Real Estate Solutions...• 3 BHK Apartment with Servants Quarters of 2646 Sq ft and 2 Allotted car...
Transcript of Real Estate Solutions...• 3 BHK Apartment with Servants Quarters of 2646 Sq ft and 2 Allotted car...
Simplifying Real EstateReal Estate Solutions
June 2015
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
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With the temperatures soaring above a 45 degrees and summer vacations
in schools, it was but natural to see all the amdavadis head for vacations to
locations with better weather to beat the heat. So, while most of the month
of May was more or less relaxed, the office concentrated on foccused selling
and achieved the desired results by the end of the month.
The 23rd of May marked the completion of RE/MAX Realty Solutions’ 4 years
of being in the Real Estate business. The team celebrated this momentous
occasion with a party in the office which also saw the Broker Owners from
other RE/MAX offices in Ahmedabad grace the occasion. A heartfelt thank
you to all of our esteemed clients for standing with us for the last 4 years and
for being a big reason for our success, we would also like to send out a thank
you to RE/MAX India, RE/MAX Gujarat and the RE/MAX network as a whole
for their support and consant encouragement and last but not the least, we
would like to express heartfelt gratitude to our agents who are the heart and
soul of our business, who are today more like family than collegaues.
Our June edition has some great insights on taxation in Real Estate, Real
Estate updates, some great investment opportunities available with us in
addition to some updates on what has been happening at RE/MAX Realty
Solutions. Hope you find it a good read!
Cheers to a super productive month for one and all!
What's Inside...
•GuestPost
• RealtyTweet
• ProjectinFocus
•Hotpropertypicks
•Dealsthatstolethe
show in April
• SnippetsfromMay
• Somespecialmoments
from our 4th Anniversary
celebrations!
Welcome to the June edition of Real Estate Solutions!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
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“A penny saved is a penny earned”. Nothing can be truer than this when
it comes to smart investing through better tax planning. Many investors
look only at the gross returns while evaluating the merit of a financial
investment.
Irrespective of class or income, Indians are fond of buying gold and real
estate. Purchasing and selling the metal is a straightforward game but
a property, through its lifecycle (buying, owning and selling), can be
taxing. If played right, you can reduce the tax outgo.
Capital gains Implications on sale of Real Estate Property
According to section 2(42A) of Income tax Act, 1961, “Short-term capital asset" means a capital
asset held by an assessee for not more than thirty-six months immediately preceding the date of its
transfer. Resultantly, if the property sold within 36 months from the date of purchase than it would
be liable for short term capital gain. Short term capital gains on sale of property shall be taxed as
per normal tax rate.
According to Section 2(29A) of Income tax Act, 1961,“Long-term capital asset" means a capital asset
which is not a short-term capital asset.Thus, if the property kept for more than 36 months then
profit earned on such sale would be liable for long term capital gain. According to Section 112 of
Income tax Act, tax liability on Long term capital gains would be attracted at the rate of 20% plus
applicable Surcharge plus Education and Secondary and Higher education cess.
Incentives available in Income tax provisions while buying a house
· Interest on Borrowed Capital (Section 24(b))
Where the property has been acquired or constructed with borrowed capital on or after 1.4.1999,
the deduction can be availed on account of interest to the extent of Rs. 200000/- annually. In case
of property being self-occupied & its Gross Annual Value is considered Nil, for this purpose the
acquisition or construction of the property should be completed within 3 years from the end of
the financial year in which the capital was borrowed.
In case the property for which the Home loan has been taken is not self occupied or whose Annual
value is not claimed to be Nil, section 24(a) grants standard deduction of 30% of Net annual value.
Moreover the taxpayer can claim tax deduction of the whole interest amount.
· Principal repayment of Loan
The deduction of principal repaid is allowed under section 80C of Income tax Act, 1961. Earlier,
the deduction was restricted upto Rs. 1,00,000 but with the introduction of Finance Act 2014 the
same is increased to Rs. 1,50,000. The deduction U/s 80C is available on payment basis irrespective
Mr. Vartik R. Choksi(M.Com., ACA, CPA)
GuestPost–Taxplanningin Real Estate investments
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
of the year for which the payment is made.Additionally, stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assessee is also allowed as deduction under Section 80C.
However, tax benefit of home loan under this section is allowed only after construction is complete and completion certificate has been awarded. No deduction would be allowed under this section for repayment of principal for those years during which the property was under construction.
But, if the property in respect of which deduction so claimed is transferred within a period of five years the aggregate amount of the deductions of income so allowed shall stand to be withdrawn.
