The covered parking space I have been allotted is insufficient for an Innova. The sale deed mentions no specific car-parking area. Is there any law that specifies standard parking space in an apartment building that the promoter is bound to provide.
Sourav Pramanik, Dum Dum
The minimum parking space generally offered is 120sqft. If that is not enough to keep your car, you have to negotiate with the promoter for a bigger space.
I have bought a flat near EM Bypass and would like to know how to calculate the cost of registration. Is it 7 per cent stamp duty and 1.1 per cent registration charge on the total purchase price?
I also want to know whether the buyer pays for the electric meter?
Jayanta Bakshi on email
The stamp duty is 7 per cent and the registration charge is 1.1 per cent.
The sale price may or may not be accepted for calculating the charges. The Calcutta Municipal Corporation assessor will decide the rate. But you can appeal for revision if you think the rates are high.
The buyer generally pays for the electric meter. At times, the promoter charges it separately, or it is taken on a consolidated basis along with the flat cost.
I am a government officer and have inherited a house from my parents who are no more. The property is registered in their names.
My brothers and sisters and I have decided to sell the property. I want to invest the whole amount Ireceive from the sale in paying up HBA (house building advance). Will that help me avoid paying wealth tax? Should I show it in my return? Should I also show it in my property return (annual) declaration?
A.K. Chattopadhyay, Chittaranjan
You cannot avoid paying wealth tax because you are selling one asset to acquire another. Youll have to show the transaction in your returns.
If your cumulative wealth, which includes the gain from the sale of the house, is over Rs 15 lakh, you have to pay the tax.
If you reinvest gains from property back into property, you are still liable to pay wealth tax. The tax concession applies only to capital gains tax.
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