Federal Laws governing real estate
Hi
I would like to introduce you with some federal laws of India. The federal laws governing real estate include:
Indian transfer of Property Act.
Indian Registration Act, 1908.
Indian Urban Land (Ceiling and Regulation) Act, 1976.
Stamp Duty.
Rent Control Acts.
Property Tax.
Foreign Funds Investor in India.
Sales, mortgages (other than by way of deposit of title deeds) and exchanges of immovable property are required to be registered by virtue of the Transfer of Property Act. The purpose of Indian Registration Act,1908 is the conservation of evidence, assurances, title, publication of documents and prevention of fraud. It details the formalities for registering an instrument. Indian Urbal Land legislation fixed a ceiling on the vacant urban land that a 'person' in urban agglomerations can acquire and hold. A person is defined to include an individual, a family, a firm, a company, or an association or body of individuals, whether incorporated or not. This ceiling limit ranges from 500-2,000 square meters. Excess vacant land is either to be surrendered to the Competent Authority appointed under the Act for a small compensation, or to be developed by its holder only for specified purposes.
Stamp duty is required to be paid on all documents which are registered and the rate varies from state to state.Rent legislation provides payment of fair rent to landlords and protection of tenants against eviction. Besides, it effectively allows the tenant to alienate rented property.
Property tax is a levy charged by the municipal authorities for the upkeep of basic civic services in the city. In India it is the owners of property who are liable for the payment of municipal taxes.
I would like to introduce you with some federal laws of India. The federal laws governing real estate include:
Indian transfer of Property Act.
Indian Registration Act, 1908.
Indian Urban Land (Ceiling and Regulation) Act, 1976.
Stamp Duty.
Rent Control Acts.
Property Tax.
Foreign Funds Investor in India.
Sales, mortgages (other than by way of deposit of title deeds) and exchanges of immovable property are required to be registered by virtue of the Transfer of Property Act. The purpose of Indian Registration Act,1908 is the conservation of evidence, assurances, title, publication of documents and prevention of fraud. It details the formalities for registering an instrument. Indian Urbal Land legislation fixed a ceiling on the vacant urban land that a 'person' in urban agglomerations can acquire and hold. A person is defined to include an individual, a family, a firm, a company, or an association or body of individuals, whether incorporated or not. This ceiling limit ranges from 500-2,000 square meters. Excess vacant land is either to be surrendered to the Competent Authority appointed under the Act for a small compensation, or to be developed by its holder only for specified purposes.
Stamp duty is required to be paid on all documents which are registered and the rate varies from state to state.Rent legislation provides payment of fair rent to landlords and protection of tenants against eviction. Besides, it effectively allows the tenant to alienate rented property.
Property tax is a levy charged by the municipal authorities for the upkeep of basic civic services in the city. In India it is the owners of property who are liable for the payment of municipal taxes.
posted by praveen @ 10:57 PM
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