Monday, 7 January 2019

Stamp Duty And Tax On Gift Deed Of Property


January, 2019
While a gift of house property does not involve monetary consideration, it needs to be registered and taxes should be paid in certain cases

Gifting is an act, through which a person voluntarily transfers certain rights in an asset to another person, without any consideration. Gifting of a house property, has certain income tax and stamp duty implications.

Budget Flats In Thane Ambernath
Credit : Freepik.com

Legal requirements for gift of property


As per the Transfer of Property Act, the transfer of a house property under a gift, has to be effected by a registered instrument/document, signed by or on behalf of the person gifting the property and should also be attested by at least two witnesses. The registrar shall ensure that proper stamp duty has been affixed on the gift deed/document when it is presented for registration. The amount of stamp duty and registration charges payable, with respect to a gift deed, are generally the same as in the case of a regular sale. However, if the gift deed is executed between some specified close relatives, some states provide concessions in stamp duty. For example, Maharashtra has a cap on stamp duty payable on gift of a residential or agricultural property to one’s spouse, children, grandchildren or wife of a son who has died, at Rs 200, irrespective of the value of the property.

Income tax implications on gift of property


According to income tax laws, the value of all the gifts received by a person during a year is fully exempt, as long as the total of such gifts does not exceed Rs 50,000 in a year. If the value of all the gifts taken together exceeds Rs 50,000, then, the aggregate of the gifts received become taxable without any threshold exemption. However, income tax laws also give a favourable treatment, to gifts between two close relatives. Consequently, the gift of any asset (whether movable or immovable) made to certain specified relatives, is fully exempt from tax in the hand of the recipient, without any upper limit. The list of close relatives includes parents, spouse, siblings, siblings of the spouse, lineal ascendants and descendants of the person and his/her spouse. The list also includes spouse of the abovementioned persons.

If the house property is received as a gift from a relative, the first incidence of tax will arise, when you sell the property. The cost for the purpose of income tax, shall be the taken as the cost that was paid for the property by any of the previous owners. The profits shall be treated as short-term or long-term, depending on whether the aggregate of your holding period as well as that of the previous owner who had actually paid for it, is more than 36 months or not.

If the holding period as computed above is less than 36 months, the profit accrued on the sale of such property, shall be treated as short-term and will be added to your regular income and taxed at the applicable slab rate. However, if the holding period is more than 36 months, you will get the benefit of indexation on the cost of the property, as well as the option to claim exemption from payment of 20% long-term capital gains tax, by investing in a residential house or in capital gains bonds of Rural Electrification Corporation (REC) or National Highway Authority of India (NHAI).


Source - www.housing.com

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Monday, 31 December 2018

Mumbai Metro Line 4 Extension From Kasarvadavali-Gaikmukh Approved


December 28, 2018

The Maharashtra cabinet has approved the Mumbai Metro 4A route (Kasarvadavali-Gaikmukh), at an estimated cost of Rs 949 crores and has set the completion date for the project at March 2022.

The Maharashtra cabinet, on December 27, 2018, gave its nod for the Rs 949-crore Kasarvadavali-Gaikmukh Metro route (Metro 4A), which will cut the travel time between south Mumbai and neighbouring Thane city. The cabinet also allowed the Mumbai Metropolitan Region Development Authority (MMRDA) to raise funds from domestic, as well as international financial institutions, for the project, an official in the chief minister’s office said.

The Detailed Project Report (DPR) for the extension of Metro 4A route had been approved earlier this year at a meeting of the MMRDA. Chief minister Devendra Fadnavis is the chairman of the MMRDA, a planning body for the Mumbai region. The 2.7-km extension will ensure that the entire Ghodbunder Road in Thane city is connected by metro. It will be part of the 32-km-long Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali corridor, which has already been approved. The project will benefit 8.7 lakh commuters and is expected to be completed by March 2022, officials said.

Prime Minister Narendra Modi had, earlier this month, inaugurated work on the Thane-Bhiwandi-Kalyan (Metro 5) and Dahisar-Mira Bhayander (Metro 9) routes. At present, work on several metro corridors is underway across the megapolis, including Dahisar-DN Nagar (Metro-2A), DN Nagar-Mankhurd (Metro-2B), Andheri east-Dahisar (Metro-7), Colaba-Bandra-Seepz (Metro-3), the elevated Wadala-Kasarvadavali (Metro 4) and Swami Samarth Nagar-Jogeshwari-Vikhroli (Metro-6).


Source - housing.com

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Tuesday, 25 December 2018

How Fire Safe Is Your Home?

December, 2018
Burn all your fears with these home fire safety guidelines!