Key areas to consider while buying the property
· Stamp duty and registration charges Stamp duty and registration charges vary from state to state. Stamp duty charges and
Registration fees in most of the states is given in the terms of percentage of the total value of transaction. But, many states in India provide concession to females with respect to payment of stamp duty. For example the stamp duty rate for male in Delhi is 5% whereas for female the same is 3%. Female investors in Gujarat save 1% registration fees. Thus, while purchasing the property it is beneficial to purchase the same in name of female if the stamp duty act of the respective state provides benefit to the females.
· Burden of Loan interest For self-occupied property section 24(b) of Income tax Act, 1961 allows interest expense to be
claimed as deduction to the extent Rs. 200,000. However, in case the liability of interest exceeds Rs. 200,000 it is advisable to take the loan in Joint name so that the exemption limit of Rs. 200,000 is availed to more than one person and hence the limit of Rs. 200,0000 can be increased with the increase in number of persons.
· Execution of registered deed at prevailing Jantry rates as to avoid litigation A sale deed, also referred to as conveyance deed, is the main document in a transaction of sale
and purchase of property. A sale deed acts as the main legal document that evidences the sale and transfer of ownership of property in favour of the buyer from the seller. It also acts as the main document for further sale by the buyer as it establishes his proof of ownership of the property. Thus, to avoid litigation at later stage it is better to execute the registered deed as prevailing market rates.
GuestPost–Taxplanningin Real Estate investments
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
REAlTy
Something to look forward to - With RBI cutting the repo rate further by 25 basis points, the number of rate cuts this calendar year goes to 3 which should see the banks passing on the benefit in their lending rates; a relief that buyers looking at home loans can look forward to. One can already see the benefits of these cuts being passed on to the buyers by a few banks.
Hope for the best - Housing sales have started showing signs of improvement but full recovery is expected only in the next financial year with the real traction in demand starting this festive season as per apex body CREDAI.
Read more at:http://economictimes.indiatimes.com/articleshow/47532288.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst http://realty.economictimes.indiatimes.com/news/residential/home-prices-to-see-20-hike-by-fy17-credai/47536290
Taxing unsold stocks is on the books now : In a move to stop the hoarding of unsold inventory by developers, the Income tax department has decided to start levying taxes on the Annual Letting Value (ALV) for unsold stock lying with Real Estate developers/ builders. The unsold stock has so far been exempted from income tax under the “stock-in-trade" category. This move majorly aims at reducing the artificial scarcity doing the rounds through hoarding of flats, however how this gets implemented is still to be seen!
Read more at :http://www.gharabari.com/news-india-Fresh-tax-on-unsold-flats-to-force-developers-to-release-inventory-16258
For the very first time – The Gujarat government is all set to announce a “redevelopment policy” so as to build affordable housing in place of old colonies. Apart from direct benefits to the home owners whose homes become a part of such redevelopments, the government will look at optimizing the use of such available land by making use of change in FSI norms and building multistoried buildings in turn providing more affordable housing.
Read more at :http://www.gharabari.com/news-india-Gujarat-govt-to-adopt-%27redevelopment-policy%27-for-affordable-housing-in-state-16244
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
PRojecTinFocuS
H1
One of the projects that our team is focusing on is H1, a residential project with just 9 apartments that you wouldn't want to miss. With 3 apartments already sold and 6 just remaining, this is a project that should definitely be on your checklist to check out! Our top performing agent, Tejas Shah has been doing focused marketing for this project and he would love to share more details with you!
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
A project with only 18 High End Apartments andPentHouseswithonly2unitsoneachfloor,this project is fully equipped with amenities like swimming pool, gymnasium, kids play area, Common Garden, sit outs, security systems, visitors parking.
Key features :
• 3 BHK Apartment with Servants Quarters of
2646Sqftand2AllottedcarParking.
• 4 BHK Apartment with Servant Quarters of
3365Sqftand3AllottedcarParking.
• The internal specifications of 31 IVy are of the
best quality with Italian Marble in living Room,
Dining Space and common areas, Wooden
FlooringinMasterBedroomsandBalcony,Air
conditioners of Daikin in all Bedrooms and
LivingRoomandDiningRoom.
• Possessioninjan2016ForFitouts,just7To8
MonthsFromnow.
31 IVY - 3 & 4 BHK High End Apartments & Pent Houses, Opp Grand Bhagwati, Off S G Road, Bodakdev
PRojecTinFocuS
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
investor floor for sale in earth Arise,S.G.highway, Ahmedabad, India
Totalareais9860sq.ft. The architects and builders state that it is
in sync with directives passed by the u nDevelopment programme and the uSGBcBoard.
