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Can Parents Take Back Property Gifted to Their Children

by Naomi |February 5, 2021 |0 Comments | residential architect |

A gift of a property that is valid and accepted by a donee, cannot be revoked by the donor, except under certain special circumstances. Colonelz is the best residential architecture firms among all the firms. We look at the cases where a revocation is possible. Often, several parents additionally transfer their properties to their youngsters because of numerous reasons. After the property is presented to their youngsters, the promise that they shall be taken care of by the transferee, is not always fulfilled. In such situations, the parents are put in a very difficult situation.

Facts of case

Colonelz provides the residential architectural services with all the beneficiary objectives. When the widowed father of a Mumbai-based person wanted to get remarried, the son insisted and made the father gift half of the rights in the property owned by the father to the son, to safeguard his interest in the property. The son and daughter-in-law were willing to maintain and support the father but not the stepmother, which was not acceptable to the father. So, the father wanted the gift of half of the property, made in favour of his son, to be cancelled. He, therefore, approached the tribunal appointed under the provisions of ‘The Maintenance and Welfare of Parents and Senior Citizens Act, 2007’.

Gifts are governed by the Indian Contract Act, 1872. The law provides that any gift that is made and accepted by the donee, is final and cannot be revoked later on. So, if all the conditions of a valid gift are present, the same cannot be annulled by the donor later on, except on the ground that the consent of the donor was obtained by fraud, undue influence or coercion. The Supreme Court has held many times that a gift once validly made, cannot be cancelled later on, under any circumstances.

“After the commencement of this Act to the several senior citizens, has transferred by way of gift or otherwise, his property, subject to the condition that the transferee shall provide the fundamental amenities and basic physical must the transferred and such transferee refuses or fails to supply such amenities and physical desires, the said transfer of property shall be deemed to possess been created by coercion or underneath undue influence and shall as declared void by the court.”

As Section 23 of The Maintenance Act specifically provides that where the property has been gifted on the understanding that the transferee child/legal heir shall provide the basic needs and maintain the senior citizen or parent, any failure on the part of the child to honour such promise made, is tantamount to fraud. As the provisions of The Maintenance and Welfare of Parents and Senior Citizens Act, 2007 override the provisions of any other law in force in India, Section 23 will prevail and in such instances, the gifts/transfer of property that is made after coming into force of The Maintenance Act, becomes voidable at the option of the transferee. However, if the property had been transferred before The Maintenance Act came into force; it would be difficult for the parents to get the property back from their children.

Having Problems with Storages in Toilets?

by Naomi |January 23, 2020 |4 Comments | Interior Design, residential architect | ,

Invariably, our storages in toilets & wet areas get spoilt over a period of a couple of years. This is the problems with storage in toilets. So what is the remedy? For some time, a solution in the form of WPC is being used successfully. The material is ideal to be used in areas where some water splash on your storages / cabinets are likely. These are a good substitute. Please don’t use it as a water proof material, but as a water resistant material. While fabricating, one must understand that the hinges etc are of metals & would need extra care to prevent them from rust & resultant decay.

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Residential property

How to Avail Exemptions and Save on Long-Term Capital Gains Tax, from the Sale of a Residential House?

by Naomi |October 25, 2019 |1 Comments | residential architect |

For instance, if you acquire a house/ land twenty years past and you want to sell it currently, it may be expected to fetch vital appreciation to its purchase worth. This indicates that you simply have earned “Capital Gains” on your property and thence, area unit vulnerable to pay tax on these gains. The rate at that your capital gains are taxed depends on the tenure that you command the property and can be consequently classified as Short Term Capital Gain or Long Term Capital Gain. Colonelz have the best residential architects with all the long term capital gains tax by selling the residential house.

Short Term Capital Gains Tax

Short Term financial gain on property is taken into account as a gain from marketing a property that was command by you for fewer than thirty six months. As a remunerator, you’re vulnerable to pay tax on short term financial gain on property as per your applicable marginal revenue enhancement block. Some key points to remember: You are allowed to adjust/ reduce your sale consideration for any brokerage, commission you had paid at the time of property sale. You are allowed to deduct any expenditure on construction and home improvement incurred during the period you owned the asset.