Safe places are the best places for your family! Your home, the place where you live is the center of your life – filled with loved ones and family belongings. Hence it is very essential to make sure that your home is always protected from unwanted hazards like fire!

And what better way to make sure that your house itself is fire resistance and offers safety features that will not burn down into ashes.

Real Estate Projects in Thane
Credit : Freepik.com

Don’t fear the fire. Protect your home with these fire safety tips:


Fire alarm

Having a fire alarm is one of the most vital fire safety equipment that you should have in your home. This will alert you of any possible flames and could help you control the fire. Make sure that the fire extinguisher provided on every floor of an apartment. Pacifica companies Provide Fire alarm control panel at each block with a connection to the main fire pump, so anybody can initiate fire call from push button provided at each floor and ensures fire safety.

Fire Extinguishers

To safeguard against small fires every home should be well-equipped with fire extinguishers. Because almost all fires are small at first, they might be contained if a fire extinguisher is handy and used properly. You should be careful while selecting the right kind of fire extinguisher, because there are different ones for different kinds of fires. To ensure safety Pacifica companies provides Fire Extinguishers on each floor, so you can access with the shortest distance.

Electric Wiring

Make sure that all wirings are in good condition. Faulty wirings mostly cause the fire. If you see any doubtful wiring or cords, get a professional to fix on it right away. When you are residing at Pacifica homes you don’t have to worry about electrical wiring as we offer armoured cable in a shaft and Polycab brand – Fire retardant cable with high grade copper to better safety and power quality. We Provide fencing too around the electrical substation for the human safety!

Kids’ safety

Keep flammable items and fire hazardous materials out of children’s reach. Electrical appliances should be kept out of children’s reach too. Make your home safe by ensuring that wires are situated somewhere children could not reach. So that your children can play safely, we provide lockable meter room for your peace of mind and better aesthetics. For your kids safety, we provide a metal base box to every switch boards.

Remove knobs

Use cooking appliances and stove safely! When they are not in use, you can remove the knobs from your stove, or use with precautions. Turn pot handles toward the back of the stove. You can take such least measures to prevent your family from unwanted threats.

Your home is a special place for you. So, make sure to keep your home safe at all times. After all, this is where the family grows.

You may also contact us at - +91-22-25452903, 66543333 or Email us at - sales@squarefeetgroup.in
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Monday, 26 November 2018

How To Choose The Right Colours For Your Home, Based On Vastu


November, 2018

Home Decor Tips For Flats In Thane
Credit : Freepik.com

The colours in a home, have a significant influence on its inhabitants. We get the experts’ advice on selecting the right colours for the various rooms in your house

It is a proven fact that colours have a significant psychological effect on people. A home is a place where a person spends a major part of one’s life. As specific colours stimulate distinctive emotions in the people, it is important to have an appropriate balance of colours in one’s home, to feel fresh and live a healthy life.

Colours For Your Home, As Per Direction

Vikash Sethi, CEO and founder of A2ZVastu.com, says that colours have to be decided, based on the direction and the date of birth of the homeowner.

“While each direction has a specific colour, at times, it may still not suit the owner. Therefore, home owners should adhere to the general guidelines for colours as per Vastu Shastra, which entails the following key points:

  • North-east – Light blue.

    •
  • East – White or light blue.

    •
  • South-east – As this direction is associated with fire, orange, pink and silver colours can be used to enhance the energy.

    •
  • North – Green, pista green.

    •
  • North-west – This area is related to air. So, white, light grey and cream are the best colours.

    •
  • South-west – Peach, mud colour, biscuit colour or light brown.

    •
  • South – Red and yellow.


    • Home owners must take extra precautions while choosing colours like black, red and pink, as these colours do not suit every person,” explains Sethi.

    Colour Guidelines, As Per Your Home Section

    Experts point out that each section of your home, requires colours as per its energy requirement, size and direction. The colour requirement of your home section, should be as per its usage. Astro-numerologist, Gauravv Mittal, says, “People living in a home should keep the following points in mind, while colouring the rooms:

    Master bedroom: Ideally, the master bedroom should be in a south-west direction and hence, should be painted with blue colour.

    Guest room/ drawing room: North-west is the best place for the guest room/ drawing room and hence, a guest room in this direction should be painted with white colour.

    Kids’ room: North-west is the best place for rooms for children who are grown up and go out for study purposes. As the north-west direction is governed by the moon, hence, children’s rooms in this direction should be painted with white colour.

    Kitchen: The south-east zone is ideal for kitchens and hence, the walls of the kitchen should be painted with orange or red colour.

    Bathroom: North-west is the best place for bathroom and hence, the bathroom should be painted with white colour.

    Hall: Ideally, the hall should be in the north-east or north-west direction and hence, should be painted yellow or white.

