Buyers Beware; TDS is being made compulsory on the Immovable Property Sale w.e.f. 1st October 2012. an analysis by Adv. R. P. Rathod.

The Finance Minister Mr. Pranab Mukherjee’s have proposed an amendment to the Income Tax Laws thereby requiring home buyers to deduct 1% on the Sale Consideration or the value adopted by the Govt. for levy of Stamp Duty whichever is higher as Tax Deducted at Source (TDS). Adv. R. P. Rathod. states if this proposal is enacted it would be yet another hard blow on the already suffering Real Estate Sector.

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Service Tax application on Flat Sale confirmed by High Court of Bombay

Property rates are all set to rise further says Adv. R. P. Rathod.

        Among all the other Negative News floating in the market, this is one such news which would further dissuade the buyers from purchasing flats in under construction buildings. The High Court of Judicature at Bombay has dismissed the Writ Petition (Tax) filed by the Maharashtra Chamber of Housing Industry (MCHI) challenging the levy of Service Tax on pre-construction period.

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Before selling your property, it is important to get all those papers in order

Planning to sell your Old House to buy a New One? Undoubtedly, residential properties sell like hot bread in metros like Mumbai, Delhi or Chennai.

What are the required documents you need to sell the house?

The documents required to sell a residential property are the housing society share certificate and the sale/purchase deed. Sale deed will confirm if the land is in the name of the seller and only he/she has the full right to sell the land. You need a copy of previous deeds, if required, to confirm the authenticity of the deal and the property. You also need original copies of stamp duty and registered house documents. The seller will also require an NOC from the Housing society. In case of a joint ownership, the owner/owners have to submit documented consent. Home-buyers insist on all these documents if they are opting for a Housing loan.

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