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Publication:
The Times of India_Times Property, Pg- 5_Ahmedabad edition
Date:
6th October 2019
Headline:
Things you should know while selling a home
Things you should know while selling a home Here are some key aspects you should keep in mind at
the time of selling a home
One may sell a home for a number of reasons. You may sell your home to buy
a swankier and luxury home. In this way you may upgrade your social status. One
may also sell a home wherever he or she is in need of huge funds. People may
also sell a house out of some exigency. The list goes on. But whatever be the
reasons one must keep certain things in mind at the time of selling a house.
Selling your proud possession also calls for some degree of precaution. But
whatever may be the reason, selling a house should be done with some caution.
Certain things must be take care of.
Bhoopal Raje, DVP - Transaction Advisory, Nisus Finance, says, “Selling a house
is an important decision in one’s life. As a seller one must ensure the residential
property bears a clear title and is free of all encumbrances." To achieve this,
following documents must be obtained prior to sale of the residential property:
Original Share Certificate issued by the Society. This must state the seller as the
member of the Society and that the shares issued (of the flat being sold) are in
the name of the Seller
The Original & Registered Sale Deed/ Agreement for Sale with evidence of stamp
duty payments
Copy of Sanctioned Plans/Occupation Certificate
Society No-objection Certificate (NOC) and No Dues Certificate from the Society
No Dues Certificate from the Concern Housing Finance Company (if there is/ was
a housing loan)
Furthermore, a Seller can obtain a Title Certificate stating the property is free
from all encumbrances and has a clear & marketable title.
TAX RELIEF
If the seller owns the residential property for more than two years, he/she is
subjected to Long Terms Capital Gains (LTCG) and the profit on sale is taxed at 20
per cent. However, he/she is exempted from LTCG tax if the proceed from the
sale of property are utilised towards purchase/construction of another
residential property within the specified period. The seller can further claim
exemption if he/she invests upto ₹50 lakh from the sale proceeds in Government
Bonds within six months. These bonds also have a lock-in period.
However, it is always recomm- ended to consult a qualified Tax professional.
Mini Nair, executive director & CEO, Essel Finance Home Loans Ltd, says,
“Property documents required to execute the sale are Sale deed, Completion
Certificate (CC) and Occupation Certificate (OC), Property tax receipts, Approved
plan and Society/ Builder NOC provided the land title is clear.”
If you don't have time and don't want to take the trouble of showing your
house to every interested party, hire a broker. It will save you a lot of time, effort
and energy. The broker will also help you in negotiations and paper work.
If you had bought the apartment on borrowed money, you should clear out
the loan before the sale. Generally, banks do not charge any money on
prepayment of the loan or foreclosure.
