IMMOVABLE
Budget 2024: LTCG auditions for a new role in India realty show
The proposal suggests that property held for more than 12 months be considered long-term assets, bringing this in line with equities and equity mutual funds, a person privy to the deliberations told ET. However, there may not be any change in the tax rates for both long-term and short-term capital gain. The long-term capital gains tax on property is 20% with indexation benefits to adjust for inflation.
Union Power Minister R K Singh owns movable, immovable assets worth Rs 10.49 crore
Union Power Minister R K Singh, seeking re-election from Arrah Lok Sabha seat, declared movable and immovable assets worth Rs 10.49 crore in his affidavit. His wife's assets amount to Rs 1.83 crore. Singh's nomination for the election was filed on Tuesday. In the affidavit, he disclosed his movable assets at Rs 96.13 lakh and immovable assets at Rs 9.53 crore, while his wife's movable assets stand at Rs 43 lakh and immovable assets at Rs 1.40 crore.
3.5 kg gold, 85 kg silver, and a rifle: Maneka Gandhi declares assets worth Rs 97.17 crore
Maneka Gandhi Assets: Maneka Sanjay Gandhi, an eight-time MP, has seen her assets grow by 43% over the last five years, as per the affidavit filed by her while filing nomination for the Sultanpur seat on a BJP ticket. Her total assets now amount to Rs 97.17 crore.
Haryana: Naveen Jindal, wife declare assets worth nearly Rs 1,000 crore
Naveen Jindal filed nomination for Kurukshetra Lok Sabha seat, declaring Rs 1,000 crore assets. No vehicle ownership. Wife Shallu, Jindal Steel and Power Limited chairman, MBA from University of Texas at Dallas. Gold, jewellery, agriculture land in Dadri. Non-agriculture land, income for 2022-23.
LS polls: Rajnath Singh declares assets worth Rs 7.36 cr
According to the affidavit, the 72-year-old senior BJP leader is an active user of social media platforms such as Facebook, Instagram, Twitter and YouTube. He also has a website. The Union minister does not own any vehicle, but has a revolver (with a purchase price of Rs 10,000) and a double-barrel gun (with a purchase price of Rs 10,000).
Buying a home in Dubai? Do a FEMA reality check
Navigating property purchases in Dubai can be a regulatory maze for Indians due to foreign exchange laws. Deals offering easy payment plans with instalments over years may violate FEMA. Regulations permit remittance of $250,000 per individual annually for property purchases abroad. However, transactions involving 'instalments' create obligations in foreign exchange, potentially breaching FEMA rules.
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Union Minister Nityanand Rai owns movable, immovable assets worth Rs 15.45 crore: Affidavit
Union Minister Nityanand Rai, seeking re-election from Ujiarpur Lok Sabha seat in Bihar, declared movable and immovable assets totaling Rs 15.45 crore in his affidavit, with his wife's assets amounting to Rs 2.47 crore. Elections for Ujiarpur, Darbhanga, Samastipur, Begusarai, and Munger Lok Sabha seats are scheduled for the fourth phase on May 13.
NIA freezes immovable property of key aide of Pak-based Khalistani terrorists
The National Investigation Agency (NIA) has frozen the immovable property of a key operative in a 2021 case relating to a fatal motorcycle borne explosion in Punjab, with links to notorious Pakistan-terrorists Habib Khan, alias Doctor and Lakhveer Singh, alias Rode.
Crypto probe: ED attaches assets worth Rs.97.79 crore linked to Raj Kundra, his actress wife, Shilpa Shetty
The federal agency said amongst the attached properties include a residential flat situated in Juhu presently in the name of Shilpa Shetty, a residential bungalow located in Pune and equity shares held in the name of Raj Kundra. Kundra or Shetty were not immediately available for a comment.
Ex-Bihar CM and NDA nominee Jitan Ram Manjhi owns movable assets worth Rs 11.32 lakh: Affidavit
Former Bihar chief minister and Hindustani Awam Morcha-Secular (HAM-S) founder Jitan Ram Manjhi, who is the NDA nominee from the Gaya seat, owns movable assets worth Rs 11.32 lakh and has Rs 49,000 cash in hand, according to the affidavit filed by him. Manjhi filed his nomination for the Gaya constituency on Thursday. Voting for the first phase of elections in Gaya, Nawada, Jamui and Aurangabad is scheduled to be held on April 19.
MHA directs all IPS officers to submit their Immovable Property Return-2023 by January 31 next year
The Ministry of Home Affairs (MHA) has instructed Indian Police Service (IPS) officers to submit their Immovable Property Return 2023 by January 31, 2024. The directive was issued in a written note to Chief Secretaries and DGPs of all state governments and Union Territories. The note emphasized that every member of the service must submit their IPR in the prescribed form by January 31 every year.
