Nirmal Housing Agency - A Real Estate &  Finance Consultants

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Which documents are to be verified before purchase of a Flat ?
Before you purchase a flat, you have to have a title and document search conducted by a competent advocate. You cannot do it yourself. You have to use the services of a competent advocate. It is a professional job to be done with professional assistance.
What is the difference between built up area, super built up area, and carpet area?

Carpet Area:This is the area of the apartment/building which does not include the area of the walls.

Built up Area: This includes the area of the walls also.

Super Built up AreaThis includes the built up area alongwith the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.

What are all the important documents one should check before buying any property ?
If you want to purchase a property, you have to look at the approved layout plan, approved building plan,ownership documents, carryout search, etc. Contact an advocate before you purchase a property so that he can advise you.
In whose name are the stamps required to be purchased ?
The stamps are required to be purchased in the name of any one of the executors to the Instrument.
What is the area that should be mention in the Agreement for Sale?
Only the Carpet Area. This is the area of the apartment/unit which does not include the of the walls.
Who has to pay the Stamp Duty?
The buyer of the property has pay the stamp duty before execution of the Agreement as per the Agreement Value or the Market Value of the property as per the ready reckoner rates whichever is higher.
Who is the Authority for assessing the market value of the property?
The Sub-Registrar of the area, under whose jurisdiction the property is located, is the appropriate authority for assessing the market value of the property.The registration of the Agreement is possible only after the proper stamp duty is paid.
Is there any way by which one can claim exemption from tax on capital gain?
The income tax act has made provision u/s 54 & 54--G of the act whereby you can claim exemption from tax on capital gains.

Sec. 54: Purchase or construct another residential house worth the amount of capital gains.

Sec.54:Protects capital gains arising out of sale ( or transfer ) of a residential house whether self-occupied or not, provided the assessee has purchased within one year before or two years after the date of sale of the original asset or has constructed within three years after that date, a residential house. The only conditionis  is that the newly-acquired property should not be sold within three years from the date of its purchase or construction. If this condition is not satisfied, the the cost of the new asset and the difference between its sale price and the reduced cost will be chargeable as short-term (yes, short- term!) capital gain earned during the year in which the new asset is sold.

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