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TRANSFER OF PROPERTY

In India, the transfer of property is bound by the Transfer of Property Act 1882, one of the oldest Acts in India. It deals primarily with the transfer of property in the forms of sale, lease, mortgage, exchange, and gifts.
According to section 7 of the Act:
‘Every person competent to contract and entitled to the transferable property, or authorized to dispose of transferable property not his own, is competent to transfer such property, either wholly or in part and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed by any law for the time being in force,’
This applies to all movable property and does not deal with the transfer of immovable property
Immovable property is the property that cannot be moved, property that is fixed in place or attached to the Earth, trees or plants attached to the Earth, large manufacturing plants, and buildings attached to the ground.

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GOODS AND SLABS

Goods and Services that charge 5% tax
Under the Goods and Services Tax, different goods and Services carry different percentages of tax to be paid. Below you will find a list of products and services and the amount of  tax that is charged for them.
Goods and Services exempted from tax:

Goods Services
Milk Local Trains
Bread Hotels below Rs. 1000
Fruits  
Vegetables  
Salt  
Wheat flour  
Chicken  
Eggs  
New paper  
Printed Books  Goods and Services that charge 28% tax

Goods Services
Tea/Coffee 1st Class AC coaches on trains
Cooking Oil Regional Connectivity Airports
Branded gains and  

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MODEL TENANCY ACT

In the preceding months, as a result of the outbreak of the COVID-19 virus, multiple  lockdowns, the guidelines set by the government to control the spread of the deadly virus, many people living away from their family found themselves moving back to stay and be with their families during the difficult period. This resulted in many tenants vacating their houses and other people looking for new houses to rent, raising questions like
• How much security deposit can the owner/property manager charge me?
• What happens if I stay in a house post your rental agreement?
• When can a landlord/property manager enter the premises that have been rented out to you?
These are just some of the questions the Model Tenancy Act will answer.
 “The existing rent control laws are restricting the growth of rental housing and discourage owners from renting out their vacant houses due to fear of repossession. One of the potential measures to unlock the vacant house is to bringing transparency and accountability in the existing system of renting of premises and to balance the interests of both the property owner and tenant in a judicious manner,” says the new Act, piloted by the Ministry of Housing and Urban Affairs.
The MTA sets a ceiling on the amount of security deposit an owner/landlord can collect from a tenant i.e. not more than two months rent in the case of residential premises and 6 months for non residential properties.
If a tenant continues to reside in the rented property after the rental agreement has come to an end, the owner/landlord is entailed to double the rent for a period of two months and charge four times the rent beyond that.
It is not an uncommon practice for owners/property managers to want to visit the house premises to ensure the property is being maintained well. The MTA lays out a protocol that must be followed by the owner/landlord/property manager before making such visits.  The owner/landlord/property manager may enter the premises only after issuing a notice, in writing or electronically, to the tenant not less than 24 hours before entering the premises.  

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DIGITAL DOCUMENTATION

When it comes to digital documentation, it is all about taking physical documents and converting them into a digital format, organizing them, and storing them on the cloud or any digital platform. This allows for an easy way to create, edit, keep a track of, organize and store your documents.
Truwits handles all your legal digital documentation needs, from providing you with the required documents, allowing you to customize it to suit your needs, rendering your personalized document, assisting you throughout the process of it all, giving you the option of digitally signing the document, blockchain it so it cannot be tampered with, and in case of any further assistance, you can get in touch with one of our lawyers.  

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GOODS AND SERVIES TAX

The Goods and Services tax was introduced in India on the 1st of July 2017.
This Tax would simplify the levying of taxes like Excise Tax, Service Tax, VAT, CST and Octroi, by bringing them together under one tax, the Goods and Services Tax paid at the percentages of 5,12,18, and 28 for different goods and services. The goal as Prime Minister Narendra Modi stated was to introduce the concept of ‘One Nation, One Tax’ with the implementation of GST.
Mandatory GST Registration Requirements:
Any business that has a turnover of Rs. 40 lakhs and above per annum Is required to pay the Goods and Service Tax. Businesses selling products and offering services online are also required to pay GST, regardless of their annual turnover.
Businesses may voluntarily register under GST if they wish to, even If they are not required to do so under law.
Main Components of GST:
The Goods and Services Tax is divided into the following components:
1. Central Goods and Services Tax (CGST): This is the tax that is paid to the Central Government. This tax is levied, when the good or service is manufactured and sold within that particular state. For Example: X produces goods in the State of Karnataka and sells them in Karnataka. A percentage of the GST paid will be CGST and will go to the Central Government.
2. State Goods and Services Tax (SGST): This percentage of tax is paid to the State Government in which the purchase is made. This tax is levied, when the good or service is manufactured and sold within that particular state. For Example: X produces goods in the State of Karnataka and sells them in Karnataka. A percentage of the GST paid will be SGST and will go to the Karnataka State Government.
3. Integrated Goods and Services Tax: Integrated Goods and Services Tax is levied when the product or service is sold outside the state in which it was produced. For example, A manufactures goods in Tamil Nadu and sells them in the state of Maharashtra. I Such a Case, IGST will be levied.
Forms to be filed:
1. GSTR -1: This form is filed to inform the Government how much sales has taken place during that month or that quarter. Those tax payers that have a turnover of 1.5 crores per annum and not above may submit the GSTR-1 every quarter. Those tax payers whose turnover is more than 1.5 crores, he/she must file GSTR-1 on a monthly basis.
2. GSTR-3B: It is a document that contains your total purchases and sales for a month. This form tells the Government, what your tax liability to the government is.