You can own as many properties as you want.
The buyer needs to pay the following taxes:
Value Added Tax (VAT) – If applicable in the concerned state.
TDS– 1% on immovable properties (except agricultural land) exceeding Rs 50 lakhs.
Stamp Duty – Depending upon state and municipal laws
Service Tax- It is a central tax paid for the services offered by the developer to you. From April 1, 2015 onwards, if the apartment is worth less than Rs 1 crore, or has a floor area less than 2000 sq ft, the service charge levied is 14% on car parking and preferential location charges (PLC) and 3.50% on the basic sale price. If the apartment is worth over Rs 1 crore, or has a floor area greater than 2000 sq ft, the service tax levied is 14% on car parking and preferential location charges (PLC) and 4.2% on the basic sale price of the flat.
Yes, you can execute Special Power Of Attorney to get your property registered by someone else.
It refers to the registering of documents relating to transfer, sale, lease or any other form of disposal of an immovable property. Registration is compulsory by law for all properties under Section 17 of Indian Registrations Act, 1908. Once a property is registered lawfully, it means that the person in whose favor the property is registered is the lawful owner of the premises and is fully responsible for it in all respects.
Registration of a property includes necessary stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar’s office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed. Nowadays, property registration process is computerized in most states.
Sale Deed, No Objection Certificate (NOC) from builder, NOC from banks, Building Plan approvals, Completion Certificate, PAN Card and Photographs.
In a majority of the cases, the property to be purchased itself becomes the security and is mortgaged to the lender till the entire loan is repaid. A number of lenders may ask for additional security such as life insurance policies, Fixed Deposit receipts and savings certificates.
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