General FAQ'S
The buyer will have to follow the following process for booking:
- Pay 10% of the sales consideration amount
- Documents required: photo id, residential proof, and a cost sheet signed by the buyer.
- Once the booking process is done, registration of Agreement for Sale will be executed.
Form 60 is accepted; however, at the time of AFS registration, PAN will be required
The customer can upgrade the flats. They need to cancel the flat and rebook the same. Following are key guidelines for the same. The upgrade will be on the current market price.
If AFS is not done:
- Cancellation charges will be waived
- Approval to be taken to shift the unit
Applicants can be added in the booking with a written application on Rs. 100 Stamp paper before AFS is registered. In case the applicants are to be added after registration of AFS, prevailing government guidelines shall be followed
Yes, it can be done at the time of booking. The registration of both the units will be done separately
No internal modifications are permitted in the apartments.
- Signed Payment plan.
- Signed unit plan and floor plan.
- Signed application form.
- Self-attested pan card / Form 60.
- Aadhar card.
- Address Proof.
Yes can be done. Customer can send the filled booking form and relevant documents through mail and transfer the amount to our designated RERA account. In case of NRI, remittance needs to be from NRE Account.
The payments can be deposited in the bank account mentioned below through Cheque or online transfer.
- Bank Name : DCB Bank
- Branch Name: Hasanabad
- IFSC Code: DCBL0000009
- Bank A/c No.: 00923900000019
- Bank Address: DCB Bank Ltd. Hasanabad Branch, 116, Dr. Mascarenhas Road, Hasanabad, Mazgoan, Mumbai - 400 010
- AC Name: PRINCE ALY KHAN HOSPITAL A/C THE AGA HALL ESTATE
In case of online payment, the customer will be required to share the payment details/UTR/Ref no immediately after making the payment. Any delayed payments / Cheque returns, shall attract penalty and interest mentioned in the agreement for sale. In case of bank loans, if the loan disbursement amount is less than the corresponding payment demanded, the deficit amount has to be paid by the customer on or before the due date.
Transfer / resale to be permitted only post receipt of Occupation Certificate. In case of Resale of apartment before OC, the said booking shall be cancelled. Refer point 12 for details on Cancellation procedure and charges.
Transfer charges will be levied as applicable.
The cancellation chargers are as follows
- Before registration of AFS: Nil
- After AFS registration: 10% of the sales consideration amount
Buyers will have to sign the Agreement for sale after payment of 10% of sales consideration amount.
Yes, the customer can sell the flat before possession/ before Registration. The process to be followed is detailed out in Q 12
Location of car parks will be provided on or before possession.
If a buyer wishes to have an additional car par space, an application for the same will have to be provided at the time of booking. Additional car park will be allotted, over and above the allotted car parks, at applicable rates, on first-come-first and space availability.
| Scenario Description | Procedure / Document required |
|---|---|
| When there is only one Applicant. | When there is only one applicant, the AFS should be deregistered and the fresh AFS can be executed with the new Buyer. |
| There are three applicants. Primary Applicant is no more. Third applicant wishes to withdraw his name |
|
| Change of name from Company to individual Board of Directors. |
|
| Primary wishes to withdraw his/her name and have a minor as primary applicant | Minor Cannot be a primary Applicant |
| When Secondary applicant want to be primary Applicant |
|
| When There is only 1 applicant and the applicant is no more |
|
In all the above cases, affidavit will be required on 100 Rs. Stamp paper and in case of AFS is registered, AFS deregistration charges will be applicable.
Interest is applicable at the specified rate as per agreement in case of delay from customer.
While we strive to provide all the possession on time, In case of any delays PAKH will compensate as per the agreement clauses in the AFS
Transferor is not the owner of the flat at time of transfer. He is the proposed beneficiary. There can’t be two owners for one flat.
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs. 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor
According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.
Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN.
PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.
The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website. After successfully providing details of transaction, deductor can either make the payment online (through e-tax payment option) immediately; or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on www.tin-nsdl.com
If any problem is encountered at the NSDL website while entering details in the online form then contact the TIN Call Center at 020-27218080 or write to them at (Please indicate the subject of the mail as Online Payment of Direct Tax).
