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In a massive relief to those holding legacy, long-time investments in <keyword id="19895040" type="General" weightage="20" keywordseo="Real-Estate" source="keywords">real estate</keyword>, the government today moved an amendment, offering them a choice between the old and new methods of calculating long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) and paying whichever is the lower of the two as tax. Amidst representations from the real estate sector, and concerns that removing indexation benefits would lead to a surge in black money inflows in the segment, the government proposed the aforementioned changes. Last month, while presenting the Union Budget 2024 on July 23rd, 2024, <keyword id="6355261" type="General" weightage="20" keywordseo="Finance-Minister" source="Orion">finance minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> had announced doing away with indexation benefit for all asset classes like real estate, gold and more. To soothe the blow, the FM had also lowered the LTCG from its previous rate of 20% to 12.5%. <h2> What was the condition before?</h2>Prior to Union Budget 2024, real estate investments would qualify for LTCG tax, provided they were held for more than 2 years, or 24 months. The LTCG tax payable would be 20%, along with indexation benefit. As the government noted in the <keyword id="123776" type="General" weightage="20" keywordseo="Finance-Bill" source="Orion">finance bill</keyword>, "indexation available under the second proviso to section 48 is proposed to be removed for calculation of any long-term capital gains which is presently available for property, gold, and other unlisted assets. This will ease the computation of capital gains for the taxpayer and the tax administration". Indexation allowed investors to factor in the impact of inflation on their investment over the years, thereby increasing the cost of acquisition, which reduced their capital gains and thus, lowered their overall LTCG tax liability. Here, the government considered the indexed cost of acquisition, rather than the original cost of acquisition, for calculating LTCG. Consider this: Manya purchased a property in FY 2002-03 for Rs 30,00,000. In June 2024 (FY24-25), she decided to sell it for Rs 80,00,000. Now, under the new <keyword id="22692992" type="General" weightage="100" keywordseo="LTCG-Regime" source="keywords">LTCG regime</keyword> (12.5% sans indexation benefit), her tax liability would come down to Rs 6,25,000 (12.5% of 50,00,000). But if she opted for indexation benefits, her indexed cost of acquisition would be calculated using this formula: Cost Inflation Index (CII)value for transfer/sale year/CII for purchase year, or 2001-02 (whichever is later) X cost of acquisition] = 363/105 X 30,00,000= Rs 1,03,71,428 (around Rs 1 crore) (CII values are issued by the government) This is the cost Manya would have to pay, if she were to buy the same property today. But since she sold her house for Rs 80,00,000, she incurred a capital loss of around Rs 20,00,000 and hence, would not have to pay any LTCG tax. Another change that budget announced was that all properties that were purchased prior to 2001 would be grandfathered. This meant that indexation benefits would be applicable to properties which had been purchased prior to 2001. <h2>What changes now? </h2>There are two major changes: 1. Going ahead, investors will have the choice to avail either of the two LTCG regimes-either pay tax on a lower rate of 12.5% (minus indexation), or pay LTCG at the rate of 20%, along with indexation benefit. They will have the freedom to pay taxes per whichever regime which reduces their tax liability. 2. The grandfathering clause, which was earlier set at 2001, will now be considered at 23rd July, 2024. This means that for any property (land or building) that was transferred or sold before July 23rd, 2024, taxpayers will have the option to choose between either of the LTCG regimes, and pay the lower of the two as tax. However, any property that has been sold after July 23rd, 2024 will continue to be taxable exclusively under the new LTCG regime i.e. taxable at 12.5% minus the benefit of indexation. The time period proposed in the budget for an asset to qualify as a <keyword id="22692993" type="General" weightage="20" keywordseo="Long-term-Capital-Asset" source="keywords">long-term capital asset</keyword> i.e. 36 months would also continue to apply. This benefit will only be applicable to real estate i.e. <keyword id="460692" type="General" weightage="20" keywordseo="Immovable-property" source="Orion">immovable property</keyword>. Transfer/sale of other assets such as gold will continue to attract 12.5% LTCG sans indexation benefits.

Govt. offers relief on long-term capital gains for real estate, allows investors to choose between old and new LTCG regime

