Registration of marriage made compulsory

The Hon. Supreme Court of India in the judgment passed in “ Seema Vs Ashwini Kumar” held that marriages of persons who are citizens if India belonging to various religions should be made compulsorily registrable in their respective States, where in the marriage is solemnized and the Apex Court directed the Sates and the Central Government to take the necessary steps for implementing the Court’s direction. Accordingly on 16.11.2006 the Government of Kerala published in the official Gazette the following Rules for implementing the directives of the Supreme Court. These Rules are to come into force after the expiry of sixty days from the date of publication.
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India Budget 2007 - Highlights

Proposals for Personal Taxes

• TDS exemption limit increased from Rs. 5,000 to Rs. 10,000 on interest from Banks and Post Offices.
• TDS made applicable on interest on 8% Savings (Taxable) Bonds.
• Certain personal effects such as paintings, sculptures proposed to be covered within the definition of capital assets and brought within the ambit of capital gains tax.
  

Tax Rates

• Introduction of secondary and higher education cess of 1% resulting in increase in education cess from 2% to 3%. The increase in education cess has resulted into marginal increase in overall tax rates.
• No surcharge to be levied on domestic companies, partnership firms andforeign companies having total income up to Rs. 1,00,00,000, resulting in an effective tax rate of 30.90% for domestic companies and firms and 41.20% for foreign companies.
• Effective tax rate for domestic companies and firms having taxable income exceeding Rs. 1,00,00,000 increased marginally from 33.66% to 33.99% and for foreign companies from 41.82% to 42.23%.
• Basic exemption limit for individuals / HUFs increased by Rs. 10,000.
• Deduction for entire amount of interest paid on a loan taken for higher education of spouse and children.
• The limit of deduction under section 80D for premium towards mediclaim increased from Rs. 10,000 to Rs. 15,000.
  

read more at source (Manupathra)

The Kerala Joint Hindu Family System (ABOLITION) Act, 1975

Joint family System amoung Hindus of Kerala was abolished with effect from 01.12.1976 by Act 30 of 1976. Thereafter birth in family does not give rise to rights in property .On and after the commencement of this Act, one has no rights to claim any interest in any property of an ancestor during his or her lifetime which is founded on the mere fact that the claimant was born in the family of the ancestor shall be recognized in any court. Joint tenancy was replaced by tenancy in common:

(1) All members of an undivided Hindu family governed by the Mitakshara law holding any coparcenary property on the day this Act came into force would be deemed to hold it as tenants-in-common as if a partition has taken place among all the members of that undivided Hindu family as respects such property and as if each one of them is holding his or her share separately as full owner thereof. This however does not affect the right to maintenance or the right to marriage or funeral expenses out of the coparcenary property or the right to residence, if any, of the members of an undivided Hindu family, other than persons who have become entitled to hold their shares separately, and any such right can be enforced as if this Act had not been passed. (....read more)

Investigation of Title to Immovable Property & Issuing Certificate of Title

Title to immovable property is ascertained by perusing relevant “Documents” and “Deeds” pertaining to such property. The term “Document” has very wide import. Under general law ‘document’ means any matter expressed or described up on any substance by means of letters, figures or mark for the purpose of recording that matter. The dictionary meaning of ‘document’ is “a deed, writing, inscription, that furnishes evidence. This would mean that even a piece of paper on which something is written or typed or printed is to be treated as ‘document’. With the introduction of Cyber law, electronic documents are also now legally recognised in our country as having evidentiary value.

The documents relating to property or commercial transactions are generally called Instruments or Deeds .The Indian Stamp Act defines an “ Instrument ” to include every document by which any right or liability is purported to be created , transferred , limited , extended , extinguished or recorded . A testamentary document ( eg., a Will while the testator is alive ) an Award , Decrees and Judgments of Courts, Certificates of Shares , Share Warrants ,etc are not considered as Deeds. So is the case with land tax receipts, allotment letters etc.

The object of investigations of title is to ascertain the ownership and title of a given property, in most cases immovable in nature. The attributes of ownership are , (1)right to have and to get possession ; (2) right to prevent interference by others ; (3) Power of alienation (4) liberty of using the object according to owner’s will ;(5)liberty of enjoying the fruits and to avail of the object owned ;(6) liberty of changing its form and even destroying it (.... read more)

‘The Protection of Women from Domestic Violence Act 2005’

“A boon to the Indian Women, but a potential bane to the Indian Banker"

The Protection of Women from Domestic Violence Act 2005 ( DVA) came into force 26.10.2006. It is widely expected that DVA will go a long way to provide relief to women from domestic violence and enforce their ‘right to live’. Primarily DVA is meant to provide protection to the wife or female live-in partner from violence at the hands of husband or male live-in partner or relatives. DVA also extends its protection to women who are sisters, widows or mothers.

However in spite of the positive aspects enshrined in the enactment for protecting women’s rights DVA can have a negative impact on the real estate scenario especially on transactions of house-properties. DVA also can adversely affect (Public) Financial Institutions ( FIS) that now unhesitatingly advance hefty sums on the mortgage security of house-properties both for productive and non-productive purposes. See how and to what extent DVA can adversely affect FIS .

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