have to pay stamp duty on the sale of a property . However, there may be other taxes you'll need to pay, particularly if you're an investment property. GST doesn't generally apply to the sale of residential property. However, you don't usually have to pay CGT onthe sale of your own home.

  Inportant  Rules  for NRIs Investing in Indian Property: "An NRI or person of Indian origin (PIO), as defined under FEMA, are eligible to acquire by way of purchase, any immovable property in India other than agricultural land/plantation property or a farmhouse. This is under general permission that has been given by the government of India. How many residential  properties  can an NRI buy in India? Yes, a non-resident Indian can buy either a residential property or a commercial property in India. Further, there is no limit on the number or residential or commercial properties that an NRI can purchase in India. Exception: An NRI however cannot buy agricultural land plantation land or a farm house in India. Can  NRI  invest in real estate? NRI investment is a common aspect of the Indian economy. This trend has been witnessed in the real estate sector too. Non-resident Indians usually purchase a property in the country with primary motive to either invest or use it for rental purp

Immovable Property:- Immovable property is property that cannot be moved from one place to another. It is generally connected to the ground or land on which it sits. In much of the world's civil law systems is the same as "real property", it is land or any permanent feature orstructure above or below the surface. What is immovable property example? " Immovable property includes; land, buildings, hereditary allowances, right to ways, lights, ferries, fisheries or any other benefit to arise out of land and things attached to the earth, or permanently fastended to anything which is attached to the earth but not standing timber, growing crops nor grass." What is other immovable property? Immovable property commonly refers to real estate- a house, warehouse, manufacturing unit or a factory. Trees or plants attached to the earth are also immovable property. In case of realty, they remain liable to legal statutes and also taxation.

Legal Definition of Property: Property , an object of legal rights, which embraces possessions or wealth collectively, frequently with strong cannotations of individual ownership. In law the term refers to the complex of jural relationships between and among persons with respect to things. What is the correct definition of property? Property is any item that a person or a business has lagal title over. Property can be tangible items, such as houses, cars, or appliances, or it can refer to intengible items that carry the promise of future worth, such as stock and bond certificates. Which is the best definition of property? Property is something that is owned, whether it is goods, land or creative. An example of property is a person's house. A thing or things owned; possessions collectively; esp., land or real estate owned.

Timeshare Property Type: Timeshares are split ownership models of a vacation real estate or accommodation in which numerous buyers hold allotmentd of usuaally in a week's increment within the same property. Is a timeshares are considered real property? Deeded timeshares are considered real estate not personal property . You maintain partial ownership and equity in the property, which you share with the other timeshare owners. You must pay maintanance fees, insurance, and property taxes on your timeshare as part of the  contract. What are the types of timeshares ownership? Apart from the above three types of timeshares there are two more kinds of ownerships of timeshare properties , one being the deeded and the other right to use type of ownership.