Long Term Capital Gain Tax

When you sell your property that is owned by you for more than three years, any gain arising from such sale will be considered as long term capital gain by the residential architects. Long term financial gain is calculated because the distinction between incomes thought and indexed price of property.The advantage of regulating is allowed to line off the impact of inflation from the gains created on sale of the property so the particular gains on propertywill be taxed.

This is supported the logic that worth of cash decreases perpetually owing to inflation and thence, it is unfair to tax a long term property holder for the nominal gains accruing to him solely owing to inflation. Under section fifty four, sell a residential property and invest the gains to shop for a replacement residential property and claim exemption on capital gains tax.

Under section 54, you can claim exemption on capital gains tax exemption, if you invest full in another residential property in India. The new residential house may be bought either one year before the sale of recent house or inside 2 years from the date of sale of the previous property.In case you intend to construct a house, the construction of the house should be completed within 3 years from the date of sale of the previous property. Once you have purchased or constructed a new house, you cannot sell it in less than 3 years. If you sell it before three years, you’ll not get the advantage of financial gain exemption and your sale return are rateable.

Grihapravesh residential

Grihapravesh Tips for Your New House, This Festive Season

by Naomi |October 18, 2019 |0 Comments | residential architect |

When it comes to a property investment, home owners are generally particular about auspicious days and performing a grihapravesh, before moving in and Colonelz are the top residential architects among all.

We examine the importance of this ceremony and also the points to contemplate. Indians are generally particular about shubhmuhurats, when it comes to buying a property or shifting to a new house. They believe that performing arts a grihapravesh ceremony on an auspicious day, can bring them fate. A grihapravesh ceremony is performed, once one enters a replacement home for the primary time. “It is vital, not only for the owner however additionally for the whole family. All the residential home architects are the skilled those who can give the perfect.

According to Vastu, a home is created of 5 components – the sun, earth, water, hearth and wind and also the correct alignment of those components in a very house, brings happiness, good health and prosperity. “It is believed that coming into a home throughout an auspicious time, makes life simple and there’ll be minimum struggle for the family, once entering into the new house.

Days that are most favourable for such muhurats are VasantPanchami, AkshayaTritiya, GudiPadwa, Dussehra (also known as Vijayadashmi), while days like Uttarayana, Holi, Adhikmas and ShraddhaPaksha are to be avoided,” adds Dhamani. A house warming performed on Dussehra does not even require an auspicious time, as every moment of this day is considered auspicious.

Before the grihapravesh, a kalashpooja is sometimes performed. For this ritual, a copper pot is full of water and 9 kinds of grains and a coin area unit placed in it. A coconut is placed on the pot and one enters the house with it, in the middle of the intonation of mantras by a priest. The grihapravesh ought to be done, only if the new home is prepared for the family to shift into it and reside. “The house should be fully done up. It ought to be freshly painted and also the roof ought to be prepared.

The doors, windows and other fittings too, should be complete,” says NitienParmar, a Vastu consultant of VastuPlus.“TheVastuPurush and other deities are worshipped. A toran (originating from the Sanskrit word ‘torana’, meaning the sacred gateway), which is made of fresh mango leaves and marigold flowers, should be hung on the doorway. The temple in the house should be in the north-east zone and should be fixed on day of the house warming,” advises Parmar.The grihapravesh ceremony will be easy or elaborate, depending upon the home owner. Usually, a havan is conducted, to stop the negative forces and negative vibes. A Hindu deity puja, Navagraha Shanti, which means worship of the nine planets and a Vastu puja, are generally performed. One ought to additionally serve food to the monks and family and friends, who are invited on this day. Once the house warming ceremony has been performed, the owners can then move into the new house. Grihapravesh will always be takes place on an auspicious day. The idols ought to be placed in an east-facing direction of the house.

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