Useful Tips to Transfer a Property

 

When we transfer a property, one thing we need to ensure is that the act of transfer is complete. The legal formalities are fulfilled, and the rights and interests are transferred as desired. The transfer deed is executed as per the purpose of the transfer. A gift deed is executed if the property needs to be transferred to relative out of love and affection. If the property is desired to be transferred as per preferences, executing a Will is the option. The sale deed is a common method to transfer property, but it involves tax payment.

Thus, to transfer property, one must decide wisely after analyzing all available options.

Property Disputes among Siblings

 

It is not easy to decide the share of each member in case of joint family property. It is better to have a family settlement deed (an agreement based on mutual understanding). A written agreement is preferable over verbal/oral agreement. Once the shares are decided, the property gets partitioned, and the siblings get their respective shares.

Property disputes are common among siblings but can be avoided with timely legal advice.

Property owner search: Steps to know about the current status of ownership

In India, in the absence of complete digitization of all property-related records, the search for property ownership becomes a time consuming and tedious task. A good property lawyer assists and facilitates the property title search/home title search. There are property law firms who even help get the property’s title documents if the owner does not possess the same.
 

The procedure of legal transfer of property title in your name

  The title of a property is an ownership certificate. When we transfer the property from the original owner to someone else, there is a change of ownership. The property gets a new owner, and hence the title needs to be changed. The New owner’s name gets substituted for the ex-owner.

The transfer of property involves the transfer of a bundle of rights. The new owner gets the right to sell, mortgage, lien, or gift the property. Therefore, there are specific rules to be followed for the transfer of property title in law. Adherence to these rules is a must to ensure that the transfer is valid and legal.

Property Ownership & Inheritance Rights of Women in India

 

 It is a matter of immense pleasure and pride to discuss something like property ownership and inheritance rights of women in India. This shows the position a woman has earned for herself in the Indian patriarchal society as we are discussing the rights of women to own and acquire a property independently.

The status of women in India has undergone a huge change. We find women now conscious of their rights. They are financially independent and invest in the properties. They understand the principle of equality enshrined in the Constitution of India. Women’s growth as financial contributors to their families’ needs has forced society and the government to give due recognition to their property rights.

As a mother, wife, daughter, or daughter-in-law, a woman has different property ownership and inheritance rights.

Power of Attorney | Risks and concerns for NRIs | FAQs

 Power of attorney is a legal document that gives Power or the ability to act on behalf of another person to fulfil the need of that particular person. It is a universally accepted fact that all documents relating to a POA must be thoroughly examined with legal assistance-It is assumed that the POA grants only those rights as are specified in the document. Detailed and legal advice is always required for entering into such agreements and is vital to protect one’s rights.

Protection of Trademark applications and Intellectual Property Rights

 Intellectual Property Rights refers to safeguarding and protecting the rights of the owner/inventor/creator. Applying for patents, copyright, or a trademark and granting the same is a form of protection of the invention/creativity. IPR provides benefits to the inventor, ensuring that others cannot use his invention without authorization. These benefits are a reward for the actual owner for his efforts.

  It is significant to protect IPRs as the protection will encourage innovations, research, and development. In addition, a strong and effective protection regime will create a positive, healthy business environment and foster economic growth.

Lal Lakir/ Lal Dora and Everything You Must Know About It

 The Lal Dora land is used for keeping farm produce and livestock. After Independence in the year 1947, the Government of India has extended the privileges related to Lal Dora lands. However, Lal Dora lands are supposed to be used for agricultural purposes only, but the residents after the independence have extended the Abadi villages, which will be exempted from house tax and building bye-laws. With the expansion in the population of the villages, the new peripheral term was used, such as ‘Phirni’.

It is to be noted that Lal Dora land is exempt from construction norms and building bye-laws as per the provisions of the Municipal Act of the relevant Jurisdiction.

All about Intellectual Property Rights (IPR) For Business Start-ups

 

Start-ups must register their Intellectual Property as the advantages are enormous. IPR is a robust tool to protect investments, time, money, effort invested by the inventor/creator. Furthermore, it aids economic development by promoting healthy competition and encouraging industrial development and economic growth.

How to tackle dispute resolution through Arbitration

 

 

Arbitration is a process of settling disputes out of court among the disputing parties.It is a preferred mode of dispute settlement for private parties involved in a trade.In India, we have Arbitration and Conciliation Act, 1996, which governs the arbitration proceedings for dispute settlement.The arbitration procedure is less formal and less time-consuming.Arbitration is mainly of two types- Ad hoc arbitration and Institutional Arbitration.

