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Frequently Asked Questions

What is the difference between Built-Up Area, Super Built-Up Area, and Carpet Area?

Carpet Area: This is the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover.
Built-Up Area: This is the area of the apartment that includes the area covered by the walls.
Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.

What is meant by valuation of property?

The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided.

What is the meaning of a property's market value? How is its stamp duty decided?

The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.

Are there any income tax considerations while transferring newly acquired property?

If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good.

What constitutes conclusion of sale of a property?

An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.

When there are apartments of different sizes in a complex, how is the maintenance charge calculated?

Legally, the actual area owned by the individual is the basis for calculation of maintenance charge.

Why is it considered necessary to register a property? What is the purpose of registration?

I have a flat which I want to sell and buy a new flat bigger in area. What are my tax implications with regard to capital gains?

Who does a group of tenants of an old building approach to be able to form a society without the concerned landlord's permission?

In case a tenant is not protected by the Rent Act, what is the procedure to ask him to vacate and what is the notice period that is required to be given?

TAX BENEFIT INFORMATION

Tax Benefits in Home Loan

Availing a home loan comes with multiple benefits. Home loans let you achieve your goal of buying a new home and make you eligible for tax benefits. These tax benefits can contribute towards your EMI flow and savings. Take a look at the following points and calculate your tax benefits based on your loan amount.
The home loan borrower enjoys Tax Benefits on both Interest paid & the Principal re-paid. Under Section 24(d) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 1,50,000.
Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of Rs. 1,00,000.