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immovable property

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Documentation for transfer of Immovable Property

In India, transfer of Immovable Property is covered under the Transfer of Property Act, 1882. Transfer of property, especially if it is inherited property, is a long-drawn process involving considerable documentation and legal paperwork. The property in question becomes disputable if the relevant property documents are not in place for the transfer to take place […]

ranjan.j

Will

Property inheritance- Nominee vs. Legal heir

According to the Hindu Succession Act, 1956, the property of a deceased is distributed equally among sons, daughters, the wife and the mother. The Hindu Adoption and Maintenance Act, 1956 governs the adoption of children and the maintenance allowance to the wife. Who is a Nominee? As per the law, a nominee of a immovable […]

TDS on immovable property: Points to consider

In its recent move, the central government has gained the spotlight by implementing tax deduction at source(TDS) on the transfer of immovable properties. The present provision finds its due relevance in all transfer of immovable property transactions of property worth Rs 50 lakh or more. The new provision calls for TDS to rollback at 1% […]

CommonFloor Editorial Team

Essential terms of purchase and sale contracts for immovable property-Part 2

The “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons. The instrument of sale perfected by execution and registration Deed of Sale. Sale By Section 54 of the Transfer of Property Act 1882, is complete transfer of ownership, no […]

CommonFloor Editorial Team

Essential terms of purchase and sale contracts for immovable property-Part 1

The transactions involving sale or purchase of immovable properties need to be handled with utmost care, transparency, honesty and dignity. If these are followed, a lot of heartache and drainage of investment can be avoided. However a common citizen may not be aware of the legal stipulations or obligations while transacting in immovable property. Section […]

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