Come January eight, property might be registered online in Mohali and Rajpura. With this, both those cities turn into 2d inside u. S. A. To give up age-vintage bulky belongings registration manner related to a great deal time and inconvenience to dealers and customers. Under the brand new gadget, the parties will enter records related to registration online and get an appointment from the Sub-Registrar (Tehsildar) worried about their convenience. This will reduce the whole time for registration of documents to five mins.
Announcing this right here nowadays, property Financial register Commissioner Come Revenue (FCR)-cum-Additional Chief Secretary (Housing and Urban Development) Vini Mahajan told The Tribune that online assets registration changed into already taking place successfully at Moga and Adampur in Punjab, in which the trial run of u . S .’s first pilot mission became released on November 17.
Keeping in view the success of the pilot venture, we have determined to increase the web belongings registration provider at Mohali and Rajpura from New Year. Deputy Commissioners of Mohali and Patiala have confident us to release the provider from January eight,” Mahajan disclosed.
The FCR-cum-ACS stated the use of recent era, cloud-based totally internet software program, advanced in Open Source Technologies, that’s much less highly-priced and enormously at ease, will permit on line interface for citizens to enter statistics associated with registration and importing of files 24×7. The new gadget can even allow computerized calculation of stamp duty, registration charges and different expenses based totally on Collector charges. This will reduce the dependency on deed writers.
Under the new system, now not best belongings buyers and sellers will undergo Adhaar-based authentication however also the Sub-Registrars can be subjected to biometric authentication to negate frauds. Besides different blessings, the online assets registration will offer immediate SMS signals to sellers and customers and hyperlink land records with registration. It additionally provides actual time shooting of snapshots of consumers/sellers/witnesses alongside Sub-Registrars, which ensures authentication and decreases impersonation Malaysia property outlook 2015.
In Punjab, 732 documents were registered on-line thus far, of which 208 were registered in Adampur and 524 in Moga. The parties entered statistics related to register online and were given appointment as in keeping with their convenience. “As in keeping with feedback acquired from each Sub-Registrar workplaces, general time for registration of files has been decreased to five-7 mins,” stated the FCR-cum-ACS. Property Malaysia property for sale.
Punjab is the primary state in the USA to launch the net assets registration assignment, an initiative of the Union Government. National Generic Software for Document Registration (NGDRS) is used for the cause.
Punjab used PRISM software of NIC for registration of documents considering that 2002 and the remaining version changed into provided in 2004-05. To upgrade the existing software program, the Department of Revenue approached the NIC Director-General for necessary help in upgrade/development of the registration software. Subsequently, Union Department of Land Resources assigned the task to the NIC, Pune, for development of a web-based widely wide-spread solution for assets registration and the interlinking with land statistics and cadastral maps (NGDRS).
Use of modern-day technology. Cloud-primarily based web software program advanced in Open Source Technologies, that’s less highly-priced and quite secure. The online interface for residents to go into data related to registration and uploading of documents 24×7. Automatic calculation of stamp obligation, registration costs, and different prices based totally on Collector prices. Reduces dependency on deed writers.
Aadhaar-primarily based authentication to negate frauds.
Online appointment machine. Citizens can make an appointment to see Sub-Registrar as in step with the available slot. *Saves time and money for citizens. Minimizes visits Sub-Registrar places of work. Real-time reviews are generated, enabling short review with the aid of the authorities worried. Real-time taking pictures of photographs of buyers/dealers/witnesses alongside Sub-Registrars. It gives authentication and reduces the danger of impersonation—instant SMS indicators to dealers and consumers. Scanning and uploading of final documents on portal enable in updation of revenue report. Capturing of all audit logs (online sports path is captured). It enables stumble on fraud or statistics manipulation.
The Alternative Minimum Tax is a critical consideration for taxpayers who own real estate because just about every tax rule applying to real estate is different for the AMT than for the Regular Tax. This article on Real Estate and the AMT will address those situations where the individual holds the real estate as an investment, typically as the rental property. The differences in tax treatment between the Regular Tax and the AMT can be significant.
Interest paid on the mortgage was taken out to acquire the property is fully deductible, both for the Regular Tax and the Alternative Minimum Tax. Unlike itemized deductions that allow a tax benefit for what amounts to personal expenses, the tax law generally allows all deductions a taxpayer has to make in the pursuit of business income. Thus, the limitations discussed in the previous article on home mortgage interest do not apply.
If, however, the equity in the rental property is used as security for an additional loan – a second mortgage, for example – then the taxpayer must look to how the proceeds of that loan are used to determine interest deductibility. If the proceeds are used for a car loan or to finance a child’s education, for example, then the interest is nondeductible personal interest. If the proceeds are used to improve the rental property, the interest is deductible. Suggestion – it is best that taxpayers keep personal borrowings separate from business borrowings. Mixing the two creates recordkeeping challenges and can result in disputes with the IRS.
Property taxes paid on rental or investment property are allowed in full both for Regular Tax purposes as well as for the Alternative Minimum Tax. Planning idea – if you have an opportunity to pay your property tax bill either this year or next, pay it in a year when you have enough income from the property not to generate a rental loss. This strategy can help avoid triggering the passive activity loss limitations described below.
For example – in Florida, property tax bills are mailed in October and are payable under the following discount schedule: November – 4%, December – 3%, January – 2%, February – 1%. If you have a loss from the property in 2010 but expect to generate income in 2011, do not pay your bill in November or December – forgoing that small discount could help you avoid the loss-limitation rules.