INHERITANCE
Who is Mary Austin and why will she get £187.5m windfall from Freddie Mercury's legacy?
Freddie Mercury's former fiancee Mary Austin is in charge of his substantial estate. Despite the difficulties she has had with Queen members since Freddie's death, she finds comfort in her personal life and the band's continued success.
Budget FY25: Central trade unions call for scrapping of four Labour Codes and the new pension scheme
In their pre-budget meeting with finance minister Nirmala Sitharaman on Monday, the joint platform of 10 central trade unions, barring the Bhartiya Mazdoor Sangh, suggested government to enhance resource mobilization through enhanced corporate tax and wealth tax, raise the ceiling limit for the income tax rebate for the salaried class, set up the social security fund and fill up all the existing vacancies in the central government departments and public sector undertakings with regular employment while doing away with contract jobs.
How to deploy Rs 2 crore inheritance to meet child education expenses & retirement goals
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Tax parity for IFSC funds to help HNIs avoid US inheritance levy
Wealthy Indians can use GIFT City to avoid US inheritance tax on offshore investments. IFSCA is seeking tax parity for funds in GIFT City to attract HNI investors.
Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans
Business families, particularly in India, are increasingly seeking legal counsel to amend rigid Deeds of Family Settlement (DFS) originally drafted decades ago. These deeds, designed to safeguard inheritances, now pose challenges as younger generations seek to expand globally into new sectors like fintech, tech-led consumer businesses, and electric vehicles. Legal experts note that the old deeds lack flexibility for today's globalized and dynamic business environment, prompting families to consider amendments to address issues such as wealth protection, succession planning, and regulatory compliance.
Super-rich may quit UK over Labour plans for inheritance taxes on trusts
Labour Party's proposed inheritance tax changes may prompt wealthy individuals to leave the UK, affecting private banks and advisers. The party aims to abolish tax protections on offshore wealth, potentially leading to clients moving to lower-tax countries like Spain, Italy, Switzerland, Dubai, or Singapore.
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Godfrey Phillips executive director Samir Modi alleges threat from mother, seeks police protection
Samir Modi seeks protection from Delhi Police amid estate distribution feud with mother, alleging threats from Bina Modi and Lalit Bhasin. He heads businesses like Colorbar Cosmetics and Modicare. Legal battle in the Supreme Court over trust deed.
Rahul Gandhi taunts BJP, lists 'inheritor' ministers
Congress leader Rahul Gandhi criticized BJP ministers in the third Modi government, accusing them of political positions through family inheritance. He highlighted the contrast between BJP's accusations of nepotism and their own family-oriented political ascendency.
New govt to inherit strong economy, focus on making India developed nation by 2047
India's record-breaking economic growth rate and strong tax revenues provide a foundation for future reforms aimed at transforming the country into a developed nation by 2047. The new government must address challenges such as unemployment and rural distress, while also focusing on controlling inflation. Despite potential obstacles, experts expect continued infrastructure-led growth, investor-friendly policies, and reforms to maintain India's economic momentum and attract investment.
Feud in Godfrey Phillips: Samir Modi accuses mother Bina of staging assault on him
A Godfrey Phillips spokesperson rejected the accusation. "These allegations are entirely false and atrocious," the person said. "The alleged episode occurred outside the board room when the audit committee meeting was in progress at about 12 noon. This has been captured on in-house CCTV cameras, which can be provided to the relevant investigating authorities."
Skipping a marriage ceremony can nullify it, impact woman's legal rights
Valid Hindu Marriage as per laws: The Supreme Court in a recent order said that a Hindu marriage is considered valid if it meets the criteria set by Hindu Marriage Act, 1955. If a marriage is deemed invalid then it will impact woman's legal rights to alimony and maintenance. Will the children's inheritance rights will be impacted if marriage becomes invalid?
NRI Investing Guide: Are you legally allowed to buy agricultural land in India?
NRIs in India face restrictions under FEMA when purchasing agricultural land, but can inherit it from relatives to reconnect with their roots.
India should impose tax on ultra-wealthy to tackle wealth inequality, says study
The paper titled 'Proposals For a Wealth Tax Package to Tackle Extreme Inequalities in India' propose a comprehensive tax package on the ultra-wealthy to tackle the massive concentration at the very top of the wealth distribution and create valuable fiscal space for crucial social sector investments.
'Chaos, ruckus, stampede-like situations every day': Yogi Adityanath takes dig at Congress-SP
In a Jaunpur rally, UP CM Yogi Adityanath criticized Congress and SP, warning of chaos and inheritance tax return if elected. He rallied for BJP, targeting opposition alliances and historic analogies. UP's critical role in the Lok Sabha elections is emphasized.
Scientists call for more screening, awareness on inherited defects in anaemic patients in India
A study by scientists in India has highlighted inherited defects in anaemic patients in India. For the study, the researchers shortlisted nearly 300 anaemia cases from 2019 to 2022 after an initial screening. After excluding patients diagnosed with conditions such as inflammation and chronic bleeding, the team included 41 cases of suspected iron metabolism defects in their analysis.
