Property purchased by Group (friends0
Pradeep Kamathe
(Querist) 04 January 2010
This query is : Resolved
Hello Sir,
We are 10 friends wants to purchases one land measuring around 5R ( non NA) our objective is to build warehouse on it & give it on rent basis i.e it is used for business purpose.
Please advice us 1)how should we plan this activity so we avoid future problems?
2)Pl. advice us from tax point of view & loan availability for construction of warehouse.
3)How I find the property have clear title i.e true owner of the land ?
Raj Kumar Makkad
(Expert) 04 January 2010
1. Frame a partnership Deed and get it registered. Partnership deed should contain the duties and rights as well as share, risk, working, account operation etc. concerning the aims and objects of partnership and then as per its bye-laws, move ahead.
2. Loan can be got availed by banks subject to their own terms and conditions. Provisions of IT Act are duly applicable on the income of Partnership firm.
3. Obtain title deed from seller and seek its search report since last 30 years from an engaged lawyer who shall make search from the office of the registrar and all relevant authorities and shall submit his report to you. Non-Encumbrance certificate can also be obtained from the seller of the land.
