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For better targeting of tax concessions and exemptions, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> capped deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore. Another proposal with similar intent is to limit income tax exemption from proceeds of insurance policies with very high value, she said. <keyword id="15133706" type="General" weightage="80" keywordseo="vishal-yeole" source="Orion">Vishal Yeole</keyword>, Vice President of Business Advisory Services, Waterfield Advisors said the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has proposed to limit the maximum deduction under Section 54 and Section 54F to Rs 10 crore. Till now, there was no such limit and typically, high-net-worth individuals (HNIs) and <keyword id="827434" type="General" weightage="80" keywordseo="ultra" source="Orion">Ultra</keyword> high-net-worth individuals (UHNIs) would utilize this avenue to reduce their Capital Gains tax liability. The original intent of these exemption sections always had been to incentivize the Housing Sector and mitigate the shortage of housing. It was felt that the exemptions were not achieving the intended purpose and it is now proposed to substantially limit the arbitrage available on capital gains tax arising to HNIs/UHNIs, Yeola said. As per the Finance Bill, the existing provisions of section 54 and section 54F of the Income-tax, 1961 (the Act) allow deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one year before or two years after the date on which the transfer took place purchased any residential property in India, or within a period of three years after that date constructed any residential property in India. For section 54 of the Act, the deduction is available on the long-term capital gain arising from the transfer of a residential house if the capital gain is reinvested in a residential house. In section 54F of the Act, the deduction is available on the long-term capital gain arising from the transfer of any long-term capital asset except a residential house, if the net consideration is reinvested in a residential house. The primary objective of sections 54 and section 54F of the Act was to mitigate the acute shortage of housing and to give impetus to house-building activity. However, it has been observed that claims of huge deductions by high-net-worth assessees are being made under these provisions, by purchasing very expensive residential houses. It is defeating the very purpose of these sections. In order to prevent this, it is proposed to impose a limit on the maximum deduction that can be claimed by the assessee under sections 54 and 54F to Rs 10 crore. It has been provided that if the cost of the new asset purchased is more than Rs 10 crore, the cost of such asset shall be deemed to be Rs 10 crore. This will limit the deduction under the two sections to Rs 10 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/govt-announces-hike-in-basic-customs-duty-on-silver-to-10-to-check-imports/articleshow/97524509.cms">Govt announces hike in basic customs duty on silver to 10% to check imports</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/pathaans-gross-box-office-collections-at-634-crore-in-7-days/articleshow/97524909.cms">Pathaan's gross box office collections at ₹634 crore in 7 days</a>

Budget blow to HNIs claiming huge deductions for expensive houses

The government on Wednesday proposed to hike the <keyword id="9215522" type="General" weightage="20" keywordseo="tcs-rate" source="Orion">TCS rate</keyword> to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (<keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tcs" meta.entityname="Tata Consultancy Services Ltd." meta.entityid="8345" meta.seoname="tata-consultancy-services-ltd">TCS</keyword>) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for <keyword id="148355" type="General" weightage="20" keywordseo="overseas-travel" source="Orion">overseas travel</keyword> perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other than travel and medical is likely to cause resentment and hardship amongst the middle class and HNIs. "This is especially true since many students aspire for foreign education and the cost of education and living is usually met by parents through LRS, the blanket rate of 20 per cent on all residuary remittances would mean that foreign remittance for education / maintenance is likely to be costlier owing to the 20 per cent TCS," Agrawal said. Deloitte India Partner Neeru Ahuja said TCS on overseas tour packages or liberalized remittance scheme for remittance of funds out of India has been proposed to be increased from 5 per cent to 20 per cent. "Despite the TCS being creditable in the hands of taxpayers, the same shall lead to higher cash outflow at the first instance in the hands of taxpayers," Ahuja said. Tax and consulting firm AKM Global, Tax Partner Amit Maheshwari said, "TCS has been proposed on any foreign payment without any threshold. "This would pose challenges for people intending to go for foreign travel and who wish to invest in overseas stocks as it will increase their immediate outlay," Maheshwari said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/life-insurance-stocks-fall-up-to-10-after-budget-pushes-for-new-tax-regime/articleshow/97526113.cms">Life insurance stocks fall up to 10% after Budget pushes for new tax regime</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-blow-to-hnis-claiming-huge-deductions-for-expensive-houses/articleshow/97525649.cms">Budget blow to HNIs claiming huge deductions for expensive houses</a>

Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

Traditionally, <keyword id="1871871" type="UNKNOWN" weightage="100" keywordseo="property-listing-sites">property listing sites</keyword> are as drab as telephone directories. They offer huge databases and you simply activate a few filters like type of property, location and budget, and the information gathering is done. The next task is more gruelling, though. One must browse through the list of properties that has popped up post-search, check out if the information is authentic, and get in touch with owners, brokers and property developers to close a deal. In fact, the data burst on property sites is the actual pain point, says an industry expert. But some young <keyword id="428085" type="UNKNOWN" weightage="100" keywordseo="start-ups">start-ups</keyword> and not-so-young companies are doing things a bit differently, to take the long hours and the guesswork out of the house-hunting process. Check out these 5 Indian sites that stand out because of their innovative (and tech-dependent) approach. 
 
