Guidance Value for Nitesh Caesar palace as on 31.01.2016 is Rs.4140/sq feet
Day: January 31, 2016
Remedies Available for Buyers to Deal with Delay in Possession
Here are some remedies available to homebuyers for dealing with delay in possession:
1. Ask for Refund- A homebuyer can ask for a refund from his builder when there are excessive delays in completion of a housing project. As the buyer, you have the entitlement to ask for a refund from your builder.
2.File Case in Consumer Dispute Redressal Commission -If a property is being purchased by you exclusively for your personal use, you can even file a case in one of the 3 levels of the Consumer Dispute Redressal Commission based on the value of the property purchased. If the dispute occurs for a property whose value is more than 1 crore, then the case has to be filed in the National Commission located in New Delhi. For properties whose values are over 20 lakhs, the dispute needs to be resolved in front of the State Commission while for disputes related to properties below 20 lakhs, the case has to be filed in the district commission.
3.Special Provisions in Select States in India- Some states in our country enjoy special provisions for the benefit of their consumers. Maharashtra, for instance, has a provision whereby a remedy is available to you through the Section 8 of Maharashtra Ownership Flat Act of 1963. The section specifies that if a builder is not able to give proper justifications for the delay in possession or non-completion of the project, he’ll have to refund the amount, with interest, to the buyer.
4.Additional Provision- The ‘Domestic Building Contracts Act’ of 1995 lays down that the builder has to provide the following warranties:
(a) The builder should complete all the work on time.
(b) All construction work should be carried out as per the specifications and plans that have been specified in the contract.
(c) The builder should use and supply high-quality materials.
(d) The builder would endeavor to do the work with reasonable skill and care as per the legal process.
(e) The home should be apt for occupation when the work gets completed as per the builder.
5.Serve Legal Notice- Before taking any type of action against the builder, it is recommended that you serve them a legal notice and give them an opportunity to respond. The builder might take corrective actions to get the problems resolved, thus saving your valuable time and costs that are usually associated with visiting the court.
Buyers set for legal action over delays at Emaar’s Indian project
Frustrated property buyers in an Emaar-MGF development in the Indian city of Gurgaon are stepping up their action against the developers with a case set to be lodged in the consumer court.
frustrated with the ongoing delays, a group of 90 buyers, have formed a group to collectively get solid information as to when the properties will be delivered and to try and get adequate compensation.
They will take their case to the consumer court, where Metha said they hope to have their claim dealt with efficiently.“They take up a case pretty fast by Indian standards. Within three months you will get the first hearing and within 45 days the respondent has top respond,” Read Ahead
eTutorial – TDS on sale of property
Click here to download eTutorial – TDS on sale of property-HOW TO PAY TDS ON PURCHASE OF NEW PROPERTY
1% TDS rule on sale of property explained:The 1% TDS rule on sale of property was introduced in the 2013-14 Budget to put a check on underhanded property deals.
In effect since June 2013, the regulation mandates that on sale of property exceeding Rs. 50 lakhs in India, a tax of 1% has to be deducted on the total sale consideration before making the payment to the seller.
The buyer must then deposit this 1% TDS to the Government. PAN of both the buyer and seller must be compulsorily specified while filling out Form 26QB to ensure that sellers don’t avoid taxes on the capital gains they make.This rule does not apply on sale of agricultural land.
What is the procedure to deposit TDS?
- Calculate 1% TDS on the total sale consideration. For a property getting sold for Rs. 60 lakhs, the seller would receive Rs.59,40,000 after tax.
- Make the payment online on Form 26QB. A challan is generated. Note that this must be done within 7 days from the end of the month in which TDS is deducted.
- The payment is reflected on the seller’s Form 26AS under the head Part F within 7 days.
- The buyer is then required to furnish a TDS certificate called Form 16B to the seller. This can be downloaded from the TRACES website.
-For this, register on the TRACES website with your PAN and challan number.
-Click on “Application for request of Form 16B” from the header.
Read Ahead:TDS rule on sale of property