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Property

Tax clearance (37-1)

One of the fundamental principles of finance is the Income Tax Act of 1961. This act states that any lease transaction that lasts for at least 12 years or any sale transaction above a certain value must be approved by the Income Tax Appropriate Authority, as per the prescribed process. This involves submitting a joint application by the parties involved, along with the required processing fees. The clearance process can take up to three months, and without it, the sale transaction cannot be finalized. This process is commonly referred to as the 37-(I) clearance, named after the application form used.

Asset valuation

Valuation in the property market refers to the process of determining the value of a property, whether it be land and buildings or plant and machinery. This term is commonly...

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Building contract

A building contract is a legally binding agreement between a landowner or occupier and a building contractor. It outlines the terms and conditions for the construction proje...

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Completion certificate/statement

In the world of finance, a conveyance statement is a document created by solicitors who represent both the buyer and seller in a property transaction. It outlines all paymen...

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Pre-stressed concrete

In the field of finance, we often come across the term "pre-stressed concrete". This type of reinforced concrete utilizes high-tensile steel bars or wires, which are either p...

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