What are the stamp duty and registration charges in Gujarat?
Stamp duty on any property bought in Gujarat is 4.9% of total consideration of the property. Registration expense will be 1% of total consideration of the property. Therefore, total of stamp duty and registration will be 5.9% of total consideration of property. However, registration charge of 1% will not be levied if the property is purchased by a female.
Difference between Sbua, bua and carpet area.
» Super built-up area: The total area of the unit + area under common amenities (equally distributed amongst all the units) + lift area (if any, equally distributed among all the units) + Parking area, etc.
» Built up area: The carpet area + area covered by thickness of walls+ balconies, etc. As a general rule built up area is around 8% to 10% more than carpet area.
» Carpet area: The total area of the unit from wall to wall. It does not include the thickness of the wall in the unit. Carpet area is the area calculated from wall to wall inside the house, this would include steps, if any, inside the house.
What is ATS?
An agreement to sell is an important document in the process of sale and purchase of property. This agreement contains the terms and conditions agreed upon between the parties, and binds them. An agreement to sell is the basic document on which a conveyance deed is drafted. It is always advisable to have an agreement to sell in writing.
What is Sale deed?
A sale deed acts as the main legal document for evidencing sale and transfer of ownership of property in favour of the buyer, from the seller. Further, it also acts as the main document for further sale by the buyer as it establishes his proof of ownership of the property
On what is service tax levied and at what percent?
Service tax is not levied on the entire amount payable for the unit. 75% of the amount charged by the builder is considered to be cost of land, materials, etc. Only the remaining 25% amount is considered as “service” provided. Therefore, you would pay 10.3% service tax only on 25% of the amount that you have paid.
What is 7/12 extract?
7/12 extract is the extract copy of the land which you propose to buy. This extract is maintained by the talati of the village where one purchases the land. One should approach the talati of the village and should apply for the 7/12 extract of the proposed land. What the land is going to be used for needs to be clarified. After verifying the application the talati will issue 7/12 extract of the land. This extract contains the area of the land, name of the farmer, location of the land and other details like single cropped land or double cropped land, etc. After verifying these facts one should go in for purchase of land.
What are the benefits of 100 % white payment?
Complete or 100% payment in white gives greater tax benefit and also helps in procuring a higher amount of loan sanction.