Query Regarding to purchase property on lease agreement.
I Sudip Raja currently leave in Gondal City (Dist. Rajkot, State – Gujarat). I want to buy a property on lease agreement. At present there is total two owner of this property. (1) First & original owner is APMC (Agriculture Produce Marketing Yard Committee). (2) Second Owner is who at present use this property on 98 years lease agreement. I buy this property from second owner. When second owner buy this property from marketing yard in year 2001 at that time property cost Rs. 4 Lakh. This 4 lakh value is only land value. After acquire this land second owner construct a godown on this land which value Rs. 2 Lakh. At present in year 2013 this property market value Rs. 1 crore approx.
As per marketing yard lease agreement terms & condition no one have right to sale this property and also no one have to right to give this property on rent basis. Means second owner have no right to give on rent basis or also no right to sell it.
Now if I buy this property then I get only Rs.4 lakh lease agreement and Rs. 2 Lakh construction value it means total Rs. 6 Lakh I get on my account book. All other Rs. 94 Lakh that I have to pay in black money format. I want to pay all money in white format because this property I buy on support of bank loan. Now Bank requirement is that if there is no any register document with property register office of government then how we give you loan? Also in marketing yard lease agreement they give in written that all schedule, private bank have right to give loan on this property. But bank are not accepted this they want registered document.
So, Respected Sir, Is there any way as per Indian government and Gujarat government property law that I will buy this property in white format money and I also register it with register office of government and also bank clear my loan?
My Second Question Is that lease agreement property calculated for wealth tax or not?
My Third Question Is that lease agreement property calculated for depreciation or not?
My Fourth question is that if I not get any register document that I want in white format so I show in my account book then what I will do for it that all value show in my account book ?
02 July 2013
As regards lease it is always lease which means you are given only the users right and no ownership is transferred. Therefore, after expiry of the period of lease you have to either vacate the property and handover to the owner.
The lease can be transferred from one person to other by way of sub-lease or if it is Govt. property on issue of NOC by the lessee it can be re-assigned to some other lessee.
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