<ul><li>LTCG of up to Rs 1,20,000 in a single financial year is tax-free. </li><li>Effective July 23rd, 2024, <keyword id="21006654" type="General" weightage="100" keywordseo="indexation-benefits" source="keywords">indexation benefits</keyword> will no longer be available for real estate, gold</li><li>Effective July 23rd, LTCG will be charges at 12.5%, sans indexation benefit</li></ul> After FM <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> proposed to remove indexation benefits on <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword> (LTCG) on real estate, gold, and other unlisted assets, discussions were abuzz on the internet as to how this would lead to significantly higher <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> on gains from <keyword id="20008581" type="General" weightage="20" keywordseo="property-sales" source="keywords">property sales</keyword>. Previously, LTCG on long-term capital gains was marked at 20%, but it came with indexation benefits, which eventually lowered the individual's overall <keyword id="19974193" type="General" weightage="20" keywordseo="tax-liability" source="keywords">tax liability</keyword>. Now, it has been lowered to 12.5%, but minus any indexation benefit. So, with indexation gone, how will gains from property sales be taxed going ahead? Is this applicable to all properties? What is set to change? Does it help that the <keyword id="22480102" type="General" weightage="20" keywordseo="LTCG-tax" source="keywords">LTCG tax</keyword> has been brought down from 20% to 12.5%? Lets take a deep-dive First, explain this long term short-term conundrum to me So, how much capital gains tax you're supposed to pay depends on how long you hold a particular asset before selling it. Prior to yesterday's announcement, there were 3 holding periods which determined whether an asset was held for long-term or short-term: The situation before- <ul><li>Shares, units of mutual funds would qualify for LTCG tax, if they are held for more than 12 months. If the holding period is less than 1 year, you'd have to pay short-term capital gains (STCG).</li><li>Real estate and immovable property would qualify for LTCG tax, if held for more than 24 months (2 years), along with indexation benefit. </li><li>Bonds, debentures and gold were to be considered long-term capital assets, if they were held for more than 36 months (3 years), with indexation benefit. </li></ul>But going ahead, there will only be two waiting periods which will determine whether an asset would be classified as long-term or short-term The situation now- <ul><li>For all listed securities (stocks, mutual fund units), the holding period for LTCG tax purposes would be more than 1 year (sans indexation benefits) All other assets (real estate, gold, bond, debentures) will qualify for LTCG tax, if they are held for more than 24 months (minus indexation benefits). </li></ul>What was the taxation situation earlier on long-term capital gains? What has changed? So, lets say Tara purchased a property in FY 2004-05 for Rs 20,00,000. In FY 2024-25, she decided to sell it for Rs 60,00,000. You'd think she'll have to pay a flat 20% on Rs 40,00,000, which was her total profit earned from selling her property (Rs 60,00,000-20,00,000). But this is where indexation swooped in and helped cushion the overall tax liability. Prior to July 23rd, 2024, the government considered something known as "indexed cost of acquisition" for determining an individuals' total LTCG tax liability, which was calculated using the following formula: [Cost Inflation Index (CII)value for transfer/sale year/CII for purchase year, or 2001-02 (whichever is later) X cost of acquisition]. Thankfully, you don't have to go about calculating this CII value, since the government does this for you, and notifies the same officially. What CII essentially does is that it compares the current prices of basket A(which contains a bunch of products and services) to the price of the same basket A in the year of comparison, to reflect the change in prices caused by inflation. So, for Tara, her indexed cost of acquisition would come down to Rs 64,24,778 [363(CII for 2024-25) /113(CII for 2004-05)X 20,00,000]. This would mean she incurred a capital loss of Rs 4,24,778, since her indexed cost of acquisition is more than her sales receipts. So, she does not need to pay any LTCG tax. She can set off this loss, but only against her other long term gains with a limit of Rs 2 lakh in one financial year, and can carry forward the same for a maximum of 8 years. However, this changed when the budget memorandum noted yesterday, "indexation available under the second proviso to section 48 is proposed to be removed for calculation of any long-term capital gains which is presently available for property, gold, and other unlisted assets. This will ease the computation of capital gains for the taxpayer and the tax administration". This means that indexation benefits on LTCG will be applicable starting July 23rd, 2024. To understand its impact, assume that this rule is in effect from April 1, 2024. In that case, Tara's LTCG will be a flat 12.5% of her total gains of Rs 38,75,000 (remember, Rs 1,25,000 per year on LTCG are tax-exempt). This would bring Tara's taxability to Rs 4,84,375 Long story, short, minus the indexation benefit, Tara will have to pay Rs 4,84,375 as long-term capital gains tax. However, there has been a slight increase in the basic tax exemption limit for LTCG. Previously, LTCG of up to Rs 1,00,000 in a single financial year was tax-free. But now, this threshold has been raised to Rs 1,25,000. Small wins! <div type="Article" hostid="261" msid="111956035" title="Decoding capital gains taxes: What FM Nirmala took from your pocket, what she gave you in Budget 2024" mstype="2" mssubtype="0"></div> Okay, is there something that continues to be the same for long-term capital gains? Yes, roll-over benefits continue without change. This means you can re-invest the proceeds from sale of your old property into buying a new, residential one, in order to avoid capital gains tax. But that too, is not without its share of catches: You can reinvest these funds in either 54EC bonds, which have a maximum annual investment limit of Rs 50,00,000. Or, you can avail this exemption for a maximum of 2 residential houses, provided your capital gains are limited to Rs 2 crore. Also, if you've it purchased a property, or held from before 2001, you can continue to avail indexation benefits, thanks to something called a grandfathering clause. Does indexation or lower tax rates work better? There's no general rule here. But a cursory look indicates that high capital gains would be favorably taxed under these reduced tax rates, while lower returns and holding periods would find indexation to be a better option. Says Pankaj Kumar, VP – Fundamental Research, Kotak Securities, "the Union Budget-FY25 has rationalized long-term capital gains tax on real estate transaction. It proposed to remove indexation benefits and reduce the long term capital gains tax rate from 20% to 12.5% with immediate effect (grandfathering for properties held before 2001). We find that the new capital gains tax structure for real estate favours investors, who have generated high IRRs, while investors with poor IRRs would be worse off in the new regime". "On the other hand, it is expected to have limited impact on end users who purchase homes for personal consumption. The budget has also talked about encouraging states to lower the stamp duty and consider lower duties for women buyers. Lowering of stamp duties would reduce the overall acquisition cost in high stamp duty states/markets like Gurgaon, Chennai, Mumbai and Kolkata", continued Kumar.

