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Dharani Portal to Be Designed As One Stop Solution for Revenue Related Transactions

Dharani Portal to Be Designed As One Stop Solution for Revenue Transactions

22 Sep 2020 | 106 Views

The Chief Minister K Chandrashekhar Rao is planning to review the design of Dharani on Tuesday 22 Sep, at a high-level meeting in Pragathi Bhavan. All the officials concerned have been directed to bring comprehensive information with them. Outlining Transparent Telangana Dharani Portal Telangana Chief Minister requested officials to design the revenue portal to ensure transparency while maintaining the State's revenue records. The portal is a significant part of the state government's first of its kind progressive reforms. The Integrated Land Records Management System or the Dharani portal will soon be enabled by the general public to access the data concerning the entire State's land records. The process of registration will be carried out online by the sub-registrar offices or by the Mandal Revenue Officer (MRO), and the public must only go to the office once, by prior appointment. Land rates shall be set and available on the portal for the whole State. After submitting the required documents, the whole registration process will be completed. Land records will be updated in real-time accordingly. The portal allows anyone from any part of the country to search the state information and download the details of any part of that land. The portal also grants encumbrance details of the land, and the resident need not apply for it separately. The Government of the State is aiming to create and manage Dharani in an organised, efficient and effective way in almost real-time with all actions as the only source of truth for every piece of land. In addition, Dharani provides a GIS system which displays the land record data visually. By: Shailaja K

Avail Enhanced Benefits in a Joint Property

Understanding Tax Benefits of Joint Ownership & Joint Home Loan in India

22 Sep 2020 | 45 Views

Taxation Benefits of Joint Home Loan in India Tax saving is an important annual goal of all salaried and business people. You can save tax by taking a home loan and investing in buying a property. When it comes to home loans, you can take an individual home loan or a joint home loan. In the post, we will see how you can avail additional tax benefits of joint home loan and tax benefits of joint ownership of property in India. Housing loan interest exemption for joint owners is an important element you need to know. In a joint home loan that you can take with a parent, spouse or son, both co-borrowers can claim tax deductions. Each co-borrower can claim tax benefits in proportion to their share in the loan. Read on for details about tax benefits on home loan for joint owners. 1. Tax Benefits of Joint Home Loan On Principal Amount Under Section 80C, each joint owner of the property for which they have taken a joint home loan can claim a deduction of maximum Rs, 1,50,000 towards repayment of the principal amount, during each financial year. 2. Tax Benefits of Joint Home Loan on Interest Paid on Self-Occupied Property When it comes to deduction of interest on housing loans in case of joint ownership for a self-occupied property, there are interesting benefits under Section 24. Each co-owner of the property for which they have taken a joint home loan can claim a deduction of maximum Rs. 2,00,000 towards repayment of interest on the home loan during each financial year. The total interest paid is divided among the co-owners according to the ratio of their ownership. For example, if two brothers have taken a joint home loan and purchased a house with a 50:60 share in the property, and the total interest paid in the financial year is Rs.5,00,000, then each of them can claim Rs. 2,00,000 rebate. 3. Tax Benefits of Joint Home Loan on Interest Paid on Rented Property There are also added tax benefits on home loan for joint owners for rented property. The rental income would be divided between the owners for the sake of computing income tax, and each co-owner can get IT benefits as per the tax slab rate that they individually fall under. Individuals who receive rental income for a joint property can also get a deduction of interest on housing loan in case of joint ownership. The loss from house property (where the interest paid exceeds the rental income), is capped at Rs. 2,00,000 for each FY, for each individual. Any loss in excess of Rs. 2,00,000 would be carried forward to future years. This is an important benefit of a joint home loan. See below to understand with an example. Example: Loss incurred - Rs. 5,00,000 IT Rebate Carried forward & computed in the future years Individual Ownership Rs.2,00,000 Rs. 3,00,000 Joint Ownership Rs.4,00,000 (2 lakh each by each of the two owners) Rs.1,00,000 4. Taxation on Capital Gains From Sale of Joint Ownership Property If an individual sells one house and buys another house, then, as per section 54, the amount invested in the new house would be reduced from the taxable capital gains on the sale of the old house. This benefit also gets doubled in case of jointly owned property. Firstly, the capital gains will be computed separately for each co-owner. Secondly, each of the co-owners can get benefits in terms of taxable capital gains if they invest in buying another house within said time. 5. Benefit Under Section 54EC To save on taxable capital gains when we sell a property, we can invest the proceeds of the sales in specific bonds, such as National Highways Authority of India (NHAI) and Rural Electrification Corporation (REC). Under Section 54EC, one can claim a tax deduction of up to Rs. 50 lakhs. Again, if the property is jointly owned, then each co-owner can invest separately in such bonds and each can claim Rs. 50 lakhs deduction in IT returns. Who Can Claim Tax Benefits in Joint Home Loan? The Co-applicant Should Be Joint Owner If a co-applicant is not the joint-owner of the flat, then they cannot claim tax benefit, even if they are paying EMI. Under Section 26, in case of joint ownership of any house property, you are taxed as an individual with respect to your share in the property. The Co-applicant Should Be Paying EMI If the co-applicant is a joint-owner, but not paying EMI, then they cannot claim tax benefit. In such a case, whoever is paying the entire loan instalment can claim the entire interest paid. Apart from the above two conditions, it is also necessary that the construction of the property must be completed in order to claim the tax benefits for a joint home loan. Tax benefits cannot be claimed for a property that is still under construction, but any expenses prior to completion can be claimed in five equal instalments starting the financial year in which construction is completed. How to Repay? The repayment of joint home loan has to be made through one cheque or ECS. It can be made from a single account or a joint account. The number of EMIs can also be shared by the co-borrowers, where one of them pays a certain number of the instalments, and the other one pays the rest. Enjoy Enhanced Benefits in a Joint Home Loan So as we can see, not only the loan eligibility gets enhanced in a joint home loan, but the income tax benefits are also higher if you jointly take a home loan and jointly own it. Some of the tax benefits are almost doubled and housing loan interest exemption for joint owners can be availed even if you have rented out the property.

