What happens to old high rise buildings?
What happens to the apartment owners in India when the building gets too old and as a result must be demolished? ... Generally, a cooperative society or building association is formed with all owners or co-sharer of the building. They look after the maintenance of the building.
What if a tenant stays more than 10 years?
If a tenant without any lease agreement stays for more than 10 years in a residential building, would they acquire any property rights on that house or portion as per Indian law. ... It is also not necessary that there must be written agreement for tenancy. Such oral tenancy is governed by Rent Control Act of the State.
What if a tenant lives more than 10 years?
There is no such thing in law that the tenant can claim rights in the property after having lived in that articular property for more number of years. ... He cannot claim rights in the property but he can claim tenancy rights if you are trying to evict him without observing due process of law.
How easy is it to sell a house with a sitting tenant?
Sitting tenants can also be a great selling point if you want to market the property to fellow landlords. Having a tenant in the house already means that the new owner is guaranteed an income from the start and doesn't have to market the house after they've bought it, or worry about refurbishing and furnishing it.
Can I sell a property with a sitting tenant?
In short, a sitting tenant is someone who is renting a property that the owner (their landlord) has decided to sell. If they have an ongoing agreement or contract with their landlord (the seller), the sitting tenant will retain the right to continue living in the property once the sale has been made.
Do sitting tenants have rights?
A sitting tenant is a renter living in a property that their landlord decides to sell. If the tenant has an ongoing contract or agreement with their original landlord, then they retain the right to live in the property when it changes hands.
How much tax do I pay if I sell my rental property?
When you sell a rental property, you need to pay tax on the profit (or gain) that you realize. The IRS taxes the profit you made selling your rental property two different ways: Capital gains tax rate of 0%, 15%, or 20% depending on filing status and taxable income. Depreciation recapture tax rate of 25%
Does the IRS know when you sell a house?
In some cases when you sell real estate for a capital gain, you'll receive IRS Form 1099-S. ... The IRS also requires settlement agents and other professionals involved in real estate transactions to send 1099-S forms to the agency, meaning it might know of your property sale.
At what age can you sell your home and not pay capital gains?
The over-55 home sale exemption was a tax law that provided homeowners over the age of 55 with a one-time capital gains exclusion. The seller, or at least one title holder, had to be 55 or older on the day the home was sold to qualify.
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