I bought a flat in an apartment complex. There is no association formed yet. I signed the sales agreement in September 2013. The builder kept postponing the registration citing the delay in acquiring an occupancy certificate from the authorities. The registration was completed in May 2014 (no occupancy certificate received yet). At the time of registration, I paid an advance maintenance fee of Rs.22000. I started staying in the apartment from April 2014. The sales agreement states maintenance charges would apply only from the date of possession. But the builder is insisting that the charges would apply from the date of signing of the sales agreement (September 2013).
Jacob
Chennai
The terms of your agreement have to be examined in detail in order to answer your query. Generally, maintenance charges will become payable only from the date of handing over possession of the apartment. The advance maintenance charges paid by you should be adjusted before you are asked to make further payments. You may approach the Consumer Disputes Redressal Forum for necessary remedies if there is any unreasonable demand.
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I have inherited two grounds of residential land in Perungudi through a settlement deed with my sister, after the death of my father. I want to jointly promote flats with a builder on a 50:50 basis. I jointly own (with my wife) three flats in Chennai. My son will turn 18 in October. I would like information regarding capital gains and other tax implications.
S.J. Srikanth
Chennai
You will be liable to pay capital gains based on the value of land as on the date of acquisition vis-à-vis the present land value. Please consult your chartered accountant regarding the same. You may also be liable to pay service tax and VAT if more than one unit would be constructed for you.
Your property-related legal queries answered by S.C. RAGHURAM, Partner, RANK Associates, a Chennai-based law firm
Send in your questions to propertyplus@thehindu.co.in. All questions must have a full name and address. The replies here are general and readers are requested to seek independent legal advice.
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