Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young.
~Henry Ford
Showing posts with label Investment Plan. Show all posts
Showing posts with label Investment Plan. Show all posts
"Money is a result, wealth is a result, illness is a result, your weight is a result. We live in a world of cause and effect."
"Have you ever noticed that complainers usually have a tough life? It seems that everything that could go wrong does go wrong with them."
"Take ownership of your success or failure. Never blame someone else for your own failures."
"Ask most people if they want to be rich and they'd look at you as if you were crazy. "Of course I want to be rich," they'd say. The truth, however, is that most people don't really want to be rich."
"The number one reason most people don't get what want is that they don't know what they want."
"Poor people are focused on spending their money. Rich people are focused on making it, keeping it and investing it."
"Rich people focus on their net worth. Poor people focus on their working income." ex: james is worth of 10Million after this new deal.
"Rich minded people become rich because they do not want to have any ceiling on what they can earn. They prefer to earn money based on their results, whether through commissions, royalties or having their own business."
"Some people's money blueprints set them up to earn only a certain amount, whether is $20000 or $200000 they will rise to that amount and go no further, since they believe this is the figure they are worthy of. Change the story and change your worth and become good receiver, a 'money magnet', Celebrate any money that comes to you, no matter how small, and the universe will give you even more."
"Rich people play to win and do not give up in tough times."
The Secrets of the Millionaire Mind written by T. Harv Eker.
How to Check Farming Land Records in Telangana State:
Go to
http://ccla.telangana.gov.in
Under 'Citizen Services' click on ' Know your Land Status' link which will navigate to below link
http://ccla.telangana.gov.in/landStatus.do
Here select
District name
Division Name
Mandal Name
Village Name
If you enter Khata number you will get ROR-1B record.
if you enter Survey Number you will get Pahani record.
Do you know what lavani patta is?
In Hyderabad, there is a different type of land title which provides legal ownership of land. Actually, 'Patta' in simple terms is a legal document that is usually issued by the government. Lavani Patta is a government asset allotted by the State. The government allots the land for two kinds of people one is for freedom fighters and the other is for the poor, especially the farmers.
How is it different?
Lavani is a type of land title. According to the law, one must be a resident of the village where the proposed land for assignment exists. Also, one can be an agricultural labour or village artisan having an income of less than Rs 11,000 per year. The land is also allotted to ex-service persons, freedom fighters, political sufferers and families affected due to terrorist violence. However, priority is given to the landless poor.
The government allots such type of land to the poor to promote farming activities. We understand that the people living below the poverty line do not have a decent living standard. In such a case, the government provides land for agriculture. In fact, Lavani plot or land is not transferrable, which means once allotted by the government it cannot be sold. "We have come across cases where such type of land (Lavani plot) is sold. The buyers buy plots unknowingly and face the consequences later. These plots are non-transferable," says Veera Babu, managing director, Cushman & Wakefield, Hyderabad.
In many cases, the government itself uses such land for building infrastructure in the country. For instance, the families of the Ranga Reddy district, Hyderabad, recently demanded compensation from the government when they decided to acquire Lavani Patta land to construct an international airport. The farmers warned that they would oppose the construction of the airport if they were not provided with any sort of rehabilitation packages.
In fact, India was actually a signatory to the displacement and rehabilitation convention of the United Nations. Under this, it has been noted that people who are displaced should be provided legal protection and given rehabilitation package to improve their standard of living. This is the reason why the government provides land to the poor.
In case of freedom fighters, the government allots land but the recipients cannot sell it for 12 years from the date of allotment. After the completion of the tenure, the land can be sold to whosoever. The Patta is once again issued in the name of the new owner of the land. Moreover, the government will sign the Patta with a pre-condition that such type of lands can be sold after its tenure is over (i.e. after 12 years).
Also, 'Lavani Patta' is the only type of land title that is not tradable. All other land titles are used for commercial purposes. "In fact, if such Lavani Patta land or plot is sold by brokers, it will be very difficult for buyers to get it registered anywhere in the state. It is a huge loss for property buyers as it is government land and is not for sale," adds Babu.
How can you obtain it?
The best way to obtain Lavani Patta is through appropriate administrative authority especially the Revenue Department of the State. The Chief Commissioner of Land Administration (CCLA) is the chief controlling authority for the revenue administration.
Usually, the Tahsildar is the competent authority to assign the lands. Here, 50 percent land is assigned to Schedule Castes, 10 percent to Schedule Tribe, 30 percent to the backward classes and the rest 10 percent is provided to other categories. In fact, once in every year, 100 percent field inspection needs to be done and the revenue department has the authority to cancel the assignment and resume the land to the government in case of any issues.
The government usually keeps monitoring such type of land as it is their own assets. To get such type of land, one has to contact the village officer, who will then place the request in front of the Revenue Department Officer (RDO). But one thing is clear that Lavani Patta land is not transferable, so, please do not fall for false deals and incur huge losses.
