If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) will answer your personal finance-related questions.
The home loan top-up, a kind of secured multipurpose personal loan, is on the regulator's radar, points out Tamal Bandyopadhyay.
To overcome your fear of the property being taken over, draw an ironclad agreement with a good lawyer's help, recommends Sanjay Kumar Singh.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
This will bring down capital gains especially in case of property transactions.
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
A division bench of Justices Vibhu Bakhru and Amit Mahajan set aside the single judge's December 24, 2019 order pegging the value of the property at Rs 130 crore.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
"Mr Robert Vadra not only renovated the aforesaid property at 12 Bryanston Square, London through Sumit Chadha but also stayed in the same," it said.
Individual should be extra careful when taking money from parents or relatives to buy a property
Last week, the Central Board of Excise and Customs notified that a service tax of 10 per cent would be levied on the gross value of a housing property under construction from July 1.
The lower yield is better for property landlords as it indicates an appreciation in the capital value of the property, says Raghavendra Kamath.
Modi referred to the Lok Sabha polls as a "Kurukshetra (battle)" in which "there is development on one hand and 'vote jihad' on the other".
'Every year, the marble industry is shrinking due to tiles. It has already decreased by 20-25 per cent in recent years.'
The Indian National Congress is in no way connected with the businesses of Dheeraj Sahu, MP. Only he can explain, Congress general secretary in-charge communications, Jairam Ramesh said.
'All of us have believed in decentralisation. You may not like property taxation, neither do I. My solution is that the Centre does the tax collection, but we can give a matching grant instead of redistribution,' says the outgoing CEA, Arvind Subramanian.
The real estate sector is a major employment provider and the economy cannot afford its hard landing. Harsh Roongta suggests measures that can revive the under-construction market
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
Invest in bonds and another property to save tax on capital gains.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
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Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
Oravel Stays, the parent company behind the travel tech brand Oyo, is eyeing to clock Rs 100 crore in Q4FY24 profit after tax (PAT) and a 20 per cent revenue growth for FY24, according to informed sources. These numbers were part of an internal review meeting between founder Ritesh Agarwal and senior management earlier this week, where he spoke about the company's profitability trajectory and growth in business.
Pirojsha Godrej, 43, patriarch Adi Godrej's son, is set to take over as chairman of the Godrej Industries Group from 2026 whol Nyrika Holkar, Smita Godrej Crishna's 42-year-old daughter, has emerged as the face of the Godrej Enterprises Group.
The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
Seven of the 30 largest U.S. corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released on Tuesday that was disputed by at least one of the companies.
The alpona (artwork) on the steep, winding road leading to Makaibari bears testimony to the visit of G20 delegates for the second tourism working group meeting in April last year. The lush tea bushes, the delegates joining in for the moonlight plucking of Silver Tips Imperial first flush, a favourite of late Queen Elizabeth II, cut a picture of mystical magic. But it's not the Kurseong tea garden's only shining moment - the last few years have been busy for the estate and its bungalow.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
The 66-year-old leader's income for the year 2019-20 was Rs 10,34,370.
'China is struggling to get out of its property bubble.' 'Japan took 35 years to walk out of its equity bubble.' 'Bubbles can be difficult to forecast.'
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
'In the audience's mind there is no urgency to go see a film in the theatre.' 'If you pay for social media buzz it does not convert into bums on seats.'
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