Telangana Land Registrations to Commence From October 2020

22 Sep 2020 | 205 Views

The land registration process in the Telangana is expected to start in a structured way in the first week of October. Property Registrations to Start in October The state government is to enforce the new revenue law in an organized manner. It is all prepared to start the process with robustness following completion of all its exercises with the registrations are expected to begin for the next month. It was coordinating the information of all agricultural and non-agricultural lands, particularly land maps and updating the Dharani website. The implementation of the revenue Act will be subject to new guidelines. In addition, at all zones of state tehsildars shall be fully trained on land registrations to complete the land market value editing exercise and to make the latest registration process-related software fully accessible. The experts in Sachivalaya said it's going to take some time in this context. Since registrations were suspended in the state for ten days concerning this officials declared that registration activities likely to start in the first week of this October. Modernization of Registration Activity A considerable amount of work needs to be done about the Registration Department, in particular, land market prices must be updated. To this effect, in Assembly, the Chief Minister KCR addressed on the revision of the Land Value Review. In this context, information on land markets prices from sub-registrars and revenue sources has been collected by the Government in the past. Registers say, however, that due to lack of transparency concerning current principles and standards, the Government handed over the market value modification exercise to a third party. In the scope of simplification and rationalization, the Government is planning to revise market values and reduce them if appropriate. After six years of reviewing existing market prices, it is likely to increase by 100 to 300 percent, particularly in commercial areas, highways, houses, multi-storey buildings and complexes. Allotment of Employment The Government also concentrated on organizing the Registration Department. The Government plans to abolish low-income sub-registrar offices in the state and split some high-income sub-registrar offices in Hyderabad, Rangareddy and Medchal districts into two or three. In this context, up to 25 sub-registrar offices in rural areas can be removed and expanded in urban areas. And plans to transfer the sub-registrars, as well as decided to modernize the system of document writers to the extent that registration activities would take place in every zone of the state. The opportunity should only be provided to those who pass the exams. It makes them hold accountable if any mistakes were made in the design of documents in future and to take action if necessary. It is gathering information of qualifications and experience of those who have already working in 141 state sub-registrar offices as writers of documents. Registration activities will commence simultaneously in October unless if unexpected decisions taken by the state government. The registration of agricultural land by tehsildars will be needed as part of the new Revenue Act. Sub-registrars shall make registrations of non-agricultural lands, buildings, lands and other activities under the Department of Registrations. This involves a collaboration of land registers, agricultural, non-agricultural and government departments working on arranging them in the latest software on the Dharani website. For this training on land, registration will also be introduced for tehsildars. The Dharani website must also be updated before it expires in compliance with the new Revenue Act. By: Shailaja K

