Q1. How to check whether a flat is freehold or not in case of purchase?
The second document which needs to be checked is whether the land is a freehold land and free from encumbrances.
Leasehold land cannot be transferred freely whereas Freehold properties are those where the title paramount has conveyed the property in favour of the purchaser by execution of conveyance/sale deed with no restrictions on the right of the holder to further transfer the property.
Every time, the property is transferred, stamp duty is payable on the registration of the sale deed.
Q2. How many years of individual apartment maintenance receipts need to be saved?
You do not have to waste time manually creating and signing receipts for all individual apartments. Option to easily print pre-filled invoices per apartment which makes it very easy to provide physical receipts if required. There is no need for manual reconciliation of cheques/drafts.
Q3. How to calculate the tax for property?
Every property is an asset which is taxable and the property tax is an annual amount paid by a property/land owner to the government. This tax could be paid either to the local state government or Municipal Corporation, depending on government policies.
The word “property” in this context refers to all tangible real estate under the ownership of an individual and includes houses, office buildings and premises rented to third parties. Property tax, as a concept has been around for centuries and is acknowledged across the globe, with records of farmers and peasants paying tax on their properties even in the middle ages.
Q4. Where to approach for non registration of flat by builder?
Send a legal notice to the builder calling upon him to register the property immediately in your name. Non-registration of property amounts to deficiency of service hence file consumer complaint under the provision of Consumer Protection Act, 1986.