Holiday home glossary – definitions property terms-T

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Tax clearance (37-1): The Income Tax Act, 1961 specifies that any lease transaction for not less than 12 years or any sale transaction, above a prescribed transaction value limit tax, has to undergo a clearance process from the appellate body known as the Income Tax Appropriate Authority, constituted under the Income Tax Act. A joint application by the parties involved in the transaction is submitted along with processing fees to the Income Tax Authority, which takes upto a maximum of three months to grant the clearance, without which the sale transaction is not complete. This procedure is popularly known as the 37-(I) clearance, which is the application form number used for this purpose.

Technology Park: A landscaped development usually comprising of high specification office space as well as residential and retail developments, designed to encourage localisation of high technology companies such as information technology, software development etc., thereby giving each the benefit of economies of scale. Usually, technology parks are located outside the inner city areas as these are quite land intensive in nature.

Tenancy: (a) Strictly speaking, the interest of a person holding property by any right or title. (b) More usually, an arrangement, whether by formal lease or informal agreement, whereby formal lease or informal agreement, whereby the owner (the landlord) allows another (the tenant) to take exclusive possession of land in consideration for rent, with or without a premium, either:
(a) for an agreed period of
(b) on a periodic basis until formally terminated

Tenant’s improvements: Improvements to land or buildings to meet the needs of and carried out wholly or partly at the expense of the tenant.

Town and country planning: The determination of policy for the development and use of land and the control of its implementations in urban and rural areas by district and country planning authorities.

Turnover rent: A rent which is calculated as a proportion of the annual turnover of the lessee’s business. Usually, it does not fall below a base rent. More commonly used in the USA, although in recent years being applied with increasing frequency in the Europe and the mature markets of Asia, especially in the case of the more profitable retail outlets.

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