You can own as many properties as you want

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%.

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.

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.

The buyer needs to pay the following taxes:

• TDS or tax deduction at source on 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.

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, property registration process is computerized in most states.

• 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)
• Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession
• NOC from the Society or other concerned body confirming no objection to the transfer

• Projects approvals can be verified from the corporation or the sanctioning authority’s office
• Ownership documents can be confirmed from the Sub Registrar’s office where they are registered
• Share certificate related to societies can be verified from the concerned Society itself

• Clear and marketable Title, Sale Deed, Encumbrance Certificate, latest tax receipts, Occupancy Certificate, Building Plan Approvals and Possession Certificate.

• Sale Deed
• Title Deed
• Approved Building plans
• Completion Certificate ( Newly Constructed)
• Commencement Certificate( Under-construction property)
• Conversion Certificate( If agricultural land is covered to non-agricultural)
• Khata Certificate (especially in Bangalore)
• Encumbrance Certificate
• Latest Tax Receipts
• Occupancy Certificate

Home insurance is a type of insurance policy that covers private residences and protects them from unpredictable damages, natural or man-made disasters, burglary and theft.

Home insurance policies cover the house structure as well as its contents or possessions. Many insurance policies also combine various personal insurance features too.