TDS on the Property from June 1, 2013

It is an added liability now for all the owners who own the property above 50 lakh. According to Union Budget 2013-14 an additional tax is now being imposed on property transactions. In order to track real estate transactions more widely, the Finance Minister has introduced this new TDS provision through Section 194IA with the current TDS provisions contained under the Income Tax Act. This provision will be in effect from tomorrow i.e. 1st June 2013.

The bill has proposed that purchaser of an immovable property worth Rs 50 lakh and above, which excludes the agricultural land is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor and also that the tax will be cut from the total value and not the balance amount. The sole idea behind this policy was to bring transparency in the whole process of property dealings.

This will add to the responsibilities of buyers as they will have to deduct the tax amount from the payout and deposit it with the government. So, for instance if the property is of Rs 1 crore then a tax of Rs 1 lakh is deductible.

Now, every buyer will have to obtain a TAN number to comply with the provision, deposit the tax deducted within the specified time limit with the government and file the quarterly TDS returns mentioning the Permanent Account Number of the seller. He will also have to issue a TDS certificate to the seller. The proposed TDS provision is required to be applied on gross transaction value and not on the net gains.


Property in Gurgaon

Top 5 Traps to avoid when investing in Real Estate

High returns and safe investment is what is making Real Estate so popular among the investors.  But recently the Real Estate market is showing uncertainty and this is when you as an investor must take care of few this things before investing to save yourself from the Real Estate traps.

We will be discussing 5 Common Real Estate traps that any investor must avoid to get a beneficial deal.

1.       Check the Price:

Abide by the old proverb “You make money in real estate by what you pay for it, not what you sell it for”. The price of the property will thus ensure that you are going on the right track. If you are buying in a heated market or in a ‘hot’ neighborhood, then the price will surely be rocket high. Make sure that your property is value for money before investing a huge amount. Stay away from inflated prices.

2.       History of the Developer:

Before investing in any project, remember to know about the developer. Real Estate market is booming and this is attracting newbie in the industry. In this industry, experience matters a lot and thus, you must be well aware about the history of the developer like when did they enter the market, their past projects and also the success rate of those projects.

3.       Geography of the Project:

No matter you are going for commercial or residential location and neighborhood matters a lot. Choosing the right location can happen only when you know why you want to buy the property. Always choose the property matching your requirements. Remember it is not your property which states the standard of the neighborhood but the neighborhood will make the standard of your property.

Location of the project holds an equal importance in the case of commercial property as well. Location is the factor that will decide your customers, thus the success of your business. Do not go for words but check for yourself the location and future chances of development.

4.       Facilities & Amenities:

This again is the trap that developer through on the investors. After choosing the location and the project, choosing the facilities is equally important.

There are few basic facilities and amenities like parks, power back up, water supply, security, well lighted roads within the locality or society, availability of daily needs and ample parking space must be there with other modern amenities. As no matter how beautiful your house is but without these facilities your stay can become really hard.

Facilities & amenities play an important part even if you are investing in a commercial property. Do not go by the words of the developer, but make sure yourself of the availability of the amenities like power back up, ample parking space, good electrical fittings etc.

5.       All that glitters is not gold:

This is a universal truth and thus holds importance in the case of investing in Real Estate as well. You must always take care and do not get allured by the samples built by the developer. Make sure that all you are seeing must be present on the papers as well, so that in future you do not end up making a fool of yourself.

We hope that these 5 points will prove to be beneficial and wish you a HAPPY INVESTING!

Property in Gurgaon

Property Records: Now digitally yours!

Digitization has taken place everywhere around us. Municipal Corporations in Delhi are all set to provide the property records online. This will not only help to maintain the data, but also preserve the data for years.
Very soon you will have access to your property records including the layout plans at just a click of mouse.  It has become really tough to maintain the older records as over the years their state has become worse.


According to the civic body officials property records of the civic bodies were kept manually and the move which was making it difficult to preserve such records.

