Month: August 2016

Truth about 4 FSI in Gaothan Areas of Navi Mumbai

Mayur
Mayur
Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur
Latest posts by Mayur (see all)

Recently, the Govt of Maharashtra gave a Green Signal to the proposal of 4 FSI in Gaothan Areas of Navi Mumbai. FSI is the amount of construction legally permitted on a plot of land. In Navi Mumbai, the current FSI is 1.5 (Max) for 99% of the areas. For the remaining 1% of tender plots, the FSI is just 1. So basically, if the Area of the plot is a 100 square meters, one is allowed to construct a building measuring 150 square meters of Built-Up area. This 150 square meters does not include areas like the lift, staircase, common passages, meter room, pump room, lift room etc. FSI is very very important in determining the strain, load and quality of life in a given area. The more the FSI, the more the population living in a given area, the more the crowd, the more the traffic, the more the stress on civic services like drainage, parking etc. But this FSI rule has been blatantly flouted in the Gaothan areas (areas in every node where the original inhabitants of Navi Mumbai illegally squatted on govt when their land was taken over by the Govt in 1970’s). Over a period of…

Continue reading Truth about 4 FSI in Gaothan Areas of Navi Mumbai

Joint owner not liable to pay Tax if no amount paid from his/her account for purchase of property

Mayur
Mayur
Legal Head at Sky Properties
Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector from legal to Building Construction to Vastu to home interiors.
When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
Mayur
Latest posts by Mayur (see all)

The Mumbai Income Tax Appellate Tribunal has ruled that Joint owners of properties by mere name cannot be held liable for Tax liabilities if the purchase of the property was not financed by him/her. Many people/couples purchase flats/properties in Joint names for convenience and security sake, but the money is paid entirely by one of the parties. The order was given in the case of a Medical Professional named Vandana Bulchandani. An Income tax officer had determined that Bulchandani had not disclosed Capital Gains via sale of property in Parel, Mumbai, worth 2.12 crores, which she jointly owned with her husband in the year 2008-2009. But Bulchandani claimed that the property purchase was financed entirely via money from her husbands account and that he had offset the capital gains against the loss in share trading. As per IT rules, short term capital gains can be offset against loss from share sales in the same financial year. The case was referred to the Tribunal and it ruled in favor of Bulchandani and her husband.

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