How an NRI income will be taxed in India – Income tax and Tax matters

 An NRI must file his income tax return like any other Resident Indian in India .The residential status of the NRI plays a detrimental role in tax liability for NRIs. If an Individual’s status is Non-Resident, then the income earned only in India will be taxable. Income earned outside India cannot be taxed in India. Interest earned on an FCNR and NRE account is also not taxable. Interest received on NRO accounts will be subject to tax on the part of an NRI

Investing in Real Estate in India-Problems and Solutions for NRIs

Most of the NRIs invest primarily in the real estate sector because they are confident and the government is also promoting and supporting real estate investment. Even though Covid-19 affected the real estate sector, NRIs are still interested in real estate because of its profitability in the long run. There are different measures associated with numerous formalities for Real estate NRI investors. For example, specific properties cannot be bought or sold by an NRI. So, while investing in the real estate sector, NRIs should do good research in the particular industry/sector. Seeking professional help or advice from a real estate advisor will be better. Real estate advisors will give a clear idea of all aspects of the real estate sector.

Property Mortgage in India – Types, Penalties, Payments and Interest Rates

 

Property Mortgages are contractual agreements that allow individuals to obtain financial resources from a lender by using real property as security. As specified in the Transfer of Property Act of 1882, these agreements exist in many formats, each outlining distinct rights and responsibilities for the parties concerned. These categories include several types of property mortgages, such as the simple mortgage, conditional sale mortgage, usufructuary mortgage, English mortgage, equitable mortgage, and anomalous mortgage. Each kind is subject to its specific legal regulations. The default remedies include foreclosure, property sales, and redemption rights, which protect the interests of all parties involved. Property Mortgages include a legal structure that guarantees the integrity of contracts and protects creditors in property purchase transactions.

NRI Demat Accounts and Regular Demat Accounts in India – Understanding The Differences

 While both resident Indian Demat accounts and  NRI Demat Accounts serve the purpose of holding and trading securities, it’s crucial to understand the specific features and restrictions associated with each. NRIs must ensure compliance with regulatory requirements, and residents must be aware of tax implications and other considerations. 

Transfer Deed and its relevancy for NRI

 

To transfer a property several conditions, need to be satisfied. First, whether ancestral or self-owned, the property has the right to be transmitted to its heirs. In addition to this, it is clear that there are several kinds of transfer. Each kind of transfer has been explained with its different procedures. Moving on to the discussion on the essential elements, its registration, and the stamp duty followed by its enforceability involved in transferring the property is a vital requirement. Hence, to make a transfer deed a valid document, all the legal requirements must be duly followed to ensure its legitimacy later. 

Income Tax: Concept of Taxation for NRIs

 

For taxation purposes, before investing in India, an NRI will have to apply for a Permanent Account Number (PAN) necessary for compliance. NRIs are liable to pay taxes only on the income earned in India, while income earned outside India remains tax-free. NRI’s do not need to file a return of income if total income includes only investment income and long-term capital gains arising from the transfer of a foreign exchange asset wherein tax has been deducted from such income.

Legal tips from property dispute lawyer to avoid family property conflicts

 

A property dispute lawyer guides NRIs to take adequate steps to guard and manage their properties in India. Safeguard your property and avoid conflicts with trespassers, greedy relatives and friends by taking guidance from property lawyers. 

Consult a legal expert to make and execute a fully compliant Will which is difficult to challenge. For drafting a lawfully acceptable family settlement/agreement, tenancy agreement, detailed POA or any other legal agreement NRIs should seek help from a property lawyer. 

A property dispute lawyer can be of help in getting the property documents checked and verified so that NRI’s property can be protected.

Mutation of property and its importance

Mutation of property is the process of updating the land records by the local municipal body or Revenue authorities after transferring title/ownership in a property from one person to another.

The process for getting the property recorded in the new buyer’s name varies from state to state. Still, there is also a general structure by which it can be done by making an application to the concerned officer at the relevant local municipal body or Revenue authorities along with the documents as mentioned above-containing sale deed/death certificate/copy of Power of Attorney papers as applicable, indemnity bond, affidavit, proof of payment of property tax, and other additional documents in the prescribed format.

Common Landlord-Tenant Disputes: Rights, Solutions, Settlement and Eviction process

Landlord-tenant relationships are fundamental to housing and rental markets across India. However, disputes and conflicts often arise between landlords trying to protect their property and assets and tenants fighting to assert their occupancy rights and demand habitable living conditions. Key factors like skyrocketing urban housing costs, limited rent control, gaps and ambiguity in tenancy laws, lack of proper dispute resolution mechanisms, and power asymmetry between parties contribute to an adversarial dynamic.

A Comprehensive Guide to Certificate Attestation in India for NRIs, PIOs, and OCIs

 

Certificate attestation for NRIs, PIOs, and OCIs is crucial in ensuring the acceptance of personal and educational documents abroad. By following the systematic approach in this article and staying informed about country-specific requirements, individuals can confidently navigate the attestation process, ensuring a successful international journey.