You can invest the proceeds in capital gains bond or reinvest in another residential property.
A task force set up by the Ministry of Electronics and Information Technology (Meity) for transforming India into an "electronic and semiconductor products" nation is on the verge of finalising its report, which is likely to recommend an allocation of Rs 44,000 crore between 2024 and 2030 to support homegrown companies in their quest to develop products and build global brands. The task force's recommendations include significant incentives: Rs 15,000 crore dedicated to electronic products (systems), Rs 11,000 crore for semiconductor products, and Rs 18,000 crore for various other incentives such as talent development, common infrastructure, logistics, and technology & IP (intellectual property) acquisition, a member of the panel revealed.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
While one can file an updated return, there are certain caveats, warns rediffGURU Mihir Tanna.
The bill to amend the 49-year-old law to guard against claims of succession or transfer of properties left by people who migrated to Pakistan and China was passed amid a walkout by the entire Opposition.
A sessions court in Palanpur town of Gujarat's Banaskantha district on Wednesday convicted former Indian Police Service officer Sanjiv Bhatt in a drug seizure case dating back to 1996.
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.
The Calcutta high court on Tuesday set aside the promulgation of prohibitory orders under Section 144 of CrPC at Sandeshkhali, which has been witnessing protests over the last one week.
Read the investor-developer agreement carefully before signing the cheque
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
A dozen land parcels in Ranchi measuring about 8.5 acres in total are in 'illegal possession, occupation and use' of arrested former Jharkhand chief minister Hemant Soren and are proceeds of crime under the anti-money laundering law, the Enforcement Directorate has claimed.
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 documents also alleged that Ibrahim's right-hand man Muhammed Iqbal 'Mirchi' Memon amassed huge properties in the UK.
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
A sessions court in Palanpur in Gujarat's Banaskantha district on Thursday sentenced former Indian Police Service officer Sanjiv Bhatt to 20 years in jail in a 1996 case involving planting of drugs to frame a lawyer.
rediffGURU Samkit Maniar answers readers' personal income tax queries
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.
The company secured independent valuation for these properties and had shared the same with Mallya
'Many people asked me if you felt like charging more when I came to know that a great man like Bachchan is buying the plot. I said I honour my commitment. I can't cheat him. He is doing so much for Gujarat. How can we charge him more?'
The agency made the disclosure in a chargesheet filed by it on May 10 against former Telangana chief minister and Bharat Rashtra Samithi leader K Chandrashekar Rao's MLC daughter K Kavitha and four others.
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
Probationary Indian Administrative Service officer Puja Khedkar, who is in the eye of a storm for alleged misuse of power and manipulating disability and OBC quotas, sidestepped questions related to the ongoing probe against her on Monday, saying the truth will eventually prevail, while the Pune police searched for her parents in a separate criminal case.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
'When I called the HR department, they abused me.'
If property is purchased by one person, he/she will get the full tax exemption. If bought together, proportionate exemption is allowed
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
The court also questioned how Amrapali Group could mortgage the entire projects and secure loan worth thousands of crores of rupees from banks when it was only an agent to develop the property.
Thackeray wondered whether the state government was trying to favour the Adani Group at the cost of residents of Dharavi, a sprawling slum colony.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Sandeep Raut has been asked to depose before the central agency at its office in Mumbai next week, they said, adding his statement will be recorded under the Prevention of Money Laundering Act.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers your home loan queries.
The promoters who own the Leela brand will also be transferring the label to Brookfield for all hospitality businesses.
Criticising the transfer of an Haryana IAS officer who was probing alleged undervaluation of properties dealt with by Robert Vadra, the Bharatiya Janata Party on Tuesday said the Congress is suffering from an 'Emergency mindset' and demanded that an impartial inquiry be held into the matter. "Congress is in complete shambles and in doldrums. It is trying to save Robert Vadra. We want an honest and impartial probe into the charges," said a BJP leader.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The government on Wednesday imposed a limit of Rs 10 crore for deduction on long-term capital gain tax for reinvestment in residential properties under Section 54 and 54F of the Income Tax Act. These two sections deal with reinvestment of proceeds from sale of long-term assets (housing or other capital assets) to buy residential properties. "For better targeting of tax concessions and exemptions, I propose to cap deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore," Finance Minister Nirmala Sitharaman said in her Budget speech.
The court's observation came while granting bail to a person accused of running call centres in the country and defrauding United States citizens to the tune of about $20 million.
As the country slips into a new year, the defining reality about the relationship between the citizen and the state is the transition, however partial, from the first view to the second. In its own way, the transition has just found expression in the Gujarat elections, and it will be reflected again as 10 more states go to the polls this year, before the big test in 2009.
The announcement on integration of WhatsApp with its Information and Communications Technology (ICT) services was made by the CJI before a nine-judge bench headed by him commenced the hearing on the vexed legal question arising from the petitions about whether private properties can be considered "material resources of the community" under Article 39(b) of the Constitution, which is a part of the Directive Principles of State Policy (DPSP).
The 55-year old man got angry during the proceedings and after coming out from the court, took out his rage on the judge's car that was parked inside the Thiruvalla court complex here on Wednesday.