<keyword id="35061" type="ORGANIZATION" weightage="100" keywordseo="housing">Housing</keyword> – credibility is the key: Set up by a group from IIT Bombay, this one-year-old start-up has a penchant for innovation. Housing started by listing the apartments for rent in Mumbai. But it has seen some fast growth and currently operates in 7 cities – also listing flats for sale. Its USP is data curation as an in-house data collection team makes sure that every apartment is geo-coded and every bit of information is genuine (you get all the essentials such as photographs, rent amount, locality rating and amenities available while some of the properties up there are the site’s exclusive). Housing has recently introduced a ‘land classifieds’ section that will allow farmers and villagers to list and sell their land assets. A bold move from an urban firm, especially as it wants to cover as many as 10,000 villages. 
 
Funding: Housing has already reached break-even in Mumbai and raised $2.5 million from Nexus Venture Partners besides securing two rounds of angel funding from several investors. 
 
<keyword id="1871872" type="UNKNOWN" weightage="100" keywordseo="Flat-to">Flat.to</keyword> – niche offering: Another start-up from Mumbai, set up in April 2013 by Gaurav Munjal, but this one only caters to students looking for apartments, room-mates or PG accommodations in and around their educational institutions. Some featured colleges are already up on the site and one can check out what all they offer (from nearby flats to brokers and flat owners, it seems). Otherwise, you can check in and input your college name, and the company will get back with relevant information. After Mumbai, the start-up will expand its operations in other university cities like Pune and Bangalore. 
 
Funding: Till date, Flat.to has raised undisclosed angel funding from Aakrit Vaish, director of the mobile app analytics firm Flurry India. 
 
<keyword id="1871874" type="COMPANY" weightage="100" keywordseo="PropTiger">PropTiger</keyword> – mid-market focus paying dividends: Started in 2011 by Dhruv Agarwala, Kartik Varma and Prashan Agarwal (Dhruv and Kartik are Harvard alumni and co-founders of iTrust Financial Advisors which they sold to the Karvy Group), this start-up is well on its way to become really big. But unlike other portals, this company is marketing new residential developments and targeting first-time home-buyers in the mid-market segment. PropTiger has a hybrid (online-offline) business platform in place and handholds potential customers by offering a whole range of value-added services – right from sending you apartment options to organising site visits, affordability analysis and facilitating home loans. No wonder the firm’s revenues are soaring and it claims to have crossed Rs 2,500 crore in GMV (gross value of the properties sold). 
 
Funding: The traction has been good so far and VC firms Accel Partners and SAIF Partners have invested $5 million in Series A round for the next phase of growth. Earlier, PropTiger raised an undisclosed round from a number of HNIs. 
 
<keyword id="1556577" type="UNKNOWN" weightage="100" keywordseo="CommonFloor-com">CommonFloor.com</keyword> – hi-tech apps help: Not exactly a young company but this six-year-old portal needs a mention here as it has some hi-tech offerings that users love. The firm has launched an augmented reality-based property search app called CommonFloor Real Estate, which also enables GPS-based map search and helps extend all its portal services on to a mobile phone. As for AR search, a user has to input her property criteria and point the phone in any direction. The app will then track the relevant assets within a certain distance. The Bangalore-based firm also combines online property search with a community management platform. 
 
Funding: Founded by Sumit Jain, Lalit Mangal and Vikas Malpani, the firm has recently raised a Series C funding of $7.5 million from existing investors Accel Partners and Tiger Global Management. Accel and Tiger invested in the firm in Series A and B as well, but the amounts were not disclosed. 
 
<keyword id="1871875" type="UNKNOWN" weightage="100" keywordseo="Metroplots">Metroplots</keyword> – apps and new features make it sticky: Started by Biju Ashokan in 2009, this Chennai-based firm operates a bit like PropTiger and focuses on new residential and commercial developments. The site offers some value-added services such as comparison tool, expert advice, loan facilitation, referral (when you refer a friend and she makes a purchase, you get a commission on the total value of that asset), group deal/discount and post-sales help. Metroplots has apps for both Android and iOS platforms, and could be adding more channels like property rental and reselling. 
 
Funding: Metroplots has already raised two rounds of angel funding and secured under $1 million in the second round. It is now looking to raise close to $2 million for more features and pan-India expansion.

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Budget blow to HNIs claiming huge deductions for expensive houses

IANS

Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

PTI

Five Property Listing Portals That Think Outside The Box

Sanghamitra Mandal

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