The term tenancy can be defined as the right to possess or occupy land, building, or property through a lease or payment of rent. All the terms of the agreement must be mentioned under the lease agreement. The Transfer of Property Act enshrines the tenant with the lease, certain rights.
In the present times, a layman can also verify and attest to the authenticity of the documents without the help of a lawyer. Every single detailing should be checked and verified. There are quite a few steps that need to be followed.
Possession certificate represents the shift of ownership and interest in the property from the developer to a buyer. The Revenue Divisional Officer issues Possession Certificate in town and Tahsildar in boondocks.
TDS is applicable to every property except the agricultural property. Section 194 IA of the Income Tax Act provides that the buyers are responsible to make a payment of 1% of TDS to the government account if he is making a payment exceeding Rs. 50 Lakh to the seller of the property on the transaction of a residential property.
When a property is inherited, a person is not levied with tax under the law. However, he may be made liable to pay capital gain tax in case he sells the property.
The concept of stamp duty was introduced in the late 19th century which made the homebuyers liable to pay a sum of money as tax while they purchase a particular property. In other words, it can be stated as the tax amount that is charged by the state government on the various documents that are required for registration.
If you don’t have a deed document, then you may ask the mortgage holder for a copy. They may provide you with one or you may approach the registrar's office in whose jurisdiction the property falls, to acquire a copy of the property’s registration.
The occupancy certificate is one of the most important documents relating to properties. It is legally mandatory to obtain an occupancy certificate issued as occupancy without the occupancy certificate is illegal and the buyer of the property can be asked to evict the property.
A possession certificate is one of the imperative documents required for the transaction as it is a legal document that proves the possession or ownership of the particular property is called a possession certificate.
The possession certificate is issued by the authorities and shows the change in the possession of the property. The possession certificate should indicate that the possession of the property has been transferred to the buyer.