I Home I Search I Sitemap I
          One stop for all your Property needs...
| About Us | Our Projects | Services | Advertise Property | Contact Us | Enquiry |
Asset's Serene       

A premier Farmland project in Mysore... Just launched !
                         
more>

Business Partnership Programme
latest Property
Real Estate News
News updates on the real estate scene will be highlighted in this section             more >
Nri Guide
Asset Shoppe provides guidelines of considering property for NRIs in India                                       more >
Housing Loans
Asset Shoppe will put across different housing loans and their benefits for its users, enlightening the users  more >
FAQ
General FAQ’s on property dealings and their ways will be provided and updated in this section.                     more >
Market Watch
Expert Real Estate comments on the future and present market trends will be provided                                       more >
News
 


Registration of property documents

Although registration of all documents is not essential, some documents are compulsorily registrable. These include document acts as notice to the general public.

The Indian Registration Act 1902 and Transfer of Property Act 1882 contain relevant provisions regarding which documents are compulsorily registrableall and which are exempted. Under section 17 of Indian Registration Act 1902, there are a few documents, which require registration compulsorily.

These include:

  • A document of gift of immovable property. Any gift deed irrespective of the value of the gifted property needs registration.
  • All non-testamentary documents which create interest, right, or title in immovable property.
  • All non-testamentary documents which cancel any right or interest in title of immovable property.
  • All non-testamentary documents, which declared, assign, limit or restrict interest or title rights in immovable property.
  • All non-testamentary documents which acknowledge receipt or payment of any consideration on account of transactions pertaining to right, title, or interest immovable property.
  • All non-testamentary documents transferring or assigning any decree, order, or award of court, which affect the interest, rights and title in an immovable property.

The documents may create, extinguish, assign, declare, limit or restrict the intrest or rights title in immovable property for the present or for future. In case the value of the immovable property is Rs 100 or more, they need to be registered.

Under section 107 of Transfer of property Act 1882, the lease of immovable property from year to year for a term exceeding one year, or reserving a yearly rent, must be done only by registration. The term year to year refers to a continuous lease from year to year i.e. where the landlord has no option to terminate the lease at the end of the year without notice. The term, ‘reserving yearly rents’ means, the lease has no definite period, but the annual rent is determined. The word ‘yearly’ means that the lease should run year after year, or at least more than a year. As such, any lease in excess of a year should be registered.

Under the Indian Registration Act, the State Government can exempt the registration of any document of lease the period of which dose not exceeds 5 years and annual rent dose not exceed Rs 50.

According to the provisions of Section 54 of Transfer of Property Act 1882, any sale of immovable property of value of Rs 100 or more needs to be registered. In addition, all types of mortgages need to be registered. The only exception is mortgages created by depositing of title deeds or equitable mortgage.

As per the provisions of Section 49 of the Indian Registration Act, in case any document that is compulsorily registrable is not registered, the non-registered documents do not convey or transfer legally valid title to the transferee. Moreover such documents are not admitted as evidence of any transaction affecting the property referred to in the document. However, such unregistered documents may be received as evidence in a suit for specific performance under the Specific Relief Act, as evidence of part performance of a contract as per section 53A of the Transfer of Property Act 1882, and as evidence in any other related transaction not required to be effected by a registered instrument.

Only 25 Paise Per Sqft as Tax!

Rich Owners Take Advantage Of Lacunae In CVS

Bangalore: They are rich, but pay only 25 Paise per sqft as property tax. Not just the creamy layer, a large number of residential, commercial and industrial property owners in CMCs of the state have been paying property taxes as low as 75 paise to Re. 1 per sqft!

This is the story under the capital value system (CVS) based self-Assessment Scheme for property tax collection. In the process, the Karnataka government is losing revenue by 15%, reveals a random sampling of property tax compliance pattern, carried out by the Directorate of Municipal Administration in 43 city municipal councils.

It found that every time the government extended the last date for property tax payment tax payment or whenever it announced sops to taxpayers, the compliance percentage came down.

Under the sheme, properties were divided into three-residential, commercial and industrial- which were in turn subdivided into posh, medium-income and low in come, for residential and commercial, while large, medium and small for industrial properties.

The study was conducted both before and after the introduction of CVS-based SAS from 2002. Under CVS, taxes are being calculated as per the cost of land and cost of construction, based on sub-registrar’s value and PWD rates. The earlier system was based on gross annual rent.

The DMA studies 30 properties under each classification and took samples of 2,541 residential properties, 1,295 commercial properties and 155 industrial properties.

It found that 36% of owners in posh residential areas paid taxes in the range of 25 paise to 75 paise per sqft. In posh commercial areas, 29.6% of owners paid tax ranging between Rs 2 and Rs 3 per sqft; 48% of large-scale industrialists paid RE 1 to Rs 2 per sqft. While 60% of tax was being collected before the CVS, it has dipped to 40-45% post-CVS.

The reasons, the officials said, are: the government Kept on extending its last date for tax payment, giving a leeway for defaulters, and it offered concessions on vacant lands and rebates on payments.

Municipal administration minister S.R.Morey said he will bring in an amendment to the Karnataka Municipalities (Amendment) Act.

Prev    Next

 
---------------------------------------------------------------View our Privacy Policy-----------------
Asset's Habitat        

A premier residential layout at Mysore... Just launched !
                         
more>

CLICK HERE SEARCH
Advance Property Search
This section will provide a detail search for properties by Locality, Price, City, Property type etc.                    more >
Builders Property
Click here to view various special builders properties of Asset Shoppe.         more >
Client Feedback

I would like to thank you for helping me purchase a property

more >

    Copyrights Reserved © 2006 Asset Shopee.                                                                     Powered By Biznet Communications.