"I will give you my camel...": Lalu Prasad on PM Modi's 'buffalo' jibe on inheritance tax
Notably, PM Modi has been attacking the Opposition over the idea of inheritance tax. He earlier said that if Congress and INDIA bloc come to power, they will impose inheritance tax and take away more than half of inherited property. Regarding this, he took a jibe and said, "If you have two buffaloes, the Congress will take away one if voted to power."
PM's 'mangalsutra' remark is response to Congress over 'wealth redistribution', we have never divided society, says JP Nadda
In an interview with ANI, Nadda said the Modi government has lifted 25 crore people out of poverty, has worked for everyone and has taken steps for the empowerment of women, farmers, the poor, Dalits and other weaker sections. He accused Congress of following policies of divide and rule and not working for the integration of society.
Aurangzeb's soul has crept into Congress: Adityanath on inheritance tax
UP CM Yogi Adityanath criticizes Congress for inheritance proposal likening it to Aurangzeb's 'jizya' tax. He asserts BJP's election goal is a developed India under PM Modi's leadership.
Spirit of Aurangzeb entered Cong leaders' bodies, they want to levy Jizya-like tax: Yogi Adityanath
Uttar Pradesh Chief Minister Yogi Adityanath on Friday said the spirit of Aurangzeb has entered bodies of Congress leaders and they want to levy tax on the lines of Jizya imposed on non-Muslims during the Mughal king's era. Addressing an election rally in favour of BJP leader and NDA nominee Rajiv Pratap Rudy in Saran Lok Sabha seat, Adityanath alleged that the opposition INDIA block is preparing to impose inheritance tax on people if it comes to power.
Sale of ancestral property: Can daughters and her descendants make rightful claims?
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Economist Gautam Sen gives '12 crore' reasons why Rahul Gandhi's wealth distribution plan won't work in India
Economist Gautam Sen criticizes Rahul Gandhi's proposal for wealth redistribution in India, highlighting the impracticality and potential negative impact on the economy. He warns that imposing a wealth tax could lead to the emigration of India's super-rich to tax havens like Dubai, resulting in a substantial loss of wealth for the country. Sen also questions the feasibility of implementing an inheritance tax and emphasizes the need for stable governance to sustain India's economic growth.
'South Indians look like Africans ...': Seven times when Sam Pitroda derailed Congress' political cart
Congress leader Sam Pitroda has sparked controversy with remarks comparing Indians from different regions to people of various ethnicities, stating, "We are all brothers and sisters." His comments were criticized by Assam Chief Minister Himanta Biswa Sarma and BJP's Kangana Ranaut. Pitroda has a history of controversial remarks, including endorsing an inheritance tax and questioning the Balakot air strikes. The Congress has distanced itself from his comments, emphasizing they don't always align with the party's stance. Pitroda's statements have often stirred political debates, reflecting India's diverse political landscape.
Narendra Modi's counter to Congress: Not equally rich but equally poor
Prime Minister Narendra Modi strongly criticised the Congress party's proposal for wealth redistribution, calling it a dangerous idea. The controversy began when Congress leader Rahul Gandhi pledged to conduct surveys to redistribute wealth to specific sections of society if the party comes to power. PM Modi warned that such policies could sow communal disharmony by targeting certain communities and discourage economic growth.
Inheritance tax: The other Manmohanomics
The rock of Sisyphus may not seem the best metaphor for a work-life balance. But under an inheritance tax, it is logical that the more we'll strive to produce value for our millions, the more confounded we'll be as the latter turn into billions. Only pessimists would critique this situation. Optimists, like the many who dot Congress' starry-eyed galaxy, will point to the enhanced inspiration this will varnish our labours with.
Talk of inheritance, expand the 'family'
The individual has a means to assert his or her choice, which may be at variance to the so-called 'natural order', on how his lifetime's effort should contribute to society. This freedom is restricted for inherited wealth where the individual is considered to hold it in trust, and the claim of the family is usually stronger.
Sam Pitroda inheritance tax debate: What is inheritance tax in India
What is inheritance tax: When someone passes away, it's important to understand that there are two types of taxes that may apply - estate and inheritance taxes. Estate taxes are calculated based on the total value of the deceased person's possessions as of the date of death, whereas inheritance taxes are charged on the individuals who receive the property.
Uttarakhand's UCC changes inheritance laws: Who is covered and how will it impact individuals living in other parts of India?
Uttarakhand UCC Law: Uttarakhand became the first state in the country to pass the Uniform Civil Code (UCC). The UCC will make the uniform laws on marriage, divorce and inheritance irrespective of their religion for every individual in the state. Further, the eligibility of Uttarakhand UCC is quite wide and can impact those living in other parts of India.
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