Que.: Should the agreement letter of selling of any property be got registered?
Ans.: It depends upon the circumstances at the time of the drafting of agreement letter. If the sale-agreement-letter is with Sale Deed, then, there is no possibility for controversy & there is no to get the Sale-agreement-letter registered. Otherwise, according to the Transfer of Property Act., each & every documents concerning to the immoveable property, must be got registered. Under Indian Evidence Act., the documents, not registered, aren't recognised as evidence. If the possession of the property is not given, its sale -agreement can be registered by paying the required stamp duty.
Que.: How much is the maximum rebate payable on the interest of the Loan for the construction of one's own house?
Ans.: Maximum Rs.30, 000, as rebate can be demanded on the interest of the Loan for one's own house. If the Loan is taken after 1st April 1999 and, within the three years since the financial year wherein the house was bought or constructed, Income-tax rebate is being demanded, then, maximum Rs. 1.50 lakh can be obtained as rebate on the interest.
Que.: Who is liable to pay Income-tax on the earnings through the rent of a residential property?
Ans.: Income-tax is payable only when the residential property is under someone's ownership. The would-be rent amount to the owner of residential property should be shown in the Income-tax return.
Que.: I've a property at Indore. Can I mortgage it for Home-Loan?
Ans.: Home-Loan can be acquired for any residential purpose & no other property is required to be mortgaged for that. Thus, your having a property at Indore does no matter.