The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB
- Acknowledgment number for the Form 26QB furnished is available in the Form 26AS (Annual Tax Statement) of the Deductor (i.e. Purchaser/ Buyer of property). The same can be viewed from the TRACES website(www.tdscpc.gov.in) or
- Taxpayer can also click the option ‘View Acknowledgment’ hosted on the TIN website. Taxpayer needs to enter PAN of the Buyer and Seller, Total Payment and Assessment Year (as mentioned at the time of filing the Form 26QB) to retrieve the Acknowledgment Number
Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) in respect of the taxes deducted and deposited into the Government Account.
Form 16B will be available for download from the website of Centralized Processing Cell of TDS (CPC-TDS) www.tdscpc.gov.in
Buyer may approach any of the authorized Bank Branch to facilitate in making e-payment.
E-payment of taxes at subsequent date will be linked to the FORM 26QB based on Acknowledgement number generated at the time of filing of Form 26QB.
Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.
E-Payment facilitates payment of taxes online by taxpayers. To avail this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks.
Please follow the steps as under to pay tax online:-
Step 1
- Log on to NSDL-TIN website (www.tin-nsdl.com).
- Click on the option “Furnish TDS on property”.
- Select Form for Payment of TDS on purchase of Property.
Step 2
After selecting the form you will be directed to the screen for entering certain information. Example:-
- Permanent Account Number (PAN) of Property Purchaser and Seller.
- Address of the Purchaser, Seller as well as the Property being purchased
- Financial Year during which the Purchase has been made
- Major Head Code - To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
- Value of Property
- Date of agreement/booking
- Amount Paid/credited (Transaction amount)
- Rate of TDS
- TDS Amount
- Dates of payment/credit, deduction
- Select the option for “Payment of taxes on Subsequent Date”
It is important to ensure that PAN of Buyer and Seller (As mentioned in Statement of Account) are correctly mentioned in the form. There is no online mechanism for subsequent rectification. Deductor will have to approach the Assessing Officer or CPC-TDS for rectification of errors.
Step 3
After entering all the above detail, click on PROCEED button. The system will check the validity of PAN. In case PAN is not available in the database of the Income Tax Department then you cannot proceed with the payment of tax.
If PAN is available then TIN system will display the contents you have entered along with the “Name” appearing in the ITD database with respect the PAN entered by you.
Step 4 You can now verify the details entered by you. In case you have made a mistake in data entry, click on “EDIT” to correct the same. If all the detail and name as per ITD is correct, click on “SUBMIT” button. Nine digit alpha numeric ACK no. will be generated and you will be directed to the net-banking site provided by you.
Please be informed that the name and status of PAN is as per the ITD PAN Master. You are required to verify the name before making payment. In case any discrepancy is observed, please confirm the PAN entered by you. Any change required in the name displayed as per the PAN Master can be updated by filling up the relevant change request forms for PAN. If the name is correct, then click on "Confirm"
Step 5
After confirmation an option will be provided for submitting to Bank. On clicking on Submit to Bank deductor will have to login to the net-banking site with the user ID/ password provided by the bank for net-banking purpose and enter payment details at the bank site.
On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made.
TIN system will direct you to net-banking facility of your bank. You will have to log on to the net banking site of your bank using your login ID and password/PIN provided by the bank. The particulars entered by you at TIN website will be displayed again.
You will now be required to enter the amount of tax you intend to pay and also select your bank account number from where you intend to pay the tax. After verifying the correctness, you can proceed with confirming the payment.
Your bank will process the transaction online by debiting the bank account indicated by you and generate a printable acknowledgment indicating the Challan Identification Number (CIN). You can verify the status of the challan in the “Challan Status Inquiry” at NSDL-TIN website using CIN after a week, after making payment.
Your Bank provides facility for re-generation of electronic challan counterfoil kindly check the Bank website, if not then you should contact your bank request them for duplicate challan counterfoil.