Are you buying Agricultural Land? Here is your 9 point check list
Buying a property is fraught with many risks these days. From encroachments to disputes to forgery, the issues are multifold. Hence it is important that one is aware of all the documents to be checked and all the issues to be cognizant of. Here is a check list for anyone planning to buy agricultural land in the States of Telangana & Andhra Pradesh. Similar land documents exist in every state albeit with different names.
When you buying agricultural land in Telangana or AP,
Know the land address: Find out the exact extent, survey number and boundaries of the land that you are intending to buy and the revenue village in which it is located. It is important to ascertain whether the details of the land shown on the paper and the land on ground are the same. Village map, Tippan/FMB and Pahani/Adangal will help in knowing these details. Also, it’s helpful to get the land surveyed before proceeding to purchase.
Classification of the land: Law prohibits purchase of certain categories of land. Find out whether the land which you are intending to buy falls under any of the prohibited categories. Government lands, lands assigned to the landless poor by government and forest land are the few categories of land which can’t be purchased. Only tribal can purchase land in Scheduled Areas (Tribal areas). The classification of the land can be ascertained from Setwar/RSR, Pahani/Adangal, IB register, Pattadar Pass Book and Title Deed. Do not come to any conclusion about the classification of the land just based on entries in Pahani/Adangal.
Is the seller the real owner? A person who owns land can only sell it to others. Purchaser gets the same right which the seller has and if the seller has no right or has insecure right then the purchaser also gets no right or insecure right. Title Deed, Pattadar Pass Book, 1B register contains the details of the land owner. See all these three records to know whether the seller is the real owner. Encumbrance Certificate also shows the name(s) of the owner(s) and earlier transaction on this land.
Existing claims and disputes: Find out whether there are any existing claims or dispute on the land. enquiry in Tehsil (Block Revenue) office and also with neighboring land owners may reveal any existing claims or disputes.
Sale Deed and Registration: get a detailed sale deed written with complete details about the land with boundaries and the particulars about the owners. Sale deed should be compulsorily registered. Unregistered sale transactions are invalid.
Mutation: apply to the Tehsildar (Block Revenue Officer) within ninety days from the date of registration in form 6A for making mutations in the land records and getting Pattadar Pass Book and Title Deed. However, application can be made even after expiry of ninety days.
Survey and Sub-Division: Get the land surveyed and sub-divided
Entry in Pahani/Adangal: Get your details entered in the Pahani/Adangal
Obtain copies of land records: Obtain the certified copies of Pahani/Adangal, 1B register and Tippan/FMB. Check the Pahani/Adangal every year to ensure that your name is in the record.
Cashflow Quadrant: Rich Dad's Guide to Financial Freedom Book by Robert Kiyosaki Summary of Book: Investment Rules:
- Money is something to be seen with mind not with eyes.
- ROI means not Return on Investment but it is Return on Information.
- We do not need money to create money.
- Divert funds from S and E quadrants to I and B quadrants.
----------S is for Self Employment / Small Business Ex: Free Lancer / Grocery Shop owner.
----------E is for Employee Ex: Govt / Private Employee own monthly Salary
----------B is for Big Business / Business Owner Ex: Running Business like Theater/Bunk leased out.
----------I is for Investments Ex: Rental Income / Appraisal of price of Real Estate property.
- Pay nicely to Agents. Review facts yourself and do not believe assumptions.Find the right brokers who understand our requirement and think like investor.
- While investment, focus on whether money flowing in (or) money flowing out of your pocket.
- Home Loan is Asset for Bank and Liability to the Asset Owner. Categorize your properties in either asset or liabilities types. Unless Flat / home which has loan associated with it, if cash flows to your pocket, it is asset else it is liability. First thing we need to do is reduce our liabilities and move them to asset column.
- Fixed Deposit is Asset to customer and Liability to the Bank. Home Loan / Personal Loan / Mortgage loan is Asset to Bank and Liability to Customer of Bank.
- When buying Real Estate property, check whether Annual Rents/lease income earned minus ( Yearly Maintenance Charges + Municipal Taxes + Annual Home Loan EMIs) should be positive or flow some cash to your pocket. Only then it is wise investment.
- More People owes you money, more wealthier you are. More people you owe money to, more poorer you are.
- With current inflation rate and tax rules, people who saving money in banks for long term retirement plans are equal to the people who are not investing.
- Buying bigger house than your need for Tax Breaks / Tax Benefit is trap, so that banks will survive with your EMIs and Government will earn in the form of Municipal taxes. Your bigger house become Asset to Banks and liability to yourself.
- Have a mentor / read books, but do not invest with zero knowledge in I quadrant.
- Location of property should be at Walkable distance(near to Home), so it would be easy to visit and maintain it. So Location comes first priority and property is second priority.
- Look for hundred of properties before committing to right deal.
- When market is going down, property costs getting cheaper then take debt/finance from bank and buyout good deals to sell it when market is up later.
- Invest in location where people are moving in, do not invest in place where people are moving out of location.
- 6 words anyone who want to improve financial IQ need to remember is Income, Expense, Asset, Liability, Cash , Flow
References: How to withdraw PF Online:
https://cleartax.in/s/epf-withdrawal-online
