Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now

Saturday, January 16, 2016

What if I do not Register my Property

 
What if I don't register my property
 

Registration of property:

Registration is the process of recording a copy of the document transferring the title in immovable property, to the office of the Registrar. There are various documents which are necessary for property transaction and the sale deed incorporates such documents. Registration of sale deed is an important aspect for selling or buying a property.

 

Importance of registration of documents:

Registration acts as proof that a transaction has taken place. The registration of a document serves as a notice of the transaction, to the persons affected by the transaction. Registration also serves as an implied notice to any person subsequently acquiring interest in the property, covered by the registered document.

The real purpose of registration is to ensure that every person dealing with property for which compulsory registration is required, can confidently rely on the statement contained in the register, as being a full and complete account of all transactions by which the title may be affected. A certificate of Registration is mere evidence that a document has been registered. It is not proof that it has been executed.

 

When the execution of a document is directly in dispute between two parties, the fact that the document is registered is not sufficient to prove its genuineness. Registration does not automatically dispense with the necessity of independent proof that the document was executed. 

Registration is done after the parties execute the document. The agreement should be registered with the Sub-Registrar of Assurance under the provisions of the Indian Registration Act, 1908 within four months from the date of execution of the document. However, if due to any unavoidable circumstances, the document is not registered within the time limit; it can be registered only on making an application to the Sub-Registrar of Assurance within a further period not exceeding four months and on payment of appropriate fine.

 

Consequences for Non-Registration

The Registration Act, 1908 provides for the law regulating the registration of documents. The Act makes registration of documents required in immovable property mandatory in order to make them legal and authentic. It enlists the documents that are required to be registered and also specifies the process involved during registration. It also lays down the effect of registration and consequences of non-registration.

According the provisions laid down in the Act, any document, the registration of which is compulsory, shall not:
(a) affect any immovable property comprised therein; or 
(b) be received as evidence of any transaction affecting such property, unless it is registered (Section 49).

 Every registered document shall take affect against any oral agreement or any unregistered document pertaining to the same property, whether movable or immovable (Section-48).

Section-17 of the Act prescribes five categories of documents that are required to be compulsorily registered. Any document which does not fall within Section 17 can be registered, but it is optional.

Documents of which registration is compulsory, inter-alia, include Conveyance, Gift Deed, Lease Deed (above one year), Leave and License Agreement, Tenancy Agreement, Declaration Deed, Relinquishment deed, and/or any document which creates/extinguishes any right title or interest in any immovable property of the value of one hundred rupees or more. Only then would the pre-existing rights, titles, and interest of the transferor stand divested in the purchaser/transferee.

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Post a Comment
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now
Related Posts Plugin for WordPress, Blogger...

Popular Posts

Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now