What constitutes conclusion of sale of a property?
When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as Freehold Property. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s). • Are there any benefits in converting a leasehold property to a freehold one? There are several benefits: if you convert the property to a freehold property, you become a full-fledged owner by getting the sale deed and having it registered. A freehold property has better marketability and can be sold, mortgaged or kept for standing security, which cannot be done with leasehold property. • Are there any income tax considerations `while transferring newly acquired property? If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good. • What does the term ‘Freehold Property’ mean? An agreement of sale, coupled with
Ans. An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession. Go Back To Main FAQ Page Note: We’re here to help. You will find listed above, a list of the most common questions of real estate services. If you cannot find the answer to your questions in our Frequently Asked Questions (FAQ) area, then fell free to contact us at anytime and our support specialists will assist you.
