Rustomjee Guide on Tax Benefits Info

Rustomjee Builders has exposed their trademark as awe-inspiring builder and also astounding service provider. As Rustomjee Builders have make possible their customer and client bestow with privileged niceties of society along with their legal route with alleviate. Client & customer of Rustomjee Builders devoid of any ambiguity have not only changed their contract but also endow with bona fide previews and gratitude letters and testimonials as they are so delighted with services make available by Rustomjee Builders. Some of the Registration related information is provided as below stated. Registration Of Documents Section 17 of the Registration Act, 1908

This Act lays down different categories of documents for which registration is compulsory. The documents relating to the following transactions of immovable properties are required to be compulsorily registered:

Under Section 2(6) of the Registration Act, 1908 the term "immovable property" includes: "land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth, or permanently fastened to any thing which is attached to the earth, but not standing timber, growing crops nor grass."

1. Instruments of gift of immovable property.

2. Lease of immovable property from year to year or for any term exceeding one year or reserving a yearly rent.

3. Instruments which create or extinguish any right or title to or in an immovable property of a value of more than one hundred rupees.

Place for Presenting document for registration Section 28 of the Registration Act, 1908 states that all documents of which registration is compulsory if it relates to an immovable property as well as a few documents of which registration is optional should normally be presented for registration in the office of the Sub-Registrar within whose sub-district the whole or some portion of the property to which the document relates is situated.

(i) Registration Procedure
At the time of lodging a document for registration of any instrument, the original document which should be printed on one side only have to be submitted to the Registering Officer. The registration procedure also requires the presence of two witnesses and the payment of the appropriate registration fees.

(ii) On Completion of Procedure
A receipt bearing a distinct serial number is issued. The following requirements for completing the registration are usually stated on the receipt:

1. Market Value of the property; 2. Income-tax clearance; i.e., N.O.C. under Section 269 UL (3) issued by the Appropriate Authority constituted under Chapter XX-C of the Income Tax Act, 1961 if the same is applicable;
3. Urban Land Ceiling declarations of the transferor/s and the transferee/s. Fees for registration of a document The State Government has been empowered to fix the fees for registration of the document.

(iii) Registration Fee

The registration fee at present fixed for registering documents relating to property transactions are approximately 1% of the market value or agreement value whichever is higher subject to Maximum of Rs.30,000/- [from 1-4-2003]. The registration fee for the following immovable property transactions is leviable on the market value of property on which stamp duty is charged:

1. Conveyance, 2. Exchange, 3. Gift, 4. Partition, 5. Transfer of Lease by way of Assignment, 6. Sale,
7. Power of Attorney given for consideration,8. Authorization to the attorney to sell the property.

(iv) Person's Entitled

To present the document to the Registering Officer for Registration Section 32 of the Registration Act, 1908 deals with the provisions relating to the presenting of documents for registration by a person. Subject to certain exceptions, every document, which is to be registered under the provisions of the Act, should be presented at the proper registration office by:

1. The concerned person himself/herself, or

2. The representative or the agent of such a person duly authorized by a power of attorney duly authenticated in a manner as is stated in Section 33 of the Registration Act, 1908. Registration of a document compulsory under the provisions of The Maharashtra Ownership Flat Act, 1963 Registration is necessary under the provisions of this Act.

Section 4 (1) of THE MAHARASHTRA OWNERSHIP FLATS (Regulation of the promotion of construction, sale, management and transfer) ACT, 1963, it is laid down that, the agreement in respect of flats to be sold by the owner/ promoter/developer to the flat purchaser requires compulsorily to be registered under The Registration Act.