Budget 2024: How will long-term capital tax change your real-estate investments post-budget?

The bull has sadly left the sand pit before his time, very much at the peak of his prowess. Putting an end to all speculation, legal fraternity sources have revealed that top stockbroker and <keyword id="6504177" type="General" weightage="50" keywordseo="big-bull" source="Orion">Big Bull</keyword> Rakesh <keyword id="45125" type="General" weightage="100" keywordseo="jhunjhunwala" source="Orion">Jhunjhunwala</keyword> has left a will which will provide direction and intent on his heirs and the handling of his colossal <keyword id="27145" type="General" weightage="20" keywordseo="fortune" source="Orion">fortune</keyword> hereafter. Jhunjhunwala, whose fortune is believed to be worth approximately ₹50,000 crore, had arranged to ensure his estate, including shares and <keyword id="6354516" type="General" weightage="20" keywordseo="property" source="Orion">property</keyword>, is bequeathed to his wife and three children. In fact, he would often speak about his fourth child - charity. A part of his fortune will thus definitely go towards his favorite charities. His assets - direct holdings in listed and unlisted companies as well as immovable properties - would therefore pass on to his wife and three children, said a person from the legal fraternity on condition of anonymity. Known for his value investing model, the Big Bull is also known to own 35 company holdings. His major investments are in: construction and contracting (11 per cent), miscellaneous (nine per cent), banks (private sector) (6 per cent), finance (general) (6 per cent), construction and contracting (civil) (6 per cent), pharmaceuticals (6 per cent), and banks (public sector) (3 per cent). Jhunjhunwala has three children - daughter Nishtha (18) and twin sons, Aryamaan and Aryavir (13). He would call charity his fourth child. While his listed holdings are reportedly worth ₹50,000 crore, his immovable properties include a sea-facing building in Malabar Hill, Mumbai, purchased from Standard Chartered Bank for ₹176 crore in 2013, and a holiday home in Lonavala. Moreover, his long time legal associate Berjis Desai is reportedly the main executor of the will. The will be read out in the presence of his family after all the Hindu rituals are completed. Desai, who is ex-managing partner of J Sagar Associates, has known the value investor for close to 25 years. He is now an independent legal counsel engaged in private client practice, that is, succession and estate planning for HNIs and promoter families through wills, trusts and family arrangements; resolving family, testamentary and business disputes through mediation and confidential fast track arbitration; and regulatory aspects of offshore investments, residential status and citizenship, insolvency and asset reconstruction advisory. He was also a co-investor in Jhunjhunwala's new aviation venture <keyword id="11911527" type="General" weightage="20" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>. "I have made a small investment. I understand aviation is a high-risk, high-reward business and generally people are cynical about it. But I believe there will be a boom for low-cost airlines in next five-seven years. It is a bet on Jhunjhunwala's business acumen," Desai had said at the time of investing. This scotches speculation of all interlopers who were being perceived to be heirs to Jhunjhunwala's wealth. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtels-stock-surges-as-bharti-telecom-says-it-will-acquire-singtels-stake-for-1-6-bn/articleshow/93767761.cms">Airtel’s stock surges as Bharti Telecom says it will acquire Singtel’s stake for $1.6 bn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/sanitary-pads-take-250-800-years-to-decompose-which-is-pushing-young-indians-to-opt-for-greener-alternatives/articleshow/93758591.cms">Sanitary pads take 250-800 years to decompose, which is pushing young Indians to opt for greener alternatives</a>

Rakesh Jhunjhunwala left a will to bequeath  ₹50,000 cr fortune to wife, children: sources