If any problem encountered while entering the financial details at the net-banking webpage of your bank, then you should contact your bank for assistance.
You may access the access the link ‘View/Payment of TDS on property” on the TIN website. On entering the details as per the acknowledgment slip, you will be provided options to either print the Acknowledgment Slip.
In case you desire to make an online payment, on the same screen option for Submit to the bank is provided wherein you have to select the Bank for payment. You will be taken to the net banking login screen wherein you can make the payment online.
Within 7 days after paying the amount to seller.
After paying through 26QB , customer needs to download form 16B (TDS Certificate) to be eligible to get the TDS credit in GPL books. Signed form 16B is a must to pass on the credit as it’s a proof.
Property tax will be levied on customers from the date of Occupancy Certificate (OC).
Property Tax has to be paid online on the website: portal.mcgm.gov.in
Carpet Area: According to the RERA, carpet area is defined as the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment
Built-Up Area: This is the area of the apartment that includes the area covered by the walls.
Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.
All kitchen waste water and toilet waste water will be collected in the collection tank of STP and after 3 steps of purification, they will be used for toilet flushing purpose and for landscaping. Periodic checks on quality of water and test reports will be maintained with the Facility management team.
At Aga Hall Estate, we have percolating wells for capturing rain water, which will help in ground water recharge. We also have a rain water collection tank and the water collected will be used for the purpose of landscaping
No function shall be allowed by any buyer in the site premises till the possession of the apartment is accepted by the buyer.
Please refer to the Agreement for Sale for the same.
The property tax and electricity invoice will be delivered to your Mailboxes. Intimation through SMS can also be opted through respective utility service providers.
Facility Management essentially consists of Maintenance of Common Areas, Infrastructure, Clubhouse and Utilities. Flats and areas within are NOT the responsibility of Facility Management.
All problems can be registered through a dedicated Mobile app (My Gate)
The following services will be provided by FM.
- Operation and maintenance of utilities.
- Housekeeping
- Security
- Rental services
- Clubhouse management
Mondays to Sundays, 8.00 am to 8.00 pm, except on holidays.
A refundable deposit of Rs.2,00,000 is to be paid by buyer before moving in. This is to safeguard against any breakages to the common areas that may occur while shifting of luggage.
Yes. In addition to intimation, the buyer will have to deposit certain documents which include:-
- Leave and License Agreement
- Identity proof of Tenant
- Two passport size photographs of tenant
- Police verification document
The Jamatkhana is anticipated to be completed on or before November 2029.
Refer to the Privacy Policy.
The School will form the subsequent phases of the project. The dates for same are yet to be announced.
The residential society, Jamatkhana, and users of Sub-plot B shall have the right of use of internal roads as per the demarcated plan annexed in the agreement for sale.
A professional facility management (FM) agency such as JLL, CBRE, Knight Frank, etc. will be engaged for management and maintenance of the common areas, landscape and club facilities for 24 months from the date of handover. Post that the housing society consisting of the members will maintain the common areas.
Payments shall be accepted by Cheque and demand draft payable at Mumbai; also, bank transfers in the project’s RERA account shall be accepted. For OCI/NRI buyers, the payment modes have been mentioned in the FAQs for NRI Home Buyers document.
All flat owners residing at the premises will have access to the club facilities. Tenants of flat owners staying on leave and license basis will have to pay monthly charges decided by the developer/society for access to the club facilities
The club floor can only be accessed by residents. At a time, only two guests shall be allowed per flat to use the amenities at the club, at applicable charges.
The club floor can only be accessed by residents. At a time, only two guests shall be allowed per flat to use the amenities at the club, at applicable charges.
OCI/NRI FAQ'S
Non Resident Indian (NRI) is a citizen of India, who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. Non-resident foreign citizens of Indian Origin are treated at par with Non Resident Indian (NRIs)
Person of Indian Origin (PIO) (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who-
- At any time, held an Indian passport, or
- Whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)
- Any person of full age and capacity:
- Who is a citizen of another country, but was a citizen of India at the time of, or at any time after, the commencement of the constitution, or
- Who is a citizen of another country, but was eligible to become a citizen of India at the time of the commencement of the constitution, or
- Who is a citizen of another country, but belongs to a territory that became part of India after the 15th of August, 1947.