“Some of the old ones have started deteriorating. To preserve these years-old records, this move has been initiated,” a South corporation official said.

The digitization of the records will make it much easier for the owners to get the information regarding their property and will not have to visit the corporation office every now and then. All the information about the property would be available online at the ease of just a click. All you would have to do is sit at your home and relax.

Not just the property owners but various government agencies and organizations that need information regarding any property from the civic agencies would also be able to access data online.

“The new digitized plans will also have necessary data regarding a particular plot, nearby plots, all their layout plans along with details of the particular colony and the area,” the official said. This is a real good step marking a bright future in the Realty sector.

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Property Registration goes Online

Around 200 property registrations are carried out each day. This grand transaction makes Delhi administration richer by 4 crore each day. But this, chaos at the registration office creates a lot of inconvenience for the buyers, sellers and officials as well. To fight with all this inconvenience, Delhi Administration has decided to take the e-way. Soon, you will be able to make an online appointment for property registration just like Passport Seva Kendra. This step will make the registration process simpler and more efficient. 

The online service will help you get the appointment, hence saving from the unnecessary long queues. This will make the process fast and tout-free as well, bring more transparency in the registration process.

According to the deputy commissioner, the website and software are under trial and no later than a month, the website will get functional. The website will also mention the list of necessary documents needed at the time of the property registration. All one needs to do is fill the form online, get the time slot and then visit the registration office at the specified time with the necessary documents.

Apart from the efficiency, security will also be maintained through this system. The administration has planned to put online pictures of the buyer, seller and the sub-registrar and also take the biometric thumb impressions to avoid any fraud. In addition to that, to ensure the secured property deals, full verification will be done prior to registration.


Property in Gurgaon

This is for sure that this e-way will make the process of Property registration efficient fast and fraud free.

Feel at Home

Serviced Apartments are a latest trend when it comes to investing in Property. With comforts of home, better facilities than hotel room and many other benefits, serviced apartments are a good option to invest in. With globalization hitting the world, the need to travel for business is increasing day by day. In such situation it is so good to have your own serviced apartment at a place where you travel frequently.


Serviced apartments are usually 1 BHK apartments built in a large area offering spacious living mixed with the comfort of all the modern facilities. These apartments can be used for short-term or long-term. And when these apartments are at a prime location within a city, it simply is a cherry on the top of the cake!

There are various advantages to invest in a serviced apartment:

• Will keep your investments within the budget
• Makes you feel at home where you can cook as well according to your taste
• There is no time bounding
• Larger rooms than a hotel room to give the comfort of spacious living
• Low cost on services like internet, phone etc.

The benefits of investing in serviced apartment are not constrained to only those mentioned above. Serviced apartments are a good option for the investor, traveler and even for those who live alone away from their family.

When it comes to investments, you can always invest in and then put it on lease. Investing in a serviced apartment when it is located at a prime location in cities like Gurgaon, Delhi, Noida, Bangalore, Pune or Mumbai is always a fruitful decision. Mostly such apartments are ideal for corporate offices that take serviced apartments on lease and get a cheap and best accommodation for their guests or employees.

Now imagine if your work keeps you to stay away from your family; then what will be according to you a better option, living in a rented room or in a PG? OR being a master of your own will and staying in your own serviced apartment where you can cook, throw parties or may be hold meetings as well.Serviced apartments give you such an opportunity.

Coming to the third category, which is a traveler. If you travel to a place frequently, then a serviced apartment is a better option than booking a room in a hotel.  In a serviced apartment you do not have any bounding and there is no time limit as well.

The developers/builders understand this trend which is why; builders like Ocus in sector 68, Cosmos in sector 99 in Gurgaon have launched their serviced apartments.

Serviced apartments are really a good option to invest and to live as well. They are fully furnished, spacious and cheaper than most of the hotel accommodations. I would say that Serviced apartments represent the fast moving lifestyle of the people today.

Property in Gurgaon