The Enforcement Directorate (ED) on Thursday attached assets worth Rs 2,747.69 crore of the ABG Shipyard Limited in bank fraud case. The ED said that the attached assets include Shipyards in Gujarat's Surat and Dahej; agricultural lands and plots, various commercial and residential premises in Gujarat and Maharashtra; and bank accounts owned by <keyword id="155095" type="General" weightage="80" keywordseo="abg-shipyard-ltd" source="Orion">ABG Shipyard Ltd</keyword>, its group companies and other related entities. The ED initiated a money laundering investigation on the basis of an FIR registered by the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI). Investigation by ED revealed that ABG Shipyard Ltd and its Chairman and Managing Director <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> availed various credit facilities from consortium of Banks led by ICICI Bank, Mumbai on the pretext of meeting its capital requirements and other business expenses, but ABG Shipyard Ltd misappropriated the credit facilities availed from the consortium and diverted the funds for the purposes other than its actual cause in the garb of various loans, advances, investments to various related entities incorporated in India and abroad. It caused monetary loss to the tune of Rs 22,842 crore to the consortium. The ED has traced movable and immovable assets totaling Rs 2747.69 crore belonging to ABG Shipyard Ltd, its group companies, Bermaco Energy Systems Ltd., <keyword id="78238" type="General" weightage="80" keywordseo="dhananjay-datar" source="Orion">Dhananjay Datar</keyword>, <keyword id="15057158" type="General" weightage="50" keywordseo="savita-dhananjay-datar" source="Orion">Savita Dhananjay Datar</keyword>, <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword>, <keyword id="1896504" type="General" weightage="80" keywordseo="viren-ahuja" source="Orion">Viren Ahuja</keyword> and attached them under the provisions of Prevention of Money Laundering Act (PMLA). Further investigation in the matter is on. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-microfinance-loan-portfolio-stands-at-3-lakh-crore-with-6-crore-unique-borrowers/articleshow/94375376.cms">India’s microfinance loan portfolio stands at ₹3 lakh crore with 6 crore unique borrowers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-did-the-hot-debate-on-moonlighting-start/slidelist/94374503.cms">How did the hot debate on moonlighting start?</a>

ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case

New Delhi, Jun 30 () In a big tax relief for Delhi's unauthorised colonies that were regularised last year, the government has exempted owners from income tax even if they had purchased land or house at rates below the prevailing market price. The government had last year legalised unauthorised colonies in the national capital, giving house owners legal property rights. Since these colonies were previously unauthorised, some may have purchased houses or lands at below the circle rate fixed by the government for registration of properties. Now, the government has decided to give such owners exemption from payment of income tax. Without this exemption, such owners have become applicable on the difference between fair market value and actual purchase price. The Central Board of Direct Taxes (CBDT) through a notification said the exemption would come into effect from April 1, 2020, and would be applicable for Assessment year 2020-21 and subsequent years. It said tax would not be levied on "any immovable property, being land or building or both, received by a resident of an unauthorised colony in the National Capital Territory of Delhi, where the Central Government..regularised the transactions of such immovable property based on the latest Power of Attorney, Agreement to Sale, Will, possession letter and other documents .... in favour of such resident". Presently tax is levied only on the differential of fair market value (FMV) and actual purchase price, if the house property is acquired at a price lower than the circle rate. Nangia Andersen LLP Partner Suraj Nangia said this is a peculiar case, where the property might have been acquired by respective individuals a long time back by way of General POA (Power of Attorney) or other similar authorisation and only such purchase has been regularised in process of regularising the unauthorised colonies. "Therefore practically, all the acquisitions before that date of regularisation have been tax exempted by way of present notification, so that individual residents don't have to pay tax on any notional income, even if FMV as on date of regularisation is more than the purchase price of such property," Nangia said. Over 1,700 unauthorised colonies In Delhi were regularised in December last year after Parliament passed a law allowing ownership rights to be given on the basis of power of attorney, agreement of sale, will or possession letter. Since the purchase price of these house properties were less than the circle rate prevailing in those areas, the differential in the price would have been subject to income tax in the hands of the owner. The I-T exemption given by the CBDT through notification dated June 29 exempts the owner of these properties from payment of tax on the differential of FMV and purchase price. JD ANZ BAL

