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Main documents required to sell a property

June 27, 2012 Leave a comment

If you are planning to sell a property, the documents are very important. They will probably be first scrutinised by the prospective buyer before even looking at the property. The buyer will insist on checking the original documents before finalising the deal.

These are the documents you need to have in order:

Letter of allotment

The letter that confers allotment of the property to you from the relevant society or authority is a primary document you need to have in order.

Sale deed

The original conveyance or sale deed from the previous owners of the property is needed. If you have lodged the original deed for registration with the registrar, you need to provide a copy of the conveyance deed or sale deed along with a photocopy of the receipt from the subregistrar where the documents have been lodged for registration.

This traces the ownership of the property. Missing documents…

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Filed under Theory, Tool Kit Tagged with Agreement to sell, allotment letter, approved building plan, encumbrance certificate, NOC from the CHS, occupation certificate, postaday, real estate, sale deed, selling a property, share certificate

Purchase Of Land – Legal Check-Lists

June 27, 2012 1 Comment

marg swarnabhoomi

Owning a house is an important thing in one’s life. However, one needs to be careful while buying a property to avoid falling into legal hassles. Before buying a land, a number of checks need to be done to confirm that the land has a clear and marketable title. The legal status of the land is one of the first issues that should be addressed before confirming a property.

Title deeds

The first step is to see the title deed of the land, which you are going to buy.

* Confirm whether the land is in the name of the seller and that the full right to sell the land lies with only him and no other person.
* It is better to get the original deed examined by a lawyer. This is to check details like whether the seller has permitted any entry/access to others through this land and…

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Filed under Theory, Tool Kit Tagged with buying a plot, buying raw land, checklist for buying a plot, checklist for buying land, postaday, real estate

The Indian – American Story

June 26, 2012 Leave a comment

Here are some facts about the Indian – Americans:

1.)The first major influx of Indian immigrants arrived in the US in the early 1900s to work as farmhands.After initially being considered Caucasian and allowed to become citizens,Indian-Americans were later barred from becoming citizens for many years,until passage of a 1952 law that lifted prior restrictions.

2.)Today there are about 32 lakh Indian-Americans.They are the third largest Asian group in the US.And their number is fast growing due to migration.

3.)87% of Indian – Americans are born outside the US.

4.)73% of Indian immigrants speak English very well. Read more of this post

Filed under Tidbits, Tool Kit Tagged with Indian-Americans, Median annual household income of Indian-Americans, NRIs, postaday, US Median annual household income

PAN Cards And FDs

June 25, 2012 2 Comments

Under section 139A of the I-T Act,only persons whose income is chargeable to tax are required to obtain a PAN.However section 206 AA of the same Act, which became effective from assessment year 2010-11, makes it mandatory for every person to furnish PAN card in their transactions with banks and financial institutions.So section 206AA compeled even those without a taxable income to obtain a PAN, failing which tax would be deducted at source.

A writ petition was filed before the Karnataka High Court by A Kowsalya and two other small investors, who had made investments in financial institutions (F Is). They do not have any income other than the income received from F I s and they have declared this under Form 15G. Form 15G is usually used for declaring that a person’s income is below taxable limit, and therefore, the bank or FI is not required to deduct tax at source while making payments.The FIs, however, told the petitioners that tax would be deducted at source if they did not furnish PAN cards as required under section 206AA of the Income-Tax Act. The petitioners challenged the validity of Section 206AA of the Income-tax Act in their writ petition. Read more of this post

Filed under Paper Assets, Theory, Tool Kit Tagged with 139A of the I-T Act, 206 AA of the I-T Act, FD, Form 15G, income below the taxable limit, income tax declaration, income tax returns, interest income, PAN Card, postaday, Tax Deduction at Source, TDS

More Ideas To Deal With Money Issues In The Family

June 24, 2012 9 Comments

Here are a few more tips for dealing with money issues in the family.You can find more in an older post here: https://wealthymatters.com/2011/04/12/dealing-with-savers-and-spenders/#more-1285

1)Set a limit on how much each person can spend without checking in with the others.While may be restrictive, in reality it is a display of respect towards other family members.
2)Before taking on any new debt, such as a larger mortgage or a new car loan, save the amount of the future payment into a savings account for at least six months. If you can consistently save that much for six months, you can realistically afford the purchase. Better to know in advance the sacrifices you will need to make than have buyer’s remorse after the fact.
3)Build and keep an emergency fund for unseen expenses or events such as a job loss. The last thing you need when going through a difficult transition is the stress of worrying about money.