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.
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