- Who is a child of such a citizen, or
- A person, who is minor child of a person mentioned in clause (i)
Provided that no person, who is or had been a citizen of Pakistan, Bangladesh shall be eligible for registration as an Overseas Citizen of India
Under the general permission granted by RBI, the following categories can freely purchase immovable property in India:
- Non-Resident Indian (NRI)- who is a citizen of India residing outside India
- Person of Indian Origin (PIO)- who is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who
- At any time, held Indian passport or
- Whose father or grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
- The general permission, however, covers only purchase of residential and commercial property and not for the purchase of agricultural land/plantation property/farm house in India. OCIs can purchase immovable property in India except agricultural land/plantation property/farmhouse.
The mere acquisition of property does not attract income tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if is not let out and it is not the only residential property owned by that person in India) and/or capital gains (short term or long term) arising on the sale of this house or part thereof is taxable in the hands of the owner.
The Government of India has granted general permission to NRI / PIO / OCI to buy property in India and they do not have to pay any taxes even while acquiring the property in India. However, taxes have to be paid if they are selling this property. Rental income earned is taxable in India, and they will have to obtain a PAN and file a return of the income if they have rented this property. On sale of the property, the profit on sale shall be subject to capital gains. If they have held the property for less than or equal to 3 years after taking actual possession then the gains would be short term capital gains, which are to be included in their total income and will be taxed in the normal bracket. However, if the property has been held for more than 3 years, then the resulting gain would be labeled as long term capital gains subject to 20% tax and some additional levy (cess).
India has DTAAs with several countries which give a favorable tax treatment in respect of certain heads of income. However, in case of sale of immovable property, the DTAA with most countries provide that the capital gains will be taxed in the country where the immovable property is located. Hence, the non-resident will be subject to tax in India on the capital gains which arise on the sale of immovable property in India. Letting of immovable property in India would be taxed in India under most tax treaties in view of the fact that the property is in India.
Yes. Long-term and short-term capital gains are taxable in the hands of non-residents.
Type of asset: Assets like house property, land and building, jewelry, development rights, etc.
Rate of tax deduction at source (TDS)
Long term 20.6%
Short term 30.9%
Exemption available (only for long term capital gains)
The long term capital gains arising on sale of a residential house can be invested in buying/constructing another residential house, within the prescribed time. The exemption is restricted to the amount of capital gains or the amount invested in new residential house, whichever is lower. If the amount of capital gains is invested in bonds of National Highways Authority of India (NHAI) or Rural Electrification Corporation, then the entire capital gains is exempted, or the proportionate gain is exempted. As per the financial budget 2007-08, a cap of INR. 50 lakhs has been imposed on investment that can be made in capital tax saving bonds.
In case the non-resident pays any tax on capital gains arising in India, he would normally be able to obtain a tax credit with respect to the taxes paid in India/ home country, because the income in India would also be included in the country of tax residence. The amount of tax credit is also on the basis of computing the tax credit that can be claimed as specified in the respective country’s DTAA and is also dependent on the laws of the home country where the taxpayer is a tax resident.
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If the property was acquired out of foreign exchange sources
i.e. remitted through normal banking channels/by debit to NRE / FCNR(B) account,
the amount to be repatriated should not exceed the amount paid for the property:
- In foreign exchange received through normal banking channel or
- By debit to NRE account (foreign currency equivalent, as on the date of payment) or debit to FCNR(B) account.
- Repatriation of sale proceeds of residential property purchased by NRI’s/PIO’s out of foreign exchange is restricted to not more than two such properties. Capital gains, if any, may be credited to the NRO account from where the NRI’s / PIO’s may repatriate an account up to USD One million, per financial year, as discussed below.