HUDA Advises Not to Buy Land or Property in Unauthorized Layouts

22 Sep 2020 | 55 Views

The purchasing of land or plot has become a reward in large cities, in particular, these days because the land is scarce and the pride is linked to getting your property in which you can build the house as you desire. Many individuals prefer to invest in lands which get guaranteed returns in a reasonable period. Adding to this in the current real estate boom, no one would like to miss out on an investment opportunity. But the people who want to invest their hard-earned money in owning land or plot in Hyderabad should be more cautious before buying a plot in layouts of Hyderabad Urban Development Authority (HUDA). Verify Before Purchasing Land in Unauthorised Layouts HUDA recently issued a notice that some developers were taking up unauthorised layout development and promoting the same, putting the unsuspecting public unknown about the unauthorised status of their layouts. People must have to buy a property only in approved layouts to keep their investment safe. It realised that many applications for layout approvals are not reaching HUDA and some people in such areas are not clear about the layout approvals norms. HUDA has a method to check the land ownership and its approval would mean that the land has a clear title. It is alerting the general public, builders, developers, promoters, public agencies and other interested bodies/agencies not to buy plots in unauthorised layouts or enter into transactions regarding such property. It further emphasised that some developer/builder/ agency dealing in the property business in HUDA and giving publicity to such ventures. If people continue to enter into such land transactions, they alone will be responsible for their decisions and face legal consequences. List of Areas About HUDA Caution Layouts Uppal Municipality Kondapur & Grampanchayat Boduppal Village Mulhvellaguda Peerzada Guda Aushapur Chowdari Guda Village Narepally Changicherla Pocharam Village Edullabad Village Narepally Changicherla Pocharam Village Edullabad Godumkunta Bogaram Ahmedguda Rampally Nagaram Shameerpet Rajendernagar Municipality Jalpally Village Meerpet, Saroornagar Mandal G.P.Jillal Guda Village Almas Guda Hayatnagar For more HUDA prohibited areas check the link for detailed information on unauthorised layouts. The HUDA caution would guide the people to check the legality of the property before buying plot or land and make a secure investment. By: Shailaja K

Flyover from Jubilee Hills to Durgam Cheruvu Ready For Inauguration

21 Sep 2020 | 94 Views

The first-ever cable-stayed bridge of the Hyderabad at Durgam Cheruvu completed and is ready to open for traffic soon. Ready Durgam Cheruvu Long Cable-Stayed Bridge The four-lane elevated corridor from Jubilee Hills Road No 45 to Durgam Cheruvu, integrating with the cable-stay bridge, is completed under the Strategic Road Development Program (SRDP) and is ready to be opened for traffic soon. The long cable-stay bridge facilitates transport between Hitech City, Madhapur and Gachibowli. It will facilitate transport from Road Number 45 via Durgam Cheruvu to Mindspace, forming a channel between Hitech City, Mindspace and other sections of Gachibowli. The flyover is 1740 metres long and 16.60 metres wide, making traffic flows on four tracks simpler. More significantly, the structure would reduce the congestion at Jubilee Hills Road No 36 and the Madhapur Road, which have sharp curves and resulted in frequent accidents. While in April 2018 the structure was initiated, it was involved in the acquisition of property and the exercise of the civic body officials took longer than planned. As part of the framework, 55 piers had to be built and that was another logistical problem for authorities, as there was only a small amount of time available for works, citing heavy traffic. However, officials handled this setback by speeding the work earlier this year during the lockdown. With making good use of the lock-down constraints, the cable-stayed bridge works were done three times faster than usual speed. By: Shailaja K

Government to Reclaim and Ban Registration of Encroached Wakf Lands in Telangana of Wakf Properties in Telangana

Govt to Reclaim and Ban Registration of Encroached Wakf Lands in Telangana

21 Sep 2020 | 80 Views

The Telangana State Wakf Board was supported by Chief Minister K Chandrashekhar Rao's decision to reclaim encroached Wakf lands and prohibit the registration of these Properties. All the details of properties are submitted to various departments by the Board. Out of the 77,538 acres of land, around 57,423 acres of Wakf land has encroached across the State. The first survey shows that Telangana has 33,929 Wakf institutions. Special Drive on Wakf Encroached Properties Mohd Saleem Chairman of Telangana State Wakf Board informed that the Specific teams were established following the assurance provided by the Chief Minister in the assembly. The information on Wakf properties in the State will be submitted to district collectors, revenue division officers and sub-registrar offices. Before clearing the registration of Wakf properties or allowing construction, the authorities are informed to verify the gazettes notification. The Board will also perform a special mission to recognise the latest encroachments and interact with local police, revenue and municipal authorities immediately. In recent years, large areas of land have encroached mostly across the city. Hundreds of acres have encroached in areas include Mamidpally, Pahadishareef, Jalpally, Attapur, Vikarabad and Guttala Begumpet. Government is filing FIR against the land collectors and starting legal proceedings and also hiring well-known advocates to fight court cases. The Board in various courts flies nearly 2,000 cases against land encroachments. In order to prevent problems and regret later, the Wakf board insisted people to review the Wakf Gazette before buying properties. Several invasions on Wakf land are demolished by the Task Force teams, with the assistance of local municipal workers and police. By: Shailaja K

