Saturday, May 27, 2006

Co- Operative Housing Society

  1. Formation: A builder has to initiate steps towards formation of society once he sells at least 10 Flats/ units in the building.
  2. Conveyance of land & Building: Within 4 months from the date of formation of the so-operative housing society the builder has to convey the Land and the building in favour of the society.
  3. Common electric Meter: Incase a builder provides electricity connection to the flat owners from a common electric meter it will be the builder’s responsibility to ensure the supply to each flat owner. In case of default, the flat owners can file a legal suit against the builder in the small causes court. The court may direct the builder to reinstate the supply of electricity. In case of default the builder will have to pay penalty @ Rs.100/- per day of default.
  4. Non-Occupancy charges: a society can’t charge an amount exceeding 10% of the service charges towards non-occupancy charges.
  5. Maintenance charges: can be laved on the basis of the area of the flat. All the members should share maintenance charges equally.

Agricultural Land

  • An Agricultural Land can’t be sub-divided or fragmented below 0.25 Acres. (10 Gunthe) Hence sale or Purchase of Agricultural land less than 0.25 Acres is not allowed.

Wednesday, May 24, 2006

Foreign Exchange Management Act

All transactions undertaken by a resident that do not alter his assets or liabilities outside India are Current Account Transactions. All other transactions are Capital Account Transactions. 

Foreign Exchange [FE] up to US $25,000 can be released for a business trip to any country other than Nepal and Bhutan. Travellers are allowed to carry Notes / Coins only up to US $ 2000. The balance amount will be in the form of Travellers cheques or Bank drafts. The FE can be acquired by the person 60 days prior the intended travel date. In case an individual wants more FE he can remit FE out side through the route of Liberalised Remittance Scheme. Under this scheme any resident Indian [RI] can freely remit upto US $ 25,000 per Calendar year for any permissible current or capital account transaction or a combination of both. Such amount can be used by the Individual during his visit out side India. 

Travellers must return the balance FE within 90 days and travellers cheques within 180 days.

An individual can retain up to US $ 2,000 in the form of Foreign currency notes of TCs or the FE can be credited to RFC account.

There is no limit on how much Foreign currency can be brought by a returning traveller ! Only condition is that he has to declare the amount to the customs officers at the Airport. However while coming back to India a person can bring up to Rs,5,000 in Indian currency.

A resident Indian can gift upto US$5,000 in a year to a person residing outside India. 

For private foreign visits such as Tourism FE upto US $ 10,000 in any one calendar year may be obtained.

A person going abroad for employment or migrating to other country can draw FE up to US$ 1,00,000 in India.

Cash only upto Rs.50,000/- can be used for purchasing FE. The balance amount should be through banking channels.

Sunday, May 21, 2006

Stamp Duty - Relinquishment of Right

No stamp duty will be paid in case a member of HUF relinquishes his right over a property in favour of another member of the same HUF. Such relinquishment should be on a Non Judiciary Stamp paper. The legal heirs of the Relinquishor should also accede the relinquishment. This transaction will not give rise to Capital Gains.

Thursday, May 18, 2006

Non Voting Shares

Non Voting shares can be issued by by that Pvt. Ltd. / Pub. Ltd Company which has distributable profits in terms of Section 205 for preceding 3 financial years and satisfaction of other conditions as specified in GSR 167(E) of 09/03/2001 issued by DCA.

Saturday, May 13, 2006

Maharashtra Right to Information Act 2002

The act applies to Govt. and any Public authority. The term Public Authority means a body which is constituted by any Central or State law. Owned and controlled by the state or which receives aid (Govt. land at concessional rate, exemption in tax etc.) also includes bodies whose composition and administration is controlled by Govt. or the functions of which are of public interest.

An application for information should be on a Plain paper in the format given and should be affixed with a Court fee stamp of Rs.10/-. The time limit given to the Public Information Officer [PIO] is 15 days for providing information. In case where the information involves the life and liberty of a person PIO must provide the information within 24 hrs.

The PIO may refuse to provide information based on grounds for rejection of information as stated in the law. The PIO may refuse to provide information if the information is available with him under trust, the information pertains to Service record of a person or if the information is a personal information which would cause unwarranted invasion of the privacy of the individual. However the PIO can not refuse to provide information about a prisoner even if the information is personal provided the information is used for the common benefit of the society.

Useful link à http://www.agnimumbai.org/rti.pdf