You can switch your tenancy rights, not promote the home

I stay in a chawl in Mumbai. After my father handed away, the tenancy rights had been allotted to me. The property is positioned within the suburbs and prices round ₹30 lakh. I recurrently pay lease to the owner. Now, I wish to promote the property. What is the share that I should pay the owner?

—Name withheld on request

The Maharashtra Rent Control Act entitles the tenant to obtain consideration as a situation of the relinquishment, switch or task of tenancy of his/her tenanted premises, supplied there is no such thing as a prohibition imposed by the owner. The Act additionally entitles the owner to obtain any effective, premium or different like sum or deposit or any consideration in respect of the grant, or for giving his/her consent to the switch of tenancy.

As regards your question in respect of promoting the home, you will not be ready to take action as you might be solely a tenant. However, you might switch/assign your curiosity, i.e., your tenancy rights in favour of a 3rd occasion after acquiring consent from the owner.

Further, in respect of the fees to be given to the owner for such a switch, the Act doesn’t prescribe any share or share of the consideration to be given by the tenant to the owner. However, as per common observe, it might probably differ from 30% to 50% of the consideration acquired by the tenant for such a switch.

Can grandparents remit cash by means of the Liberalized Remittance Scheme to a grandson finding out overseas?

—Sushil Shelot

A resident particular person can switch cash overseas as much as $250,000 by means of a certified supplier per monetary 12 months for permitted present account/capital account transactions or each underneath the Liberalized Remittance Scheme.

The restrict can be utilized in a single or a number of foreign exchange transactions mixed in a monetary 12 months. Therefore, grandparents can remit cash by means of the scheme to their grandchildren finding out overseas.

There are additionally sure particular circumstances that allow a resident particular person to ship extra money than the utmost restrict, which can be launched by the licensed sellers for medical remedy or for finding out overseas, and so forth.

Aradhana Bhansali is companion, Rajani Associates.

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