Hyderabad Ranked Top as Cost-Effective Aerospace City Globally

20 Sep 2020 | 84 Views

In the third edition of FDI's Aerospace Cities of the Future 2020/21 rankings, Hyderabad was ranked number one under the category of Top 10 Aerospace Cities in Cost-Effectiveness. Hyderabad as Affordable Aerospace City Hyderabad is ahead of Bengaluru for the cost-effectiveness of the three (biennial) editions. In 2018–19, Hyderabad stood two positions having ranked third and in 2016–17 six positions from its seventh spot. On the other hand, Bengaluru is ranked 7th this year in cost-effectiveness while retained 5th spot in 2018-19 and 8th in 2016-17. The requirements used for ranking global aerospace cities under the cost-effectiveness category are annual rent for prime Grade A office space (Dollar/sqm), the yearly rent for prime Grade A industrial space (Dollar/sqm), cost to import and export (Dollar/container) and average salary (Dollar/semi-skilled and skilled worker). List of Cities at FDI's Aerospace Future 2020/21 Rankings In the cost-effectiveness category, the cities that made to the top 10 list in the 2020/21 rankings include Hyderabad New Delhi Eskisehir (Turkey) Subang Jaya (Malaysia) Mielec and Wroclaw (Poland) Bengaluru Istanbul (Turkey) Kuala Lumpur (Malaysia) Hermosillo (Mexico) Praveen P A Director Aerospace & Defense of the Telangana Government responded on the ranking of Hyderabad and stated that it is a well-proven aerospace hub for India which has manufactured and linked facilities for major world players, such as Lockheed Martin, Boeing, GE, SAFRAN, Pratt & Whitney, CFM, Saab, Thales, Elbit, Rafael etc. The cost-effectiveness rating of the Hyderabad Aerospace and Defense ecosystem would further underline the value proposition. Aerospace requires a highly trained team and accuracy. This ecosystem has already been built by Hyderabad to ensure and enhance performance. The global aerospace industry is given the utmost priority after the pandemic, overhead reductions and cost-efficiency of the supply chain. By: Shailaja K

Government Reduced Layout Regularization Scheme Charges in Telangana

20 Sep 2020 | 146 Views

In response to the rising demands made by the public on revising regularisation fees under LRS, the State government decided to reduce the fee for regularisation of plots or layouts. This decision would give relief to thousands of poor and medium-sized people who have purchased land for years and now have to regularise them. Government Slashed LRS Charges In addition to providing an excellent opportunity for regulating illegal layouts and plots, the Telangana government has cut the fee for regularisations and provided these property owners with the much-needed financial assistance. The step to reduce the fee for regularisation is welcomed by all, and members of the real estate sector. President of CREDAI Telangana G.Ram Reddy supported the state government's decision to reduce the charge for regulations and added that this would do much to curb unauthorized layouts or plots. People can now be motivated by paying the appropriate fee to regularise their layouts and plots. The Telangana government on Thursday revised the land regularisation rates under the Telangana Regularisation of Unapproved and Illegal Layout Rules. Under the revised rules, the Government provides seven slabs instead of the four proposed in GO No. 131, dated August 31, like in the old LRS scheme of 2015. Revised Layout Regularisation Scheme 2020 Charges Regularisation Charges for Market Value of Plot per sq.yd as on August 26, 2020 Regularization Charges in Rs per sq.yd (% of basic regularization charges ) below 3000 20 % between 3001-5000 30 % 5001-10,000 40 % 10,001 to 20,000 50 % 20,001 to 30,000 60 % 30,001-50,000 80 % above 50,000 100 % Besides, the Government also clarified that the pro-rata open space charges would be collected from those layout owners if 10% of open space is not available in the unapproved layout. The Pro-rata open space charges for layouts is 14% of the plot value. As well as unapproved layout owners who are applying for LRS 2020, they should not pay the NALA charges because the LRS 2020 fees include NALA charges also. Reduced Fee Give Real Estate Owners Financial Relief Apart from real estate organizations, both the general public and agents have expressed their satisfaction at the government orders. This new charges will benefit many middle-income people. For e.g., if an individual acquired a plot in an unauthorized layout ten years ago without checking the rules and land requirements properly and the seller left them worried, now, this option, especially after the fee reduced for the LRS, would reduce the burden on buyers and others who find themselves in a similar situation, as they can officially regularise the plot. Most lands had been under the remit of gram panchayats before HMDA or HUDA were formed. Many people, particularly middle-income groups, had bought small plots to fulfil their dreams to own a house. But, the land prices have risen dramatically, especially in the last five years, following the formation of HUDA or HMDA. All these factors have been taken into consideration by the Government, and fee rates have been reduced. The new decision would reduce the burden of the middle-class people while regulating the land or properties in Hyderabad. By: Shailaja K