Govt exempts properties in Delhi's unauthorised colonies from income tax

<ul><li>One needs to buy a property worth 300,000 euros in Greece, or 250,000 euros in Cyprus, for 'Permanent Residency'.</li><li>That is the cost of an mid-to-upscale apartment in big Indian cities like Mumbai and Delhi.</li><li>Not surprisingly, there is a surge in Indians investing in real estate in Cyprus and Greece.</li></ul>Permanent residency programmes in Cyprus and Greece are attracting lots of Indians as all economic indicators of both these European Union countries are extremely positive for investors, according to realty developer Leptos Estates.
 There is an upsurge in Indian investors making up an ever-increasing proportion of people interested in these schemes, Cyprus' largest real estate developer said on Monday.
 It said people need to just invest 300,000 euros in property to acquire permanent residency for entire family in Cyprus and 250,000 euros in Greece.
"The two countries of the European Union makes for an excellent choice for wealthy Indians with large families and family-run businesses," it added.
 Applicants can become official residents in Cyprus after only 60 days with investors not required to physically reside in Cyprus before and after approval, the statement said.
Greece has a similar scheme, with the process taking on average only 10 days, and residents applicable for a citizenship after 7 years, it added.
 "Best time to invest in Cyprus and Greece is now. All economic indicators are in both countries are extremely positive so as an investor this is the best time," Leptos Group of Companies Deputy President Pantelis M Leptos told reporters here. Cyprus and Greece are EU countries, and EU residency and citizenship are seen as hallmarks of credibility, so it's no surprise the residency programme here has been so popular, he added.
 "In particular, interest from Indian, Middle Eastern and Asian applicants has increased in recent months," Leptos said.
Although the Cypriot and Greek residencies do not allow taking up employment in the country, it does allow opening a business. The residency scheme covers the entire family, and once obtained is valid for life, Leptos Estates said.
 In Cyprus, the corporation tax rate for all companies is just 12.5 per cent and estate duty has been abolished since January 2000 and the immovable property tax since January 2017, it added.
For getting citizenship of Cyprus, through citizenship investment programme, investment of Euro 2 million in real estate is required, Leptos Estates said.
 Founded in 1960 by Michael G Leptos, Leptos Estates is leading property developer in Cyprus and the Greek Islands and has an established international network across 75 countries, having completed over 350 projects to date. SEE ALSO: <a href="https://www.businessinsider.in/usa-has-passed-a-bill-to-help-indian-it-professionals-get-permanent-residency/articleshow/70170952.cms" data-type="tilCustomLink" target="_blank">Indians can get permanent residency easily in the US, if the Senate clears the Bill</a>

You could get permanent residency in Cyprus or Greece for the price of a mid-to-upscale apartment in Mumbai and Delhi

New Delhi, Jul 5 () Yes Bank will auction properties of Thapar Group's Avantha Holdings and Oscar Investments Ltd of Singh brothers alongside those of some individuals later this month to recover loan dues of over Rs 1,000 crore. The sale of immovable assets will take place through e-auction on various dates in July under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. In a sale notice to the public in general and in particular to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgager), Yes Bank said it took constructive possession of the property mortgaged to it on February 10, 2020 for recovery of Rs 548.30 crore. "All that office premises bearing Municipal No. B-14 to B-19 on the third (3rd) floor of B-wing of Shangrilla Apartment, Bund Garden Road, Pune - 411 001, admeasuring approx. about 123.56 sq. mtrs. Built-up area, bearing Survey No. 362, Hissa No,3/A and Hissa No. 4(pt), situated at 31 Bund Garden Road, Pune under the name of Shangrilla," the auction notice said describing the mortgaged assets. The loan amount is due since October 31, 2019, along with further interest and cost due to the secured creditor (Yes Bank) from the borrower and mortgager, Yes Bank said. Those interested can inspect the properties from July 10-23. The last date of submitting the earnest money deposit (EMD) is July 24, while the auction will take place on July 27, it said. Separately, it said notice is hereby given to the public in general and in particular to Oscar Investments Ltd (borrower) and RHC Holding Pvt. Ltd (mortgager) that immovable assets mortgaged to the bank will be sold on July 20, 2020 for recovery of Rs 465.29 crore which is due as on June 29, 2020. Yes Bank said the outstanding amounts have been calculated after adjusting monies recovered from sale of other securities. The properties mortgaged to Yes Bank are "Land &amp; building built on land admeasuring 12 Bighas out of Khasra No. 288 (4 Bighas 16 Biswas), Khasra No. 289 (4 Bighas 5 Biswas) and Khasra No. 290 (2 Bighas 19 Biswas) situated in the revenue estate of Village Gadaipur, Tehsil Hauz Khas, Mehrauli, New Delhi". The property will be open for inspection from July 6-17, while the last date to submit bid along with the EMD is July 18. The e-auction will take place on July 20, 2020. Oscar Investments Ltd is promoted by RHC Holding Private Limited (44.47 per cent), which is turn is promoted by Malvinder Mohan Singh and Shivinder Mohan Singh. Apart from this, the bank will also sell individual properties owned by certain borrowers from Ludhiana and Jaipur to recover dues of Rs 30.96 lakh and Rs 24.29 lakh, respectively, on July 20. In earlier auction notices, the bank had announced to sell properties owned by Essel Group firm, Essel Infraprojects, and SKIL Infra to recover dues of Rs 1,368.16 crore. While the auction for Essel Group properties will take place on July 8, SKIL Infra properties will go under the hammer on July 15. KPM RVK

Yes Bank puts up for sale properties of Avantha Group, RHC Holdings for recovery of over Rs 1,000 cr

