Welcome to Bhumimitra Real Estate - Frequently Asked Questions

A no brokerage real estate website is a platform that allows property buyers and sellers to connect directly without the need for a middleman or broker. This means that the website does not charge any brokerage fees or commissions on transactions made through its platform.

Typically, such websites offer a range of services, including property listings, property search tools, and communication features that enable buyers and sellers to communicate with each other and negotiate deals. Some no brokerage real estate websites also provide additional services such as legal assistance, property inspections, and home loan facilitation.

A no brokerage real estate website works by providing a platform for property buyers and sellers to connect directly. The website allows property sellers to list their properties by providing details such as the property type, location, size, features, and price. Property buyers can search for properties on the website using various search criteria such as location, price range, property type, and features.

Once a buyer finds a property of interest, they can view detailed information about it, including photos, videos, floor plans, and other relevant details. Buyers can then contact the sellers directly through the website’s communication features to express interest, ask questions, and negotiate the deal.

Using a no brokerage real estate website can also give buyers and sellers greater control over the transaction process. Buyers can browse listings at their own pace and contact sellers directly with any questions or concerns they may have. Sellers can have greater control over the marketing of their property and can respond to inquiries from interested buyers quickly and efficiently.

Furthermore, no brokerage real estate websites can provide more transparency in the transaction process. Buyers and sellers can view detailed information about properties, including photos, videos, and floor plans, which can help them make informed decisions about the properties they are interested in. Additionally, the absence of a middleman can reduce the potential for conflicts of interest and ensure that both parties are acting in their own best interests.

You can own as many properties as you wan

There are a few exemptions available for long term Capital Gains, if you:
Buy or construct a new house: If you build a new house or buy one from the money you receive
from selling a property, you are exempted from paying the tax on Capital Gains. However, the
new purchase should be done either one year before or within two years of sale and the
construction should be completed within three years from the date of transfer. The new property
bought or constructed should not be sold within three years from the date of its purchase or date
of completion of construction.
Capital Gain Account Scheme- Through the Capital Gain Account Scheme (CGAS), you can
save the received money in designated banks. CGAS helps you in buying time to look for
suitable investments as it serves to inform the Income Tax department that you plan to invest
the money received; but at a later date.
Invest in Bonds- You can also invest in financial assets or bonds to save tax. Such bonds are
issued by the Rural Electrification Corporation and the National Highway Authority of India and
should be bought within six months of transferring the property. You can invest a maximum of
Rs 50 lakhs through these bonds.

If the house is held for less than three years prior to its sale, it is termed as a short-term capital
asset and any gain arising from the sale is treated as a short-term Capital Gain. There are no
tax exemptions for short-term Capital Gains and one needs to pay it according to the applicable
tax slab.
However, if the property is sold after holding it for more than three years, it is treated as a
long-term capital asset and the gain arising from it is called the long-term Capital Gain. Such
gains attract a flat exemption rate of 20%.

Property is considered a capital asset and Capital Gains Tax is levied on the gains arising from
the sale of property. Such gains are calculated after adjusting the inflation rate, transfer and
renovation charges.

Yes. Generally, the stamp duty on the gift deed ranges from 5% to 12% in all states. In few
states like Haryana, Rajasthan and Delhi, concession of 1 to 2 per cent is given to female
transferors

Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers.
You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a
new property purchase or construction of a house. However, these benefits are available for
only one self-occupied property.

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.

The buyer needs to pay the following taxes:
TDS or tax deduction at source on an amount exceeding Rs 50 lakhs for the purchase of
property excluding agricultural land.
Stamp duty
Service Tax – Applicable if the property is being purchased from the builder who conceived and
constructed the project before offering possession to the buyer. If a `ready to move in’ property
is purchased from the seller, service tax is not applicable.
Value Added Tax (VAT) – If applicable in the concerned state.

The property could be converted from leasehold to freehold if the local laws allow it. For
example, properties under DDA can be converted to freehold by executing a Conveyance Deed
but the same is not allowed if the property is owned by the Noida Authority.

The difference between a leasehold property and a freehold property lies in its ownership . In a
leasehold property, the ownership remains with the concerned local authority or the government
(as the case may be). The lease period varies typically between 30 to 99 years. But, this does
not prevent the individual owner from selling or performing other transactions with the property,
provided the lease deed is registered.

In case of a freehold property, the owner of the property is the legal owner and can
sell/lease/rent the property as per his/her wish .

The language of the registration document must be the one that is commonly used in your
district. According to Section 19 of the Indian Registration Act, the Registering Officer or the
registrar has the power to decline registration of your document if it is presented in a language
which is not commonly used in the district unless it is accompanied with a true translation of the
language in use.
Can I authorize someone else to register my property by granting him Power of Attorney?
Yes, you can execute Special Power Of Attorney to get your property registered by someone
else.

Power of Attorney allows a person to authorize another person the right to make decisions
regarding the person’s assets, finances and real estate properties.
There are two types of power of attorney. First, the ‘General Power of Attorney’ where a property
owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc.
The second one is the ‘Special Power of Attorney’ where only a specific right is given by the
owner to the chosen person.

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, the property registration process is
computerized in most states.

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.

Original copies of the chain of title agreements and Building Plan approvals
Original registration and stamp duty receipts
Possession Letter
Original share certificate (In case of societies