Property Laws of Real Estate in India

For every real estate property which is being purchased or sold either by the investor or the real estate agent incorporates certain set of rules and these transactions should stick to the norms of the real estate domain, to assure that they fetch better deals and no frauds actually happen. The property deals needs to be abide by the laws of the of the county where the deal actually incubates. In case of any deals taking place they should be stringently followedkeeping in mind that the laws helps the investor escape from all issues and hassles which otherwise can crop up leading the owner of the property in great trouble.

Few tips below can ideally assist in procuring smarter deal in the real estate domain:-

When investors are buying a property above 25 lacs it is necessary that they inform the income tax department about the deal not only this but the amount of the flat is alos supposed to be mentioned. There is a prescribed form pertaining to such information which can be filled by the investors. The form involves 37 -1 and should be stringently followed by the investor.

As per section 24(2) Interest Deductions –a decade before the budget presented by the Finance Minister in 2000 has swelled up the ceiling on the amount of deductions from Rs. 30,000 up to Rs.100, 000 from an individual's income if it is self-occupied for the interest paid for a home loan. The investor should be ideally stick to the norms and assure that all deals incubating are not astray to the norms prescribed.

As per section 54 F, The income tax act gives an individual who does not own a residential house a rebate to buy one property and when they sell a capital asset. If one sells a capital asset, normally, one required to pay tax on the gain in the value of the asset after indexation of the cost. If however investors donot own a residential house, he can reinvest the net consideration received from the sale of the capital asset in a house property and not pay any income tax on the gain from the sale of the capital asset. There is however a time frames of within which to reinvest the funds from the gain of the sale of the capital assets. The norms of the real estate needs to be followed and should be abided by the investors.

Author Bio:-The name Sushil Ansal does not need any introduction in the field of Real estate. Sushil Ansal is an iconic figure of his field and has changed the face of Real Estate in India.The Chairman of Ansal Properties & Infrastructure LTD (Ansal API) is the driving force in establishing the brand Ansal API. Mr.Sushil Ansal has had an illustrious career spanning over 50 years.