The modern Corporation owes its origin to the Joint Stock Companies of Great Britain which marked the aggregation of capital without the liability or risk to stockholders apart from loss of capital employed and marked the shift from an agrarian - revenue yield based economic-governmental model to a Mercantilist-Industrial-tax based one. The capital accumulated was utilized in buying land for factories, erecting buildings to house the machinery. These were mainly the company property due to which the whole body of accounts, tax and accounting standards has concepts of movable and immovable property as the above fell mainly within these brackets. With the advent of the knowledge revolution which can be said to start with computing industry and its allied fields, a new form of property came into being. Incorporeal property called Intellectual Property which might or might not have material physical manifestation or product but which recognized the “intellectual capital” and “intellectual labour”. Due to the economics of outsourcing the modern corporations maybe behemoths in turnover but in many cases are mere repository of Intellectual Property which they license to manufacturers or franchisees. And Intellectual property of an <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword> is no less valuable because its goods are manufactured by a Foxconn in China. The “Brand” built due to valuable intellectual property has a recall value and people associate “Brands” with certain qualities and attributes which are unique. Thus the “Brand” and by “Implication” the Intellectual Property has to be protected. A “GULF” or an “Ashok Leyland” brand name for instance does give a consumer a comfort of track record, quality, integrity, after sales service and support and value for money. Bulk of modern day property and wealth is intellectual and needs to be protected. Intellectual capital is created by expending intellect by Employees who work for these corporations as inventors, designers etc. There lies the paradox of the basic framework of Contract Act , Criminal Law and Evidence Act being Victorian in vintage (“Touch” “Feel” “See”) while the economy and its concepts have moved on rapidly (“click” “Share” “Upload”). While the Contract Act has a jaundiced view towards an agreement in restraint of Trade and profession, such a restraint is key to companies who bear costs of research and development carried out by their employees and the fruits of whose intellectual Labour should be for the Company to “pluck”. If there is to be a “reasonable” restraint, what constitutes “reasonable”? The basic employment contract makes it mandatory for the employee to maintain confidentiality of Company data and information. This is because information and data are valuable Intellectual Property for the Company. Any action that would jeopardize its secrecy would be against Company interest. Would a mail sent by an employee from his official mail address to his personal e-mail address be construed as a breach? After all the personal mail server can be hacked and the data maybe exposed to theft. How careful is “really” careful? Recent instances have brought the spotlight on this aspect. Was Hillary Clinton justified in using her personal mail servers while she was Secretary of State? There are no white or black answers. It is “yin” and “yang” where the black has a white but the white may also have a black! The sensible thing to do would be to not be in a position where any adverse implication may be drawn unless there are cogent reasons for doing so. “Caesar’s wife must be above suspicion” and a person should not put himself /herself in a position where duty and interest is even seen to be conflicting. <keyword id="6373689" type="ORGANIZATION" weightage="20" keywordseo="Cloud-computing">Cloud Computing</keyword> makes storage and sharing and access very convenient but has the potential of being hacked. In this case whose is the liability? Can the provider escape liability if he demonstrates duty of care and to what extent? Indian Courts have been sensitive and have evolved concept by judicial pronouncements to plug any gaps in legislation. Classic case of the above is the “Ashok Kumar” order [called as “John Doe” in English speaking countries] given in Indian by courts to protect telecast rights of sporting events against unknown infringers of copyright. This has evolved to tackle the factum of unknown infringers of copyrights and necessity of a blanket order from the court to enable seizing material evidence before it is destroyed and to stop infringers of IPR. Again this has arisen because in classic adversarial litigation, you need a known infringer/defendant and even though the evidence can be irretrievably erased by pressing a “delete” button, the burden or onus of proving the case beyond reasonable doubt has not lightened due to the nature of the infringement or criminality being intellectual. This is indeed an exciting time as we can see law being evolved and created to match the advances in technology and commerce. (The article is authored by Mayoor Godbole - In-house Counsel, <keyword id="120582" type="CITY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword>)

Here’s why Intellectual Property Rights is gaining more importance and how the dynamics have changed

<keyword id="143" type="CITY" weightage="20" keywordseo="Bollywood">Bollywood</keyword> superstar <keyword id="1671" type="PERSON" weightage="100" keywordseo="Shah-Rukh-Khan">Shah Rukh Khan</keyword>, who owns several properties across the globe, had asked exemption from paying tax on notional rent on his <keyword id="6354539" type="COMPANY" weightage="100" keywordseo="Dubai">Dubai</keyword> villa, saying he had filed return in India. 
 
Also read: <a href="http://www.businessinsider.in/how-much-dollars-does-shah-rukh-khan-make-the-govt-wants-to-know/articleshow/56751121.cms">How many dollars does Shah Rukh Khan make? The Govt wants to know</a> 
 But, the <keyword id="6362528" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Appellate-Tribunal">Income Tax Appellate Tribunal</keyword> (ITAT) has rejected the contention. 
 
Also read: <a href="http://www.businessinsider.in/shah-rukh-khan-returns-to-television-to-host-indian-ted-talks/articleshow/57185103.cms">Shah Rukh Khan returns to television, to host Indian TED Talks</a> 
 
<a href="http://www.businessinsider.in/wow-shah-rukh-khan-teaching-how-to-ride-a-hoverboard-is-just-so-cool/articleshow/56984223.cms">Khan</a> had told the ITAT that under the India-UAE tax treaty, income earned from immovable property owned in Dubai is liable to be taxed in the UAE and, therefore, he must be exempted from paying the tax here in India. 
 
