Introduction Under-construction buildings, whether residential or commercial, attract specific tax implications in India. Buyers and developers must understand these taxes to avoid surprises and plan financial obligations accurately. The main taxes applicable include...
Introduction Owning an independent house comes with the responsibility of paying property tax to the local municipal body. Property tax is a recurring expense based on the value of the property and is used by local authorities for maintenance of roads, sanitation,...
Introduction In apartment or multi-unit developments, each flat owner does not just own the built-up area of their individual unit—they also own a proportionate share of the land on which the entire building stands. This is known as the Undivided Share (UDS) of land....
Introduction Apartment societies, also known as Resident Welfare Associations (RWAs) or housing societies, are formed by owners of flats in a residential complex to manage common areas, amenities, and shared responsibilities. These societies collect funds...
Introduction Joint ownership of property is a common arrangement in India, especially among family members, spouses, or business partners. It allows multiple individuals to share ownership rights and responsibilities. However, joint ownership also comes with specific...
Introdcution Changing the name on a property tax record is a critical step after any legal transfer of property. This process, commonly known as "mutation of property," allows the local municipal authority to update its records and recognize the new owner as the...
Introduction When a property changes hands through sale, inheritance, or gift, one of the most important legal formalities is the transfer of property tax records to the new owner’s name. This process ensures that the local municipal authority recognizes the new owner...
Describe How Buyers Verify Tax Status Before Purchase Verifying the property tax status is an essential step buyers take before finalizing any real estate purchase. Property tax records provide transparency, reveal the financial obligations tied to the property, and...
Introduction Property tax is a recurring obligation that property owners must pay to local municipal authorities. This tax is based on the assessed value of the property and plays a crucial role in real estate transactions, particularly during the resale of...
Introduction Using tax receipts as part of loan applications is a strategic financial practice adopted by both individuals and businesses. These documents serve as proof of income, responsibility, and regular financial behavior, often boosting the credibility of...