    Home exterior colour: The exterior colour of the house, should be based on its owners. Colours, such as yellowish-white or off-white or light mauve or orange, can suit to people of all Rashis.”

    Colours That You Should Avoid In Your Home

    Experts suggest that light shades are always good. Dark shades like red, brown, gray and black may not suit everyone, as they represent some of the fiery planets likes Rahu, Shani, Mars and Sun. “Red, deep yellow and black should be avoided. Generally, theses colours have high intensity and it may disturb the energy pattern inside your house,” cautions Sethi.


    Source - housing.com

    You may also contact us at - +91-22-25452903, 66543333 or Email us at - sales@squarefeetgroup.in


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    Monday, 15 October 2018

    Owning a home versus living on rent: Which is a better long-term option?


    October, 2018
    When it comes to finding a long-term accommodation, we look at what makes better sense – living in a rented house or buying a property – and the factors that one should consider before opting for each

    When it comes to living on rent versus living in one’s own home, people who advocate the former often argue that a rental home costs less, as compared to owning a home. Those who favour owning a house, cite the freedom that it offers. While owning a home is typically the dream of every Indian, sky-rocketing property prices in the recent past have led people to opt for renting, rather than buying, says Ajay Jain, executive director – investment banking and head real estate group, Centrum Capital Ltd.

    “However, if one is certain about the city in which one is going to stay in the future and has the necessary funds for the down payment and stable future cash flows, it is highly recommended to own a home. Owning a home forces savings, in the form of home loan EMI payments, which most people would otherwise spend, if they rent a property,” adds Jain.

    Real Estate Projects in Ambarnath Thane

    Credit : Freepik.com

    Advantages of home ownership over rental accommodations

    The main benefits of living in one’s own home, rather than a rented home are:

  • A sense of security and pride in home ownership.
  • You will not have to face increasing rentals.
  • When you buy a house with a loan, you are already aware of the EMI required to be paid over the long term. Hence, the future costs are predictable and more stable.
  • There is less likelihood of interference in your life, when you live in your own home.


    • How to decide whether to buy a home or live on rent

    Experts advise that youngsters can consider buying a home in the early stages of their career, if they have a commitment to stay in a particular city. Even though it may seem difficult to manage the EMIs initially, after 5-10 years when their salaries increase, while the EMIs still remain the same, it would be a relatively lower proportion of your salary. Moreover, the property prices would have also appreciated multi-fold.

    “Landlords in most states also tend to restrict the number of years that a tenant can occupy their house, due to the weak protection provided by the law to the landlords. With lower interest rates and the government subsidy for first-time buyers of affordable homes, owning a home is now possible for many more people,” opines Amit Oberoi, national director, knowledge systems, Colliers International India.

    Own home versus rented home: Financial implications

    Case 1: Let us assume that a person lives in a 3-BHK rented home and pays a rental of Rs 20,000 per month. The average rental appreciation is five per cent per annum.

    Case 2 A person buys a 3-BHK home for Rs 40 lakhs on a home loan for 20 years.
    Assuming that a person has occupied the home for 40 years, here’ a look at the financial calculations: 
    Real Estate Projects in Ambarnath Thane
    In the example above, the cost of living in a rental property for one’s whole life, would be much higher than living in one’s own home. Moreover, the capital value of a home also increases over a period of time, whereas, you get no such benefit in a rental home.

    Why owning a home may be a better choice over a rented home


  • Owning a house could also generate additional income, in the form of rentals or from paying guests
  • Rentals may seem cheaper compared to the EMI in the short run but in the long run, it is far higher than the cost of the house and the rental cost cannot be recovered.
  • A home owner can mortgage the property but a rental property cannot be mortgaged by a tenant.
  • A tenant may have to shift out of a rented home anytime, at the request of the owner.


    • Source - housing.com

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    Monday, 8 October 2018

    How home buyers can raise ‘margin money’ to purchase property


    There are various ways in which home buyers can raise the margin money, which can vary from 10% to 25%, depending on the loan amount

    While opting for a home loan, lenders will not sanction a loan for the entire cost of the house. Moreover, as per the RBI’s directions, lenders are not allowed to take into account the stamp duty and registration charges, while computing the cost of the property. Consequently, a portion of the total amount, has to be financed with the buyers’ own funds and is called ‘margin money’. The percentage of margin money varies from 10% to 25%, depending on the loan amount. There are various ways in which borrowers can raise this margin money.

    1 BHK flats in ambernath, budget flats in Thane Ambernath


    By liquidating past savings, or taking a loan against securities


    For a majority of home buyers, this is the main source to finance the margin money. The savings may be in different forms (funds in bank accounts, fixed deposits, investments in shares and mutual funds, investments in National Savings Certificates, etc.) and depending on the requirement, the same may have to be liquidated.