MoreDetailsclick: http://www.remax.in/505023024-17. Manthan
For sale
5bhk Bungalow for sale in Balaji Green Valley LocatedonAmbapurRoad,nearnarmadacanal,
Adalaj, S.G Highway, Ahmedabad AmenitieslikeclubHouse,PrivateSwimmingPool,Lift/
Elevator, yoga & Meditation Centre, Snooker Area, Green Gardenlandscapedarea,High-endSecuritySystems,100%LandscapeDevelopedbyBuilder
MoreDetailsclick: http://www.remax.in/505023015-172. Rahul Jain
For sale
HoTPRoPeRTyPicKS!
Hirav Shah
For Rent 1st floor show room on rent in Binori Ambit,
S G Highway, Ahmedabad, India.
AmenitieslikeLift/elevator,Parking,
Security System.
MoreDetailsclick:
http://www.remax.in/505023018-44.
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Tejas Shah
For rent 4Bhk high end, fully furnished bungalow for Rent LocatednearThaltej-ShilajRoad Plotsizeis664sqyardsandconstruction
is 472 sq yards It is a furnished Villa with swimming pool,
garden parking etc. MoreDetails click:
http://www.remax.in/505023017-93
For sale
ParshvaVakharia
4959 Sq Ft high-end apartment for sale in 15 The Address
LocatedatAmbli–BopalRoad,Ahmedabad,india
Sizeoftheapartmentis4959SqFt
(SuperBuiltup)
MoreDetails click: http://www.remax.in/505023016-235.
Sheel Shah
For sale 1100 Sq Ft Office for sale in Shapath 5, S. G. HighwayBest Commercial landmarks on
SGHighway,opp.Karnavaticlub
centrallyAcofficeandFoyerspaceswith
allottedParking
MoreDetails click:
http://www.remax.in/505023025-1
Vikram Chandnani
For sale 4bhk flat on sale in Westend Park, Bodakdev, Ahmedabad, India. itisa275sqydsflatonahigherfloorin
a high rise building. itgivesabeautifulviewofR2zoneinBodakdev.
MoreDetails click: http://www.remax.in/505023023-160.
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
customerDelightknowsnoboundaries
One of the biggest strengths of RE/MAX is the fact that being the World’s #1
Real Estate Company gives us an edge when it comes to being reliable and
trustworthy. This is the reason why that when Indians residing outside of India
think of investing/buying/selling in India, they prefer to deal with RE/MAX
agents.
inonesuchcase,oneofourtopperformingagents’TejasShahservicedannRicouple,Mr.Hasmukhbhai
Patel&Ajitajoglekarandhisattentiontodetailsandhisthoroughprofessionalismwasthereasonfor
him receiving a thumping testimonial by the esteemed clients.
We would like to send out a thank you to the couple for their kind words of appreciation and would like
to congratulate Tejas for this lovely endorsement.
DeALSoFTHeMonTH
Tejas Shah
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
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Focusedsellingyieldsresults
Our project in focus last month was Heritage Opus and one of our newest
Agents’ Sheel Shah put in all his energy and effort to do focused selling of
this project. He ended the month of May by selling two apartments in the
project.Doingusproudbyshowingsuchamazinglevelsofdedication,
we would like to congratulate Sheel for this achievement.
With just 3 apartments plus 2 pent houses left in the project, we wish
Sheel and the rest of the team all the best in selling the rest of the
inventory.
Sheel Shah
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Tejas ShahTop performer for the highest volume achievedRecipient of the best customer testimonial in May
Sheel ShahTop performer for the highest value achieved
CONGRATULATIONS TO OUR TOP PERFORMERS OF THE MONTH OF MAY
The team at RE/MAX would like to send out a big thank you to RE/MAX Gujarat for arranging a wonderful training session for all the Agents!The monthly team meeting saw projects and monthly goals being reviewed and discussed, the meet also had the developers of the 31ivy project discuss the project in detail with the team. The meet ended with the top performers ofMaybeingrecognizedandrewarded!
Implementing the philosophy of“The more you Learn, The more you earn”
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
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SoMeSPeciALMoMenTSFRoMouR4THAnniVeRSARyceLeBRATionS!
ceLeBRATinG4yeARSoF
SeRVicinGcLienTSinReALeSTATe;
THAnKFuLFoRAGLoRiouS4&
LooKinGFoRWARDToMoRe!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
WeAReexPAnDinGouRTeAM!
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Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
Celebrating 4 years of servicing clients in Real Estate;Thankful for a Glorious 4 & looking forward to more!
The highest compliment you can pay us is the referral of a friend or a relative!
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