April 2018 – Page 2 – Property PFA

Eligibility For Property Sales Tax Reductions In Alicante

Posted on April 7, 2018 by blogger

We all have to suffer the payment of taxes on already bloated property prices. Despite the downturn in the economy forcing a reduction in prices especially in the coastal areas of Spain, many people, especially the young, find it difficult to get on the property ladder in Spain.

This is a result of not just low incomes but also the difficulty in putting together a deposit given the reduced mortgages that are now being offered by the banks here. However, there are some initiatives currently being rolled out in Spain to attempt to make home buying by first time buyers “” as well as other identified groups “” somewhat easier.

This is principally being carried-out by introducing tax-breaks or reductions in the applicable property sales tax rate to these identifiable groups. The central government has devolved the property sales tax rate to the autonomous communities or regional governments in Spain, and all have taken on that responsibility and established the local rate of tax for such operations. Some have also opted to introduce income tax breaks for property investments of various types and by various identified groups in society.

In the Alicante area of Spain, property sales tax rates are set by the Valencia regional parliament and the standard rate is set at 7% in Article 16 Ley 11/2000. This rate is however subject to a number of exceptions as follows:

Ley 13/1997 provides that the acquisition of a property by a person suffering a physical or sensory disability of greater than 65% or a mental disability greater than 33% shall attract a rate of tax of 4% for that part of the property which they acquire.

Article 13 of Ley 13/1997 also provides that where the property being purchased is a property subsidised by the government then it is subject to a tax rate of 4% if the property is going to constitute the main home of the purchaser.

The same reduced rate of tax is applicable to property purchases effected by families considered as ‘large’ “” as per Article 13 as modified by Article 32 of Ley 14/2007. In addition the following criteria must be fulfilled:

– the property is purchased within 2 years of the family achieving the status of being ‘large’
– the property formerly used as a family home must be sold within the same period of time
– the new property must be at least 10% larger in area than the previous home
the total taxable income of the family unit may not exceed “‘44,074

Each of these reduction can represent a significant saving and it is worth confirming with the local office of Hacienda eligibility.

Agricultural Land Property Purchasing In Bangalore Law Information

Posted on April 5, 2018 by blogger

Before purchasing any sites especially agriculture land for non agriculture purpose approval under relevant laws viz. Karnataka Land Reforms Act, 1961, the Karnataka Land Revenue Act, 1964 along rules and other provisions of law is must. And Bangalore Metropolitan Regional development Authority (BMRDA) is regulating authority to approve layouts on outskirts of Bangalore.
Clear title and documentation are hard to come by with agricultural land of Bangalore (Karnataka). The following is a useful checklist of documents for review by a Bangalore law firm / lawyer before purchasing Agricultural land:
Mother deed and sale deed: It is very important document to trace the ownership of agriculture land. And it is basic document that shows how the property at the commencement was acquired there after there will be series of transactions such as sale gift law in Bangalore etc.

Akarbandi: Land topography sketch issued by State Revenue Authority viz. survey department. It establishes the survey number and to whom the particular survey number was originally allotted and the land / property revenue assessment details.

Encumbrance Certificate: Certificate from State Revenue Authority stating that there is no lien on the land / property (Has to be obtained for the last 30 years)

Family Tree of the vendor: State Revenue Authority document required to ascertain whether other family members have a stake in the property

Saguvali Chit: It is also called Grant Certificate. This is issued on Form No..VII in case of grant of Govt. land to the eligible persons for cultivation. This establishes title of the persons in the Saguvali Chit to the land granted.
Conversion Order: Conversion certificate has to be obtained for non agriculture purpose & that has to be checked to determine whether it is DC converted or not.
Khata and up to date Tax-paid receipts: Khata in Form MAR 19 (issued prior to 19. 05.2003) along up to date Tax-paid receipts.
Land Acquisition Status: Endorsements from State Revenue Authority certifying the Govt. acquisition status for the property for instance Notification by B.D.A. or KIADB for acquisition.

Mutation Extracts: History of changes in ownership (for 30 years) as documented in the Khatha Certificates issued by the State Revenue Authority. This is an extract from the mutation register maintained by the village property accountant.

NIL Tenancy Certificate/Form No.7 Endorsement: State Revenue Authority certification stating whether the land has any tenants. This issued by the Tasildar. This endorsement certifies that there no tenancy cases pending in respect of property in question as per the KLR act 1961.

Podi Extracts: Property partition document among siblings if any.

Property Tax Paid Receipt: Latest tax receipt validating that the property tax status is current.

RTC (Record of Rights) / Phani: This is primary record issued by the villager Accountant. It contains details of Survey number, total extent of land property, names of the owner including details as to conversion of land from agriculture to non- agriculture property. (has to be obtained for the last 30 years as per Bangalore law)
Section 79A & B endorsement U/KLR Act, 1961: These are issued by Tahsildar. These endorsement certifies that there no cases pending against the person owning the agriculture land / property.
Village Survey Map: Land location sketch
Patta Book: This book contains information regarding the payment of land revenue and other Govt. dues & information of cultivation. And also contains a copy of the record of rights to the land / property situated in Bangalore.
Tippani: This issued by the Survey Dept. It shows a sketch of the land as the records of the survey Dept.
Comprehensive Development Plan (CDP), Zonal Regulation Map and Survey Map. Apart from the above property should not come within the Green Belt Area.

Why Do You Need To Employ A Property Management Company To Look After Your Investments

Posted on April 1, 2018 by blogger

Buying a new house or property for your self is different than managing several. People nowadays like to think that they are capable of doing everything and everything well. That is not true when you have to juggle several responsibilities on your day to day life. Many of us do mistakes and regret it later. To manage your properties in the best way possible, you should consider hiring a property management company. There are several benefits for you in store if you sensibly hire a management company. In recent times, one can see that there are numerous property management companies in the market available today. All you need to do is choose and select a good company that is best suitable for you.

Selecting a good property management company can be tricky. Thus, take your time and do a little bit research about such companies beforehand. With the help of computers and internet services, you can check about these companies at any time you want and from anywhere you would like to. Just type the keywords in the search box of your homepage to get good results. Remember to mention the name of the place you need a management company for. For example, if you are looking for property management companies in the San Diego area then you can simply type San Diego property management or San Diego property management companies. Once you click the enter button, you will get several links under San Diego property management company. You should read and research about several companies online before selecting any one.

A property management company does not come cheap but the price is well worth it. They relieve you off your burden and look after your investment. A property management company shoulders a lot of responsibility for you. They manage and deal you with tasks like selecting an appropriate tenant for your property, collecting rents and payments from them. They will also check your property on a weekly basis to see if there is any repair or work needed to be done. In simple words, they manage and look after your investment in a very thorough manner.

The work and responsibilities of a commercial property manager and a residential property manager are different. A residential property manager is best suitable for owners when they live far away from their investments or properties. A property manager ensures you that your property would not be neglected. To ensure that your property will get you high income, you need a good property manager.