The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name.

It is the distance between the inner walls. The carpet area would include the areas of the bedroom, living room, kitchen, bathrooms, balconies & staircases within the house/flat. It does not include the external and internal walls, terraces, common areas, lifts, corridors, utility ducts, etc

Under Section 54 the IncomeTax Act, an individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in purchase or construction of residential property*.