    At times, the market price of some of your investments in shares or mutual funds may not be good. In such cases, one can try and avail of a loan or overdraft facility against the security of such assets, instead of selling the same at a loss. Please note that all the shares/mutual funds may not qualify, for the overdraft facility. Lenders, generally, have a list of the shares or mutual fund schemes against which they lend.

    Loan on your life insurance policies


    If you have purchased life insurance policies, which are not pure term plans, you can get a loan against the policy, subject to certain conditions on the number of years for which the premiums have been paid, the minimum loan amount, etc. These loans are relatively cheaper.

    Withdrawal from provident fund/public provident fund accounts


    Although EPF and PPF are meant for retirement, one can also use these funds to buy a house. If you have completed five years of contribution to your provident fund, the rules allow the employee to partially withdraw money from the account. Likewise, if you have contributed for at least six financial years to your PPF account, you are allowed to withdraw a part of the funds, without giving any reason.

    Loans from friends and relatives


    One can also borrow money from friends and relatives. This may only be possible, if you enjoy good relations with them or if you have helped them in the past.

    Personal loans


    As a last resort, you can take a personal loan to fund your margin money. However, you need to be careful about the timing of the loan. If you have availed of the personal loan before the home loan, your personal loan will reflect in your credit report and this will impact your home loan eligibility, as the home loan lender will take into account the EMIs of your personal loan. Conversely, if you apply for a personal loan after the home loan, it may be difficult to get a sanction, as the home loan lender would have already taken into account your maximum loan eligibility. So, you need to time the applications such that they do not cross each other.

    The rate of interest on personal loans are very high, as compared to home loans. Moreover, you need to make a realistic assessment of your future cash flow, to ensure that you can service both loans. A default in the payment of EMIs, will spoil your credit score and your future ability to borrow.




    Source - housing.com

    You may also contact us at - +91-22-25452903, 66543333 or Email us at - sales@squarefeetgroup.in



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    Monday, 1 October 2018

    1-BHK Makes A Comeback


    October, 2018
    The 1-BHK makes its way back into our lives as many opt for it due to favourable market conditions and affordable EMIs

    Although it has been overused, the term ‘upwardly mobile’ is a strong driving force in the real estate market, and people who have lived in small homes for most of their lives are daring to dream big.

    One of the most important driving factors is the fact that the average Indian earns a net income of Rs 40,000 per month, which demonstrates this mobility; this along with the usual frantic SOS sent out to family and friends in order to help rustle up just enough for a downpayment to book their square feet of heaven.

    These factors along with the fact that there has never been a better time for home loan borrowers to make the move. The comfortable Easy Monthly Instalments (EMI) of a 1-BHK, which doesn’t paralyse your quality of life for almost a decade, has made this category one of the most sought-after.
    1 BHK flats in ambernath, budget flats in Thane Ambernath

    Anita Chitale (29), who is shifting from Mumbai to Pune in order to realise her family’s dream of owning their first home, says, “I grew up in the heart of Mumbai, our living quarters, thanks to my dad’s job. However, now he is retiring soon, and since my sister’s income as a beautician and mine as a teacher would not allow us to afford a house in the city, we did not want to stay and spend our money on rent,” says Chitale, adding, “So we decided to purchase a 1-BHK on the outskirts of Pune, near Kothrud.”

    The trend hasn’t gone unnoticed by developers. In fact, as the dust settles on demonetisation and with the economy picking up in tandem with the one-year completion of RERA, there have been significant launches in the compact housing segment in cities like Mumbai, Delhi and Bengaluru.

    The trend is not only limited to those who live in one-room houses, but also to those who rent 1-BHK apartments and want to switch to owning their own property such as Jishu Malekar. A resident of Mumbai, this 35-year-old illustrator lived with his family on rent for almost five years before they made the move from Delhi to Mumbai. “I lived on rent in a good housing society, but we knew that we had to buy our own home. The earlier I did it, the better it would be for me,” he says.

    While on the other hand, people like Ashok Kamble (45), who bought a 1-BHK in his hometown (Kolhapur) after saving up for almost 15 years, says, “I have three kids and was the only earning member of my family. I lived in a one-room house at Thane, which my employer gave me, free of cost. Saving up all these years finally enabled me to take the plunge and buy a 1-BHK back in my hometown.” He adds, “After I retire, I will shift there with my wife, and hopefully my kids will be well-settled by then.”


    Book your budget flats in Mumbai At 1 BHK Flats in Ambernath To Know More Visit Squarefeet Group in Thane Website
    Source - timesgroup.com

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