Author: yazdi

Stamp Duty in Maharashtra

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I. APPLICABILITY

The Bombay Stamp Act applies to the entire State of Maharashtra. Only the instruments specified in the Schedule I to the Act are covered by this Act. All other instruments are either chargeable under the Indian Stamp Act (e.g., transfer of shares) or are not chargeable at all (i.e., if they are not specified under the Act as well as under the Indian Stamp Act).

II. CHARGE OF STAMP DUTY

2.1 It is very important to note that stamp duty is on an instrument and not on a transaction.

2.2 S. 3 of the Act levies stamp duty at the rate provided in Schedule I on any instrument executed in the State. Even instruments executed outside the state are liable to duty only on their receipt in the state, provided it relates to a property situated in the state or a matter or thing to be done in the state.

2.3 An instrument covering or relating to several distinct matters is chargeable with the aggregate amount of duty with which each separate instrument would have been chargeable.

2.4 In case an instrument is so drafted that it is covered within the ambit of more than one Article under Schedule I, then it shall be taxed by that Article which levies the highest amount of stamp duty.

2.5 The term “Instrument” has been defined to include every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded.

However, it does not include a bill of exchange, cheque, promissory note, bill of lading, letter of credit, policy of insurance, transfer of share, debenture, proxy and receipt.”

Click Here for the full article and Stamp Duty Rates

Redevelopment rules, Mumbai

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An increase in Floor Space Index (FSI) and the ratio of permissible built up are to plot area and the ever increasing property prices are making developers approach residents asking for permission to demolish their old structure and put up a new building with more apartments for a big house and more money

There are some facts you definitely need to check before you put your society for Redevelopment with a developer

 Documents Required by the society : 

– Conveyance deed
– Society Registration Certificate
– General Body Resolution to go for redevelopment
– List of member with their respective carpet areas
– C.T.S. plan & property card for the plot.
– D.P. remarks, If the property is under TPS scheme then T.P. remarks
– Copy of municipal approval plans

Click Here for more Redevelopment Rules, Redevelopment Steps, Procedures & Guidelines

 

Common Co-operative Society Problems

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Click Here for list of common co-operative society problems and solutions including :

  • How to register your society in Mumbai
  • Contact Details of State Co-operative departments in Mumbai
  • Maharashtra Co-operative Society Act, 1960 and Rules
  • FAQs
  • Transfers
  • etc. etc.

by J.B.Patel (Jeby)

Housing Society Activist!

ONE BOLD MAN / WOMAN IS MAJORITY !

FIGHT FOR YOUR RIGHT !

Join It’s My Right Group on Google Groups – https://groups.google.com/forum/?fromgroups#!forum/its-my-right

Radiation Hazards from Cell Phones / Cell Towers

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This is an important document. Please go through it carefully. The money offered by the Mobile Operators for putting up cell towers on tall buildings is very attractive and many a society fall for it. Members also feel they are gaining as their monthly society charges considerably come down. But once you read this , I am sure you will reject any such proposal for putting up cell tower in your building. Also educate neighboring buildings so that they also discourage such proposals.

Please circulate to your friends and relatives to create general awareness. If your children are going to high school or college tell them to make a presentation on this issue in their respective schools/colleges.

Click Here for the full study

Radiation Hazards from Cell Phones/Cell Towers
Prof. Girish Kumar
Electrical Engineering Department
IIT Bombay, Powai, Mumbai
(022) 2576 7436
gkumar@ee.iitb.ac.in

To survey radiation levels from mobile towers near your house, you can email emr.termcell@gmail.com or call 2857 4300 or fax 28573535

Save Money on Medicines – Go Generic

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Medicines are prescribed by brand name & not by the generics (Ingredients) . Hence we end up paying more money for the same medicine. 
 
Follow these few steps to know more & start saving on your medical bills.  
 
1. Log on to www.medguideindia.com 
 
2. Click on ‘Drugs’ 
 
3. Click on ‘Brand’ 
 
4. Type the brand name which you are using (e. g. Metocard XL (50 mg). The site will also help you with drop down menu) & Click on ‘Search’ 
 
5. Click on ‘Generics’. It will display the ingredients of the tablet. 
 
6. Click on ‘matched brands’ 
 
7. Don’t be surprised to see that same drug is available at very low cost also. And that to by other reputed manufacturer. e. g. Metocard XL 50 is for Rs. 62.00 & same drug by Cipla (Mepol) is 
 available ONLY @ Rs. 7.00 

Redevelopment Of Housing Societies – Bliss Or A Burden!

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The Government of Maharashtra is now coming up with a new master plan for revamp of old, dilapidated cessed buildings in the Housing Societies in the Island City. The State Government will form a cluster of such buildings and prepare the master plan. Though the directives issued by the Government for redevelopment of buildings in Housing Societies are in place (“Directives”), there have been complications and controversies and consequently, the Government is preparing a master plan to be followed by the Developers. As the master plan is yet to come in force, its success is yet to be tested. The process of redevelopment is to begin only once the existing members of the Society resolve in favour of the redevelopment of the housing society.

Click Here for the full story and a detailed analysis

No relief for people in minority

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The court gave no relief to persons who were in minority and were opposed to the redevelopment. The court dismissed an appeal filed by Mahesh Nandani and others against Sahara CHS to challenge an order of a single judge of the Bombay HC passed last August. The single judge had dismissed a writ filed by Nandani which challenged the order of the Maharashtra Co-operative Appellate Court in the proceedings arising from a dispute under Section 91 of the Maharashtra Co-operative Societies Act, 1960.

The dispute was raised by the housing society which had sought directions to have the residents opposed to the redevelopment project comply with the society’s resolution of September 2006. The society had entered into an agreement with a builder called Raja Builders to redevelop the building which they said was dilapidated.

Click Here for the story

The Cashless Mediclaim maze – a lot to learn

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Insurance is easy to buy but tough to claim, if you are an individual.  Raj Pradhan narrates a real-life story that takes you through the labyrinth of insurance company, broker, TPA and hospital to explain how to make a valid claim and how to avoid going out of pocket

The point about insurance, in fact the very purpose of buying it, is defeated, if your claim is rejected. Only those who have been through the hard-knocks of getting a claim paid, know how complicated it is for those who do not have corporate support. The best way to understand the complexities and pitfalls is to take the reader through a real-life example of what can happen, even in the best case scenario. And, indeed, this case is probably as good as it gets. It pertains to an office assistant at Moneylife, Rajesh Juwale.*Our first learning was that some good, cost-effective hospitals do not want the hassle of dealing with TPAs (third party administrators) or delays in payment by insurance companies.

* Our second lesson was that brokers are also not very savvy about the rules and you need to know them yourself.

* A third learning was that even if you have a cashless facility, the cost of registration as well as initial consultation and tests have to be borne by the patient.

* Our fourth learning was about finding out the cost of procedures and tests.

Click Here for the detailed update.