Delhi NCR Property Queries

Q. What recourse do we have when a builder doesn’t fulfill the promises in terms of the amenities and the quality of construction? 

A. You may appeal at consumer forums at the district or the state levels, which are generally pro-customers.  If a builder fails to deliver on the promise, which must have been mentioned on the project catalogue or in the agreement, of a set of amenities or the quality of construction, you are likely to be compensated within one year.

Q. I have purchased a house that is under construction; I am still paying the installments  It’s been three years now and I would like to sell the property — do I have to pay capital gains tax; if yes then how much?

A. Capital gains are applicable when:

a) The property that was sold was withheld by a person for a period of more than 3 years from the date of its original purchase or possession

c) The sale proceeds are invested in a residential property that is bought 1 year before the sale of property or 2 years after the sale of the first property

d) The new property is bought after the sale of the first property

e) Capital gains tax can also be saved by investing the sale proceeds in Capital Gain Bonds.

To compute the holding period, the sale deed or the purchase deed is a valid document to determine the date of purchase or the date of sale.

However, when a property is purchased by paying installments, the letter of possession will be the date for such purpose. In any event, the applicable rate depends on the facts and the circumstances of each case.

Disclaimer : Blog Author will not be responsible for the advice, views and suggestions provided in general property queries as mentioned above. Such advice, views and suggestions should be used for references only.