5. What is the object of the tax levied under Maharahstra Tax on Buildings (with Larger Residential Premises) (Re-enacted) Act 1979? Why was it re-enacted? When is such a tax payable?

  • January 3, 2018
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  • Om Vyas

The object of the Maharashtra Tax on Buildings (with Larger Residential Premises) Acts 1979 is to levy a tax so that there is a check on extravagant use of available living space, particularly residential accommodation. This tax is a source of revenue for the State Government. Initially there was a separate Act i.e. Maharashtra Tax […]

4. What is the purpose of collecting amounts towards Sinking Fund in Co-operative Housing Society? What should be the contribution from members towards Sinking Fund? When can the amount collected for Sinking Fund be spent by the society?

  • January 3, 2018
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  • Om Vyas

The purpose of collecting Sinking Fund is to accumulate and keep sufficient funds with the society so that the property of the Society i.e. building can be reconstructed in future. The contribution to Sinking Fund is a statutory obligation. Sinking Fund has to be contributed as decided by the General Body of the Society. It […]

3. A house is a house, by whatever name you call it. How is an apartment under the Maharashtra Apartment Ownership Act the any different from a flat under the Maharashtra ownership Flats Act, 1963?

  • January 3, 2018
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  • Om Vyas

Under The Maharashtra Ownership Flats Act, 1963, the land and the building including, flats/ premises or apartments are conveyed to and owned by a Co-operative Society or a Limited Company, both of which are persons or incorporated bodies in Law. An association of Apartment owners under the Act is an incorporated body. Further, under the […]

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