State Government to Expedite Infrastructure Development Works in Old City

20 Sep 2020 | 55 Views

KT Minister Rama Rao is planning to discuss and establish an action plan to speed up development work in Old City in the presence of Hyderabad MLAs in Parliamentary Election Control. Rs 6,200 crore is being spent on road development, walking tracks, stormwater drainage and constructing tanks in Old City by the government. Rama Rao replied positively to various questions put on by MLAs in the State Assembly on Wednesday during a conversation on civic facilities and other amenities within GHMC and the surrounding areas as well as other municipalities. Government Budget on Old City Infra Development Around Rs 4,030 crore spent for stormwater drainage construction and expansion. For installing four Foot-over-Bridges (FoBs), Rs 13 crores have been sanctioned at the cost of Rs 85 crore, about 96 km of footpaths and rejuvenating 11 lakes are developed in under Mission Bhagiratha. Rs 2,020 crore allocated for infrastructure development under SRDP include Owaisi flyover Bahadurpura flyover Chandrayangutta extension Falaknuma Road over Bridge (RoB) Yakutpura Road under Bridge (RuB) The beautification of Mir Alam Tank, Suraram Cheruvu Tank and Gurram Cheruvu Tank is expected to complete by March next year. The government will review the feasibility of developing the Murgi Chowk area into a multi-storeyed parking lot after consulting the heritage experts committee. Also, the tenders have been finalised, and construction work of a multi-storeyed parking lot will start at khilwath at Rs 50 crore. Proposed Development Facilities About 105 MGD's from the Krishna river at Greater Hyderabad were supplied to the old city for drinking water. The State Government is considering a further proposal to draw approximately 20 tmc from the Kaleshwara Lift Water System (KLW) through Sunkesula, in addition to exploring the proposed combinations of the Godavari and Krishna potable water systems for drinking water to peripheral areas. All this will help to improve the network for drinking water sources. In addition, as an integral part of the Musi Riverfront Development Project, the State Government aims to increase its Sewage Treatment Plants (STP) ability to meet the increasing needs of its peripheral regions by approximately 1,200 MGD from the current 800 MGD. KTR noted that the GHMC STPs was processing about 42% of sewage, which in all metropolis was the highest in the country. He also assured Akbaruddin Owaisi, AIMIM floor head, that he would convene an L&T meeting to establish a plan for the construction of Hyderabad Metro Rail in old cities. By: Shailaja K

Government to Develop Wayside Amenities at Hyderabad ORR

19 Sep 2020 | 87 Views

The Telangana government is gearing up to provide wayside leisure facilities on ORR for making long way routes comfortable to commuters. MA&UD Minister KT Rama Rao said that at the 19 interchange routes of the 160-kilometre-long Outer Ring Road (ORR) around Hyderabad the government is planning to build roadway amenities which will provide leisure for those who drive along the stretch. The government proposed facilities include Clean drinking water, food courts, restrooms, car park and other services. Govt Fund Allocation for Infra Developments The Minister announced that by 2nd October 18,000 public toilets would be ready at every City in the State. The government has spent Rs 69,000 crore on the City's growth from 2014 till its plan to turn it into a world-class city, and the amount could well exceed the one lakh crore mark if revenue expenditure is added. In the past six years, the GHMC budgetary allocation was Rs 7,700 crores and, through programmes like the Strategic Road Department Program (SRDP), the Non-Budgetary Allocation will be another Rs 1,800 crores. The Minister explained that not only in Hyderabad but in other cities of the State, the State government has been releasing funds promptly to the civic bodies. "The Government released Rs 78 Crore every month to GHMC without fail since the launch of the 'Pattana Pragathi' programme, as of February of this year. The planned wayside amenities would give impetus to economic activities, including trade and employment. By: Shailaja K

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