- If the property was acquired out of Rupee sources, NRI / PIO may remit an amount of up to USD One million, per financial year, out of the balances held in the NRO account (inclusive of sale proceeds of assets acquired by way of inheritance or settlement), for all the bonafide purposes to the satisfaction of the Authorized Dealer bank and subject to tax compliance. The NRI / PIO may use this facility to remit capital gains, where the acquisition of the subject property was made by funds sourced by remittance through normal banking channels/by debit to NRE / FCNR(B) account.
The rental income, being a current account transaction, is repatriable, subject to the appropriate deduction of tax and the certification thereof by a Chartered Accountant in practice. Repatriation of sale proceeds is subject to certain conditions. The amount of repatriation cannot exceed the amount paid for acquisition of the immovable property in foreign exchange.
An authorized dealer or a housing finance institution in India approved by the National Housing Bank may provide housing loan to a non-resident Indian or a person of Indian Origin residing outside India for acquisition of a residential accommodation in India, subject to the following conditions, namely:
The quantum of loans, margin money and the period of repayment shall be at par with those applicable to housing finance provided to a person residing in India.
The loan amount shall not be credited to Non-Resident External (NRE)/Foreign Currency Non-Resident (FCNR)/Non-Resident non-Repatriable (NRNR) account of the borrower.
The loan shall be fully secured by an equitable mortgage by deposit of title deal on the property proposed to be acquired, and if necessary, also be lien on the borrower’s other assets in India.
The installment of loan, interest and other charges, if any, shall be paid by the borrower by remittances from outside India through normal banking channels or out of funds in his Non-Resident External (NRE)/Foreign Currency Non-Resident (FCNR)/Non-Resident Non-Repatriable (NRNR)/Non-Resident Ordinary (NRO)/non-Resident Special Rupee (NRSR) account in India, or out of rental income derived from renting out the property acquired by utilization of the loan or by any relative of the borrower in India by crediting the borrower’s loan account through the bank account of such relative (The word ‘relative’ means ‘relative’ as defined in section 6 of the Companies Act, 1956.)
The rate of interest on the loan shall conform to the directives issued by the Reserve Bank of India or, by as the case may be, the National Housing Bank.
If you are an NRI / OCI / PIO, you would have to file your income tax returns if you fulfill either of these conditions:
Your taxable income in India during the year was above the basic exemption limit of INR.1.6 lakh OR
You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit.
Note: The enhanced exemption limit for senior citizens and women is applicable only to Residents and not to Non-Residents.
Yes, there are two exceptions:
- If your taxable income consisted only of investment income (interest) and/or capital gains income and if tax has been deducted at source from such income, you do not have to file your tax return.
- If you earned long term capital gains from the sale of equity shares or equity mutual funds, you do not have to pay any tax and therefore you do not have to include that in your tax return
Tip: You may also file a tax return if you have to claim a refund. This may happen where the tax deducted at source is more than the actual tax liability. Suppose your taxable income for the year was below INR.1.6 lakh but the bank deducted tax at source on your interest amount, you can claim a refund by filing your tax return. Another instance is when you have a capital loss that can be set-off against capital gains. Tax may have been deducted at source on the capital gains, but you can set-off (or carry forward) capital loss against the gain and lower your actual tax liability. In such cases, you would need to file a tax return.
Traditionally, you could file your tax return either by giving a power of attorney to someone in India or by sending your form and documents to a tax expert in India who would then file the return on your behalf.
But nowadays, the easiest option for NRIs to file their Indian tax returns is by using the online platform. There are several options to file online.
| Salaried individuals | Self-employed individuals |
|---|---|
| Copy of employment contract | Balance sheets and P&L a/c of the company for last 3 years |
| Latest Salary slip | Bank a/c statements for last 6 months for company and individual, both |
| Latest work permit | Income tax returns (3 years) |
| Bank statement for 4 months or NRE / NRO a/c 6 months statement | Passport/visa copy |
| Passport/visa copy | Utility bill for address proof |
| Utility bill for address proof | PIO / OCI card |
| PIO / OCI card | Power of Attorney (if applicable, in respective bank’s format) |
| Power of Attorney (if applicable, in respective bank’s format) | Credit check report |
| Customer credit check report | Property agreement or other related docs |