Rajasthan recruitment exam paper leaks: ED seizes documents of immovable assets, bank accounts after raids
The senior teachers grade II exam was conducted by the Rajasthan Public Service Commission (RPSC) last year, while Rajasthan Eligibility Exam for Teachers (REET) was conducted by the state education board in 2021. The money laundering case stems from the FIRs filed by the Rajasthan Police's special operations group (SOG). It was found that the suspects in these cases "leaked" the questions papers and set up dummy candidates, etc., the agency said.
Karnataka Chief Minister Basavaraj Bommai has assets worth Rs 49.70 crore in his name, reveals election affidavit
His wife Channamma has invested Rs 1.14 crore and daughter Aditi Rs 1.12 crore. Since his son Bharat Bommai is not dependent on his father, his investment details have not been mentioned. However, Basavaraj Bommai has given Rs 14.74 lakh to his son Bharat.
Finance Ministry agencies attach immovable properties worth Rs 1.11 lakh crore in six years
Enforcement agencies under the Finance Ministry have attached immovable properties worth Rs 1.11 lakh crore over the last six years, with Rs 19,832 crore immovable properties attached in 1,657 cases in 2021-22 alone. Despite properties worth Rs 71 crore having been disposed of by the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) between 2017-18 and 2021-22, many such cases remain challenged in court, said Minister of State for Finance Pankaj Chaudhary.
Can I stop my parents from gifting immovable assets through a will to my wife, me, or my daughter?
Readers estate planning queries answered by Raj Lakhotia, Founder, Dilsewill.
Govt monetised enemy properties worth Rs 3,400 crore, no immovable enemy properties sold so far
A total of 12,611 establishments, or enemy property, were left behind by people who took citizenship of Pakistan and China. Out of these 12,611 properties, 12,485 are related to Pakistani nationals and 126 to Chinese citizens, another official said.
Gujarat government doubles 'jantri' rates for immovable properties after 12 years
In case of land acquisition for various projects, the ASR are considered as the basis for giving compensation to land owners. Superintendent of Stamps Jenu Devan in a statement said there has been a sharp rise in the prices of immovable properties owing to changing circumstances in the state due to rapid industrialisation, urban and rural development and economic activities.
Nitish Kumar owns movable & immovable assets worth Rs 75.53 lakh
The Bihar chief minister and his cabinet colleagues on Saturday declared their personal assets and liabilities. The Nitish Kumar government has made it mandatory for all cabinet ministers to disclose their assets and liabilities on the last day of every calendar year.
My father had a self-acquired property, died intestate. Can my mother stop me from having a share?
This week's reader queries on estate planning answered.
Explained: Taxation on the sale of immovable property in India by non-residents
For individuals who are not in the business of constructing and/ or selling immovable properties, any gain/ loss arising on the sale/ transfer of immovable property is categorized as ‘income under the head capital gains’ since an immovable property qualifies as a ‘capital asset’.
REC seeks shareholders' nod to raise up to Rs 75,000 cr via bonds
The limit of Rs 75,000 crore shall be within the overall revised borrowing limit.The annual general meeting (AGM) of shareholders is scheduled for September 16, 2022.REC will also seek shareholders' approval to authorize the board to mortgage/create charge on immovable and/or movable properties of the company, for securing loan up to Rs 4,50,000 crore.
My uncle doesn’t want to share grandfather's property. What can my mother do?
Assuming your mother is a Hindu, she has an equal right in her parents’ property as she is a class I legal heir.
Govt brings clarity in policy for FDI in real estate business
According to a Press Note of the Department for Promotion of Industry and Internal Trade (DPIIT), it is clarified that FDI is not permitted in an entity which is engaged or proposes to engage in real estate business, construction of farm houses and trading in transferable development rights.
Which gifts are taxable for the recipient and which ones can increase tax liability of giver
It is essential for you to evaluate the transactions to check if it falls under taxable scenarios. If the answer is yes, you should voluntarily disclose the income in your ITR to ensure compliance.
Govt proposes to tweak TDS norms on sale of immovable property
As per the Finance Bill, 2022, presented in Parliament along with the other Budget documents, the government proposes to amend Section 194-IA of the Income Tax Act, in order to remove inconsistency with Section 43CA and 50CA of the law.
IT dept detects Rs 100-cr black income after raids on Gujarat gutka distributor
The department seized Rs 7.50 crore jewellery worth Rs 4 crore during the operation, it said. "The search action, so far, has led to the detection of unaccounted income of more than Rs 100 crore. "Out of this, the group has admitted undisclosed income exceeding Rs 30 crore," the Central Board of Direct Taxes (CBDT) said in a statement.
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