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ALL ABOUT "WILL"

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  All about “WILL” Do you intend to make a WILL? If the answer is “yes”, then you must read this. Writing a WILL isn’t the most pleasant of tasks. After all, by doing do you are not only acknowledging your own inevitable demise but actively planning for it. But creating a WILL is the most critical things you can do for your loved ones. Putting your wishes on paper helps your heirs avoid unnecessary hassles, and you gain the peace of mind knowing that a life’s worth of possessions will end up in the right hands. What is a “WILL” A WILL is a legal declaration by the testator expressing his intention with respect to his property which he desires to be carried into effect after his death. The maker of the Will expresses his intentions about distribution of his property amongst his sons/daughters/relatives/friends when he is alive, but it will come into effect only after his death. The person who makes the WILL is called “Testator” and the person who inherits property under ...
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REVISED CIRCLE RATES IIN DELHI (with effect from 26-02-2021, and valid for next six months)

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ALL YOU NEED TO KNOW ABOUT "GIFT DEED"

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  GIFT DEED All human beings like to gift something to their relatives and loved ones in the family or even outside of family. Although gifting is common, but few of us understand the legal implications of gifting process and procedure involved in doing so. Ideal way of gifting is through execution of proper gift deed and this process scores above drafting “WILL” in some respect. WHAT IS GIFT DEED A Gift Deed is a legal document that describes voluntary transfer of gift from the DONOR (owner of property) to DONEE (receiver of gift) without any exchange of money. The DONOR must be solvent and should not use this tool for tax evasion and illegal gains, of whatsoever nature. WHAT CAN BE GIFTED Anything which qualifies as Gift must have following properties A.    It must be well defined existing moveable or immovable property B.    It must be transferable C.    It should exist today and should not be future property D.    It sho...
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ELEVEN BASIC DOCUMENTS YOU NEED TO CHECK WHILE PURCHASING A PROPERTY

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  AGREEEMENT TO SELL It is the first document prepared in anticipation of a sale of the property. It contains a detailed description of the property and states the terms and conditions between the Seller and the Buyer, including the purchase price agreed upon. SALE DEED / REGISTRY / TITLE DEED The Sale Deed or Registry or Title Deed is the most important document that records the actual transfer of ownership of the property. It needs to be registered in the office of the concerned Sub-Registrar’s office under whose jurisdiction is the subject property. TITLE SEARCH AND REPORT Property title search is a process of retrieving the chain of documents relating to the history of the property that has been registered with the concerned authority. It includes a description of the property and name of the title holders at different stages. It is the most important document required for procuring a home loan. KHATA CERTIFICATE This document is known by different names in differ...
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ALL ABOUT PROPERTY TAX IN DELHI (for areas under the jurisdiction of MCD)

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  MUNICIPAL CORPORATION OF DELHI – MCD The Municipal Corporation of Delhi, (MCD), which has now been bifurcated into three different corporations as South Delhi Municipal Corporation (SDMC), East Delhi Municipal Corporation (EDMC), North Delhi Municipal Corporation (NDMC), and these are primarily responsible to revises the Property Tax Rates in Delhi every year. These rates are based on the location, age and usage type of the property. Property owners can pay tax on land and property to South Delhi Municipal Corporation (SDMC), East Delhi Municipal Corporation (EDMC), North Delhi Municipal Corporation (NDMC),    according to the zonal area which is further divided into different wards and colonies. Property Tax is the major source of revenue for any Municipal Corporation. This tax is paid by the property owners on all lands and buildings, including on the vacant land. In Delhi, the property tax is maintained by South Delhi Municipal Corporation (SDMC), East Delhi Muni...
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