The ITAT, in its answer, said that while he would need to pay the <a href="http://www.businessinsider.in/keep-your-aadhaar-number-ready-while-filing-income-tax-return/articleshow/57777330.cms">tax here in India</a>, credit for taxes that he pays in the UAE, if any, would be allowed as per the law. 
 
This decision will not only affect Khan but also several other taxpayers who have second home overseas, especially those under the jurisdiction of the Mumbai bench of the ITAT. 
 
The I-T Act states that in case a person has two residential properties, only one can be treated as "self-occupied" and can be exempted from tax, the other one has to be taxed under the head "income from house property" based on notional rent. 
 
A 30% standard deduction and municipal taxes paid on such property are allowed to be deducted from the value. 
 
(Image source: <keyword id="63248" type="COMPANY" weightage="20" keywordseo="Abu-Dhabi">Abu Dhabi</keyword>)

ITAT rejects Shah Rukh Khan’s contention to not pay tax on Dubai property

A dynamic political leader, T<a href="http://www.businessinsider.in/Breaking-News-Jayalalithaa-laid-to-rest/articleshow/55835971.cms">amil Nadu CM Jayalalithaa</a> was also a sound business woman. The AIADMK leader, who no leader could match in terms of her flamboyant populism and superior leadership, left behind huge assets she accumulated in her lifetime. 
 
Here's an account of all that she left, as per official records: 
 
Real estate 
Jayalalithaa's massive 24,000 sqft residential property called Veda Nilayam in Poes Garden is valued at Rs 43.96 crore. The property was purchased by her mother in 1967 for Rs 1.32 lakh. 
 
Jayalalithaa owns 14.50 acres of farm land in Jeedimetla village in Ranga Reddy district in Telangana and 3.43 acres in Cheyyur Village in Kancheepuram village in Tamil Nadu. She had purchased the property in Telangana in 1968 along with her mother Sandhya and the Cheyyur property in 1981. 
 
She owns four commercial buildings, including one each here and in Hyderabad. According to reports, one of this property will belong to VN Sudhakaran, Jayalalithaa's once 'foster son' and nephew of Sasikala. 
 
Cars 
Jayalalithaa owned two Toyoto Prado SUVs, a Tempo Traveller, a Tempo Trax, a Mahindra Jeep, an Ambassador car of 1980 make, a Mahindra Bolero, a Swaraj Mazada Maxi, and a 1990 model Contessa. The nine vehicles are worth around Rs 42,25,000. 
 
Jewellery 
The value of her 21,280.300 grams of gold jewellery could not be ascertained as it was with the Karnataka government treasury in connection with the disproportionate assets case. She had, however, declared possession of 1,250 kg of silver articles valued at Rs 3,12,50,000. 
 
According to the affidavit filed for the RK Nagar constituency for the 2016 elections, Jayalalithaa owns movable assets worth Rs 41.63 crore and immovable assets Rs 72.09 crore. In the column on investment in companies, she said "various deposits and shares with companies have been seized by the police and with the custody of the court in case relating to Spl.C.C.No.208 of 2004 on the file of 36th Additional City Civil and Sessions Court, (Special Court) Bengaluru." The reference is with regard to the disproportionate assets case against her. 
 
Investments 
Jayalalithaa had made investments in five firms as a 'partner', which are together worth Rs 27.44 crore. These include Shri Jaya Publications, Sasi Enterprises, Kodanad Estate, Royal Valley Floritech Exports and Green T Estate, the affidavit stated. 
 
As per the last declaration, she had Rs 41,000 cash in hand, listed Rs 2.04 crore as liabilities and declared agriculture in the profession-occupation column.

Properties, Jewellery, Cars, Investments - This is what Tamil Nadu CM Jayalalithaa left behind

With the West Bengal Assembly bypolls around the corner, a recent analysis by the West Bengal Election Watch and Association for Democratic Reforms (ADR) has shed light on the profiles of candidates in the fray. The study reveals that among the 41 candidates contesting in the upcoming bypolls, seven have serious criminal cases pending, while another seven are crorepatis. <h2>Criminal cases: BJP tops the list</h2>The ADR analysis shows that out of the seven candidates with serious criminal cases, four are from the Bharatiya Janata Party (BJP), two from the Trinamool Congress (TMC), and one from Congress. These cases range from non-bailable offences to electoral violations and financial fraud, with maximum punishments extending to five years or more. Offences in this category include serious crimes such as murder, kidnapping, and violations of the Prevention of Corruption Act or crimes against women. The bypolls will take place on November 13 in the constituencies of Coochbehar Sitai (SC), Haroa, Naihati, Medinipur, Taldangra, and Madarihat (ST). However, the affidavit for one candidate, independent contestant Pankaj Lohra from Madarihat (ST), could not be reviewed due to missing documents. <h2>Wealthiest candidates</h2>In addition to those with criminal cases, seven candidates declared assets exceeding Rs 1 crore. Congress leads in this regard, with three crorepati candidates, followed by the BJP with two, and the TMC and CPIM(L) with one each. According to the affidavits, the wealthiest candidate is TMC's <keyword id="23849799" type="General" weightage="20" keywordseo="sanat-dey" source="keywords">Sanat Dey</keyword> from Naihati, who has assets worth Rs 4.9 crore, including Rs 1.8 crore in immovable property. Following him is BJP's Ananya Roy Chakraborty, who is contesting from Taldangra, with assets totalling nearly Rs 3 crore. TMC’s Shyamal Kumar Ghosh, running for the Medinipur seat, declared assets of approximately Rs 1.69 crore. On average, the candidates’ assets are valued at around Rs 58.14 lakh. In contrast to the wealthiest candidates, Kashikanta Barman from the Kamatapur Peoples Party (United), contesting from Coochbehar Sitai (SC), has declared the lowest assets, amounting to just Rs 5,000. This wide range of wealth highlights the diverse financial backgrounds of candidates in the bypolls. (With inputs from agencies)

