Mayfair Group
Global Investments – Local Reach
Mayfair Group has developed a unique and simple way for investors to capitalise on the Global Real Estate downturn.
We Specialise in hands free investments that can provide investors Gross Yields of up to 25% per Annum. Our Investment properties offer up to 50% equity from day one thus giving our investors strong return on investment.
For further information please Contact
Us.
Rental Property FAQ'S
Q. Is there any tax applicable on rental property income?
A. Yes, the rental property income is taxable. Nevertheless, you may reduce your rental income by deducting all the expenditure incurred by you to get your property ready to be leased out.
Q. Are security deposits also taxable?
A. No, security deposits are non-taxable if they are to be returned to the tenants at the end of the lease. However, rent received in the last month (or, rent paid in advance) is taxable.
Q. Can a tenant of a property located in a prime region, transfer his tenancy? If yes, how much can he demand from the Landlord for the transfer to take place?
A. Yes, the transfer of tenancy is possible, after obtaining the landlord’s permission. The prevailing market rate is applicable; the landlord is entitled to one-third of the share.
Q. Is the landlord required to bear a percentage towards the maintenance of his property?
A. No, there is no such proviso implemented so far.
Q. If a property is kept vacant for one year, is it possible to rent it out at market price?
A. Yes.
Q. How can the market rate be determined?
A. The market rate can be determined by brokers, registration authorities, or any concerned authorities.
Q. For how many months, can a landlord demand for rent as deposit money?
A. A period of three months.
Q. In case a tenant is not registered under the Rent Act, what is the basic procedure to ask him to vacate?
A. The basic procedure to vacate the house is to send a notice to the tenant. In case of default, a case can be filed against the tenant.
For further information contact us on info@mayfair-group.com