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adProperty News For April 2009

     
 
it benefits after house construction
Source : The Hindu Property Plus Published On : 2009-04-04 City : Chennai

One of the major attractions to opt for home loan is the attractive benefit that is available under Income Tax Act.

Under Section 80C of IT Act 1961, deduction up to Rs. 1,00,000 can be claimed from gross total income on the principal loan amount repaid during the year (along with specified saving instruments).

Under Section 24 of IT Act 1961, interest on home loan up to Rs. 150,000 is set off as loss from total income, for self occupied property. For rented properties, entire interest paid is considered as loss/profit from house property after taking into account the annual rental value. The entire Pre-EMI interest amount is allowed as a deduction (under Sec 24 of IT Act) equally over five years starting from the year in which the construction is completed. Under Section 80C, along with other specified savings and home loan repaid, the amount spent for stamp paper and registration cost on registering house property up to Rs. 100,000, could be claimed as deduction from total income. All these benefits can be claimed only after house construction is complete....

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Can shops be allowed on road margin?
Source : The Hindu Property Plus Published On : 2009-04-04 City : Chennai

The Municipal Council of Thiruthraipoondy Municipality passed a resolution in 2002 to permit shops along the road margin after collecting necessary rent. A Public Interest Litigation was filed by a group of residents to set aside the resolution and sought a direction to remove the shops. The single judge of Madras High Court in 2007 directed the Secretary, Highways Department to take appropriate action. Steps were taken to remove the shops.

The shop owners then appealed to the division bench of the Madras High Court. The counsel for the shop owners argued that the shops were not encroachments and were on the road margins based on the license granted by the Municipality. Reference was also made to Section 270 of the T.N.District Municipality Act that allowed persons to sell articles in public streets after obtaining license.

The counter argument was that the road in question was a state Highway and maintained by the municipality and thereby it did not have any right to settle any portion of the road or its margin. The court observed that Section 270 was framed in 1920 when the principle of public interest was not deliberated by the courts. “The power to grant to sell articles on the streets and to grant license to establish a shop on the road or road margin is different and on such ground the court cannot defeat the Public Interest Litigation. In the absence of any challenge one may doubt if the interpretation of the counsel for the municipality may run counter to public interest. If any person disputes a right and title or nature of land not being a public land or road or claim right on the basis of sale deed, license, patta etc in such cases it is only after giving an opportunity to the parties an order could be passed for removal. ...

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Legal chat
Source : The Hindu Property Plus Published On : 2009-04-04 City : Chennai

Key role for Confirming Party in rights transfer

It is likely that while perusing deeds, you may come across certain parties referred to in the deed as ‘Confirming Party’. A Confirming Party also executes the document just like the transacting parties. He or she may have also joined the presentation of the document, before the Registrar of Assurances concerned, during the time of registration of the deed. One may not be clear on what is the role of a Confirming Party to a deed. At times, there could be certain n implications on the document as well as the stamp duty and registration charges. Further, the reason that a Confirming Party figures in the document is often hazy to the parties concerned. In this discussion, we can see the typical situations in which a party has to join the execution of a document as a Confirming Party.

A conveyance is a document under which property and other rights are transferred from one person to another. The document has to be properly drafted to provide an effective transfer of property. In a typical transfer, there are obviously at least two parties, namely, the transferor and the transferee. Depending on the nature of the document and the issues that one seeks to address, further parties may be necessary to effectuate the transfer. A Confirming Party is one such party. ...

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Checking discrepancy in land dimensions
Source : The Hindu Property Plus Published On : 2009-04-04 City : Chennai

I have a property in Nanmangalam. The area as per registered document is 60 x 33 sq.ft. Totaling 1980 sq.ft. The length of my neighbor’s land should also be 60 ft. As per agreement the total length for both of us should be 120 sq.ft. But when measured the total area is coming only to 116 sq.ft.

My neighbor has already constructed the compound wall with 60 sq.ft. Hence the balance of 56 sq.ft. Is only available for me. Under the circumstances, how to proceed further? Is 116 sq.ft? To be equally shared by us? But the neighbor says she has only put the compound wall in her area.

V. Chandravathi...

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Before you buy a plot
Source : The Hindu Property Plus Published On : 2009-04-04 City : Chennai

Check whether the details of approved plan have been displayed at the site. * 

Check whether the promoter/power of attorney has the right to transfer the undivided share of land. *

Check whether the completion certificate has been obtained after the completion of the building. *...

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