West Bengal bypolls to feature seven candidates with serious criminal cases including murder and kidnapping

Over the next week, super heavy showers are set to hit the Indian subcontinent, especially in the states of Tamil Nadu, Kerala, South Interior Karnataka, Konkan and Goa, Madhya Pradesh, Maharashtra, Arunachal Pradesh, and Gujarat, the IMD (<keyword id="19963725" type="General" weightage="20" keywordseo="Indian-Meteorological-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Meteorological Department" meta.hostid="261" meta.entityid="Indian Meteorological Department">Indian Meteorological Department</keyword>) has predicted. Yesterday, India's financial capital, Mumbai was hit by a surprise, albeit hefty deluge of rain. Consequently, a yellow alert was issued for Thane, Pune, Palghar and other areas near to Mumbai. Between October 13-16, very heavy rainfalls are also expected in Kerala, Tamil Nadu, Andaman and Nicobar Islands, Gujarat and Andhra Pradesh. It's no secret that incessant rains also bring about significant economic damages. As seen very often in the past, a constant barrage of torrential rains can also quickly create a flood-like situation, which can wipe away houses, vehicles and everything that comes in its way. Per media reports, the average economic impact on India due to <keyword id="19912527" type="General" weightage="20" keywordseo="floods" source="keywords">floods</keyword> between 2011 and 2021 has been a staggering Rs 25,805 crore. Imagine this-your entire se is flooded. Water has seeped into everything—your walls, furniture, and even the plumbing. Without a <keyword id="22058670" type="General" weightage="100" keywordseo="home-insurance" source="keywords">home insurance</keyword>, you'll have to spend a hefty amount towards repairs and to get your life and home back on track. <h2>Getting your home insured</h2>So, if you are wondering how to protect your hard earned material but immovable assets like house, the answer is right in front of you- Home Insurance. Says Dilip Baba, Head of Commercial and Speciality Underwriting, Go Digit General Insurance, "People usually spend their entire life savings on purchasing a home. However, people rarely think about how to protect their investment. By investing in the safety of home insurance, you can enjoy peace of mind knowing that your property is covered in case of unforeseen events. With home insurance, you can opt for three types of coverage-structure, content and comprehensive. While structure simply insures the physical, immovable formation of your house (walls, roofs), content coverage goes a step ahead and takes care of damage caused to your movable items like furniture, electronics and other items due to natural calamities, theft and more, up to a certain limit. This can also include any valuable artwork or antiques, or additional installation like solar panels you might have at your home. A comprehensive home insurance brings together both structure and contents in its insurance ambit. Having a home insurance can not just protect you from natural calamities like floods, but also from unforeseen events like theft, fire and more. The annual premium of a home insurance policy can range between Rs 2,000 to Rs 10,000 depending on the type and extent of coverage taken. Before buying a policy, be sure to clarify whether it offers actual cash value, which considers depreciation, or replacement/reinstatement cost, which covers the full replacement without depreciation deductions. To be on the safe side, you can also choose additional covers like accidental death insurance, or rent coverage, if you lose out on rental income due to damage caused to your property. You can use the carpet area of your house to get a sense of your home insurance requirements. Other covers you can opt for include valuable contents (on agreed value basis under home contents cover), additional living expense cover, tenant liability insurance, among others. Says Amit Bhandari, Chief Technical Officer at Magma HDI General Insurance, "When selecting a policy, it’s crucial to assess the unique risks that your home may face, particularly if you live in an area susceptible to <keyword id="19922196" type="General" weightage="20" keywordseo="natural-disasters" source="keywords">natural disasters</keyword>. You should tailor your coverage to address these risks while considering premium reduction strategies, such as excluding unnecessary coverages".

You Searched For "Immovable property" and got 12 results

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Here’s why Intellectual Property Rights is gaining more importance and how the dynamics have changed

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Properties, Jewellery, Cars, Investments - This is what Tamil Nadu CM Jayalalithaa left behind

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West Bengal bypolls to feature seven candidates with serious criminal cases including murder and kidnapping

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Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

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