Author Archives: Venkat Chunduru

What is an Occupancy Certificate?

An occupancy certificate is a document that is issued by a local government agency or planning authority, upon the completion of construction of a new project. The certificate is proof that the project has been built, by adhering to the applicable building codes, relevant regulations, and laws. It is the responsibility of the developer to obtain an occupancy certificate, once the project has been completed. The certificate is an indication that the building is suitable for occupancy. An occupancy certificate is required, when applying for water, sanitation and electricity connections. Continue reading

TDS on Property

In June 2013, the Indian government introduced new legislation mandating that taxes be deducted at source on any purchase of immovable property. According to the new Section 1941A TDS would be charged at 1%, and if the seller does not have a PAN, then the percentage goes up to 20%. These rules would be effective if the property’s cost was above Rs 50 lakhs.

Here, we give you a step by step guide on how to go about making these transactions and some important points to remember.

Steps to pay TDS online

  1. The tax has to be paid by the seller, and the buyer needs to deduct the TDS either when the sale deed is being executed or at the time of any advance payments.
  2. The buyer has to credit the TDS amount to the government via a form/challan called Form 26QB.
  3. If the property has more than one buyer and seller, the appropriate number of forms have to filled for each buyer as well as seller.
  4. The buyer can complete the payment online using the TIN NSDL website.
  5. Once the TDS is deposited, the buyer has to wait for 15 days before he or she can download the TDS certificate or Form 16B, which needs to be given to the seller.
  6. The TDS certificate can be downloaded from the TDS Reconciliation Analysis and Correction Enabling System (TRACES) website.
  7. Points to remember
  8. Both the seller and the buyer need to furnish their PAN details.
  9. Tax is calculated on the overall sale price and not solely on the amount above Rs 50 lakhs.
  10. It is the seller’s responsibility to verify the TDS amount in the Form 26AS annual tax statement, which provides details of all taxes deducted from your income.
  11. The tax rates will be different if the seller is an NRI and will be calculated under Section 195.
  12. Once the tax is deducted, the buyer has to file it with the government within 7 days using Form 26QB.
  13. If the property is paid for in instalments, each instalment will attract taxes.
  14. Agricultural land does not fall under the umbrella of these rules.

What happens if the buyer fails to deduct the TDS

The individual will then be considered as an assesse-in-default according to Section 201 of the Income Tax Act. He or she will be liable to pay 1% for every month the individual failed to deduct the TDS, and 1.5% for every month that he or she did not file the amount with the government.

 

Uppal Still An Affordable Destination for Home Buyers

Uppal offers affordable prices as compared to close-by localities such as jubilee hills, gachibowli and secunderabad.

Located on the outskirts of Hyderabad, Uppal is a residential and commercial destination having wide roads and good social infrastructure. The area enjoys efficient internal and external connectivity via public transportation. It is also surrounded by areas such as Kaveri Nagar, Shanti Nagar and Kalyanpuri and is located close to Hyderabad and 10 km from Secunderabad. Continue reading

Smart ways to add extra seating

As you gear to host festive bash at home, it’s essential to have plenty of places to sit.

Festive season in India implies the arrival of lot of guests. This is the time that family and friends get together to bond over good times. Well, it also suggests the host must be ready to accommodate and entertain them. Among all, the basic change what the festive season at home demands is arranging for extra sitting. Isn’t it? None of us want to be in a fix where guests are forced to stand or rush to the neighbours to get spare chairs. Before the revelry starts rolling, prep your home with the necessary arrangements. While squeezing in another sofa is not practical or feasible, there are ways to boost the seating for those busy festive get-togethers.

Ottomans

Look for upholstered ottomans. They have the immense potential can play the same functional role of a coffee table as well as an extra seating when guests come over. So without hesitations, tuck In Some ottomans, may be under consoles, into corners, and even under side tables. Single seat ottomans can be easily scattered throughout the home and can be moved around when guests arrive. Not too expensive, these pieces are high on utility. Try to look for the colourful ones to infuse the festive feel.

Take it to the floor

Extra space on the floor can be exploited to its best possibilities with little creativity. Get a number of throw pillows and floor cushions. They are easy to store as well once they aren’t in use. Store a couple of these in a cabinet or under a coffee table. Scatter them across the floor to create a chilled-out place to lounge, ideal after a big lunch. The arrangement needn’t necessary in the living room. The hall, dining and even the guest bedroom can be considered for such set ups. Additionally if you have couple of single bed mattresses which aren’t in use, you can set a ground sitting setup by stacking one on the other. Spread a colourful bed-sheet and a few cushions.

Bank on beanbag

Why to restrict the beanbags only to the kids’ room? Make the best use of them by incorporating them into the living room. When not needed, you can squash them out of sight easily. If you have the time and don’t want to spend a lot on them, then DIY a few of them. With a sewing machine and the required materials you can knock up a beanbag for very little money.

Slip in slipper chairs and stools

For space crunched places, slipper chairs are amazing as they can be tucked in just about anywhere! You don’t require too much of floor space to work one into the room layout, and they don’t take up a lot of visual weight. Similarly, stools which can be docked under a sofa table or a console can be kept handy to accommodate extra guests during the festive days.

Get a bench

You won’t regret by investing on a bench. Not just for the festive time, this piece is a really helpful one, no matter wherever it is place in your home. For a regular time, it can be that ideal place in the hall which offers ease of putting on shoes. Meanwhile, during the festive time it can be a part of the living room to provide extra seating. If you can position it against a wall, all the better, so you can hand out cushions for people to lean against.

Prepare your puja room

Preparing the special space for worship in your adobe for the festive can infuse positive energy to your celebration.

Any auspicious festival in our country has a connect to our gods and goddesses. And it goes without saying that the puja room in our abodes holds an important place in our celebration. Whether it is a massive temple or a small puja room, this dedicated space needs special attention. It is believed that a home-temple with positive energy can exude a welcoming feel to the entire home. As you gear up to welcome the festive season, don’t forget to power up this special corner of your home with positive energy. Continue reading

Growing your organic garden at home

Growing your own vegetable garden at home can be therapeutic, creative and healthy too.

‘Go organic’ is what buzzing around the world. Having said that, the most talked about topic in this regard is food. Well, the market does offer the safer organic versions of them, but most of the time you need to pay a tad extra. In such scenario, how about growing part of your edibles by yourself? Yes, the hint is about growing your own terrace or balcony garden. Continue reading

East Marredpally looks promising

Three decades ago, Rahim Pasha’s father made an investment in East Marredpally, which has paid off in the long run.

For any Indian family, investing in a property is a life-changing decision. It is not only a smart financial move, but it also gives people a sense of security of their future. Continue reading

Destination Alkapur Township

Close to the CBD, Alkapur Township attracts professionals and business families as many new projects are available in the area.

Alkapur Township is a well-planned area of Hyderabad. It enjoys close proximity to some of the prime localities of the city including Hitec City, Gachibowli, Jubilee Hills and Banjara Hills. You can get ample options at affordable rates for both 2 and 3BHK units here. Villas and residential houses are also available. This area is pollution free and houses IT professionals along with celebrities from the Film and TV industry. Continue reading