FAQ's - TBPL

Frequently Asked Questions (FAQs)

A few among the best residential areas in Thrissur are Poothole, Poonkunnam, mannuthy, viyoor, Muthuvara, Aswini Junction.

Yes. Our Project Royal Nest with 4BHK &3BHK luxury villas is located in Muthuvara in Thrissur by TBPL (PB Homes).

The common amenities offered in our projects in Thrissur are swimming pool, Multi purpose hall, Children’s play area, Centralized gas supply, 24-hr security / water / power, Rainwater harvesting, Landscaped garden, Car charging provision, Solar power for lights in common areas etc.

TBPL RIO GRANDE at Poothole and TBPL LOIRE at Mannuthy are our under-construction flats in Thrissur.

Yes. All our projects TBPL RIO GRANDE, TBPL LOIRE, ROYAL NEST VILLAS (TBPL PB Homes) are registered with RERA.

The following are the documents which are mandatory for a clear title of the project.

  • Title Deed
  • Encumbrance Certificate
  • Possession Certificate
  • Tax Paid Receipt
  • Building Permit and License Drawing
  • Initial NOC from Fire & Rescue Department
  • Consent to Establish from Pollution Control Board Construction

Undivided share (UDS) is the share which cannot be divided. The residential apartment complex with a number of flats is built on the land. Each and every flat owner is the owner in the apartment complex and will have a share on the land which is impartible. The share of each flat owner will be in proportion to the area of the individual flat including the share of whole common area with the total area of the apartment complex.

  • Completed Loan Application
  • Proof of Identification: (any of the following)
  • Driving license
  • Ration card
  • Passport
  • PAN card
  • Voter’s ID card
  • Employee ID
  • Bank passbook
3. Proof of Age: (any of the following)
  • PAN card
  • Birth certificate
  • 10th class marksheet
  • Bank passbook
  • Passport
  • Driving license
4. Address Proof: (any of the following)
  • Bank passbook or Bank account
  • statement
  • Voter’s ID
  • Ration card
  • Passport
  • Utility bill (telephone, electricity, water, gas) – less than 2 months old
  • LIC policy/ receipt
  • Letter from a recognized public authority verifying the customer’s residence address
  • 5. Income Documents
    • Salaried individuals (any one of the following)
      • Form 16
      • Certified letter from Employer
      • Pay slip (Last 2 months)
      • Increment or Promotion letter
      • IT returns (for 3 years)
      • Apart from the proof of income of the salaried individual, he would also have to furnish any investment proofs (like fixed deposits, shares, etc) and his passport-size photographs
    • Self Employed or businessman: (any one of the following)
      • Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
      • Last 2 years Balance Sheet and Profit & Loss account of the firm- duly attested by a Chartered Accountant
      • Apart from these, a self-employed individual also has to submit
      • A brief introduction of his profession/business
      • Passport size photographs
      • Photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
      • Photocopy of Registration Certificate for deduction of Profession Tax
      • Proof of investments
      • Certificate of Practice
      • Receipts of advance tax payments (if any)
    • Others
      • 3 Photos
      • Copy of PAN card (Self attested)
      • Copy of Passport (Self attested)
      • Copy of VISA (Self attested)
      • Copy of work permits (Self attested)
      • Copy of Employment contract (Self attested)
      • Copy of Overseas address proof (Self attested)
      • Loan account statement if any
      • Copy of employer ID card (Self attested)
      • Power of Attorney
      • Copies of Asset proofs ( land tax, building tax receipts, FD receipts etc.)
      • Sale agreement from the builder
      • Construction agreement from the builder
      • Tri/Quadripartite agreement from the Builder
      • NOC from the builder
      • Receipt from Builder for own contribution amount paid by the customer.

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counsellor about the tax benefits which you could avail on your loan.

As per Section 80C of the Income Tax Act, you are allowed separate deductions on principal and interest amount of home loan amount, along with other entities like ULIP, PF, PPF, ELSS, and NSC’s. In case of principal, you can claim deduction up to Rs 1.5 lakhs while in case of interest, it is Rs 2 lakhs. The amount of stamp duty and registration is also eligible for tax deduction. It is important to note that the tax rebate can only be claimed for the year in which the construction is completed.

Yes, you can get the benefit for both loans. However, the total amount that you will be entitled to will not exceed Rs 1,50,000 for both the homes.

In fixed interest rate, the interest remains constant throughout the loan period irrespective of the changes in market conditions while in the floating interest rate, the interest can decrease or increase depending on market fluctuations.

Property is considered a capital asset and Capital Gains Tax is levied on the gains arising from the sale of the property. Such gains are calculated by adjusting the inflation rate index, transfer and renovation charges. This can be well explained by a tax consultant.

If the house is held for less than three years prior to its sale, it is termed as a short-term capital asset and any gain arising from the sale is treated as a short-term Capital Gain. There are no tax exemptions for short-term Capital Gains and one needs to pay it according to the applicable tax slab. However, if the property is sold after holding it for more than three years, it is treated as a long-term capital asset and the gain arising from it is called the long-term Capital Gain. Such gains attract a flat exemption rate of 20%.

There are a few exemptions available for long-term Capital Gains if you: Buy or construct a new house.
If you build a new house or buy one from the money you receive from selling a property, you are exempted from paying the tax on Capital Gains. However, the new purchase should be done either one year before or within two years of sale and the construction should be completed within three years from the date of transfer. The new property bought or constructed should not be sold within three years from the date of its purchase or date of completion of construction.
Capital Gain Account Scheme – Through the Capital Gain Account Scheme (CGAS), you can save the received money in designated banks. CGAS helps you in buying time to look for suitable investments, as it serves to inform the Income Tax department that you plan to invest the money received; but at a later date.
Invest in Bonds- You can also invest in financial assets or bonds to save tax. Such bonds are issued by the Rural Electrification Corporation and the National Highway Authority of India and should be brought within six months of transferring the property. You can invest a maximum of Rs 50 lakhs through these bonds.

Yes. From 1 June 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing Rs 50 lakhs or more, he has to deduct tax at source (TDS) when he pays the seller. This has been laid out in Section 194-IA of the Income Tax Act.

Yes, Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of puchase of Immovable property.

NRI FAQS

No permission is required by non-resident Indian nationals to acquire immovable property in India.

Yes, Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

Non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possessions, etc) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of purchase of Immovable property.

Yes

No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property.