How will GST Impact on Indian Real Estate Sector

How will GST Impact on Indian Real Estate Sector

Goods and Services Tax (GST) is considered to be one of the biggest tax reforms in many years. This was proposed initially 10 years back and it took more than a decade to become a reality. Finally, on 1st July 2017 GST was presented in a special early morning session in Indian Parliament. It is supposed to make the tax regime simple and transparent. It is also considered to be helpful in doing business in India. Unfortunately, it has come out with a lot of confusion and uncertainties. We will be writing about on various methods by which GST will impact Indian Real Estate industry. Also Read: 9 Tips for Buying and Selling a Home at the Same Time Let us first look at the list of raw materials that have been affected by new GST rates. Cement: increased by 2% Coal, Limestone and lignite: Decreased by 5% Now Let us look at how GST has changed the taxation when it comes to home buyers. Previously one had to pay VAT, service tax, Stamp duty and registration charges while buying a home. Also, this varied from state to state and depending on the construction status of the property. With the new GST, regime taxation is simplified. Now there is no VAT and service tax instead only GST. In addition to GST Stamp duty and registration, charges are to be paid which remains the same. GST has also changed the tax rates for the home buyers. To provide clarity for home buyers, have a look at the tax break down under GST for home buyers. Tax Percentage of GST on...
How to Inherit a Property after The Death of the Owner?

How to Inherit a Property after The Death of the Owner?

When a property owner dies, he leaves it behind, usually already having decided to whom the property will go now and expressing this in an official will verified by an attorney. Sometimes this is not the case and there is a dilemma over who should bereceiving the assets. After the holder’s death, the property can be viewed in two ways in terms of its inheritance. 1. Probate assets: These are assets that will be inherited only if the court-supervised probate indicates it, like the properties owned by a single owner. 2. Non-probate assets: These assets can be taken over by the beneficiaries without the need of a court-supervised probate. This type of assets has a beneficiary named to inherit them after the owner dies, for example, a community property. The presence of a will made by the proprietor decides in the largest aspect the fate of his property. if there is a will, this clearly indicates the rightful inheritors. But when there isn’t a will the receivers are determined by the laws of the state where the owner lived at the time of death and where he owned real state. The basic succession rules declare the following points: • In general, only spouses, registered domestic partners and blood relatives can inherit the assets. Others like unmarried partners, friends and charity do not. • If the deceased person was married, usually the surviving spouse gets the largest share, and gets all of it if there are no children. • In the absence of spouse and children, distant relatives receive the property. • In the rare event that no relatives of the...