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<ul><li>HNI share by value in companies listed on NSE went down to 1.9%, in the third quarter as compared to the last quarter, said a <keyword id="198574" type="General" weightage="20" keywordseo="prime-database" source="Orion">Prime Database</keyword> report. </li><li>Infosys, Bajaj Finserv and Kotak Mahindra are among the top companies with HNI holdings by value. </li><li>Here are some of the top small cap stocks where HNIs holdings are over 40%. </li></ul>High networth individuals (HNIs) held stocks worth ₹5 lakh crore in NSE-listed companies, as on 31 September, 2022, as per a Prime Database report. Individuals with over ₹5 crore investible surplus are defined as HNIs. Those with over ₹25 crore of investible surplus are defined as ultra HNIs. “HNI share by value in companies listed on NSE went down to 1.9% as on September 30, 2022 from 2.08% as on June 30, 2022,” the report said. While Infosys, Bajaj Finserv and Kotak Mahindra are the top companies with HNI holdings by value, here are some small cap stocks where HNIs have the highest stake – all above 40%. <div type="image" title="HNI-" msid="95584991" hostid="261" sizebytes="59432"></div> Debcock Industries HNI holding: 52.3% Market cap: ₹118 crore This Rajasthan-based company runs a hotel in Deoli, manufactures agricultural products and has entered into the business of mining granite and marble near Kekri district in Ajmer. In the September quarter, its net profit stood at ₹7 crore on revenue at ₹45 crore. Hotel Rugby HNI holding: 44.87% Market cap: ₹7 crore The company that offers catering services to weddings and other events said in its annual report that it has not been earning from its main business activities, and is looking out for new business avenues. In Q2, it posted a net loss of ₹12.63 lakh, and ₹0.03 lakhs in revenue. Oriental Trimex HNI holding: 42.93% Market cap: ₹26 crore The Greater Noida-based company is engaged in the business of processing rough marble blocks into slabs and tiles. The company imports its raw materials, but also has a mining lease in Odisha. In Q2, it posted a net loss of ₹20 lakh and a revenue of ₹3.37 crore. Jyoti Structures HNI holding: 42.42% Market cap: ₹907 crore The company is engaged in the business of providing turnkey solutions for power transmission projects. It has two manufacturing units in Nashik and Raipur and also takes up projects internationally. In Q2, it posted ₹4 crore net loss, and 14 crore in revenue. Som Distilleries &amp; Breweries HNI holding: 42.33% Market cap: ₹777 crore As the name suggests the company manufactures alcoholic beverages like beer, whisky, vodka, gin, rum, and brandy along with non-alcoholic drinks like cranberry, orange, and tangy lemon fruit drinks. Zenith Steel Pipes &amp; Industries HNI holding: 42.28% Market cap: ₹72 crore The Mumbai-based manufacturer of steel pipes caters to various applications like water distribution, fire fighting systems, scaffolding and more. Nandani Creation HNI holding: 41.45% Market cap: ₹99 crore Nandani Creation is a fashion company that designs and produces women’s apparel like dresses, tunics, tops and more. The Rajasthan-based company also has a store named Amaiva. Cigniti Technologies HNI holding: 41.19% Market cap: ₹1,624 crore The Hyderabad-based company is primarily known for its software product testing services but also claims to offer digital engineering services to help accelerate the digital transformation of its clients.

These small cap companies have attracted big investments from high-networth individuals

<ul><li><keyword id="6358021" type="General" weightage="50" keywordseo="budget" source="Orion">Budget</keyword> announcement of 20% tax on foreign investments to make investments in the US markets less appealing. </li><li>Direct investments in the US markets remain viable only for a tiny minority of high and ultra high-networth individuals (HNI/UHNIs). </li><li>Retail investors should consider exposure to the US markets through Indian mutual funds that invest in US <keyword id="6354298" type="General" weightage="20" keywordseo="stocks" source="Orion">stocks</keyword> and funds. </li></ul>While one cannot buy a Tesla car in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> yet, one can buy shares of the electric vehicle (EV) giant. Similarly, one can also invest in shares of Apple, Meta (earlier Facebook), Alphabet (parent company of Google) and other US tech giants. To invest directly in US stocks from India, one needs to send money abroad under the liberalised remittance scheme (LRS). However, a budget proposal to impose a 20% tax collected at source (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>) on foreign remittances under LRS without any threshold limit has made investing directly in foreign stocks, especially in US stocks, less attractive for investors. Earlier, a 5% TCS was applicable on outward remittances above ₹7 lakh. <cmsannotation type="cmsannotation" annotationid="20% tax on foreign investments to hit retail investors hard" comment="subhead2" text="20% tax on foreign investments to hit retail investors hard">20% tax on foreign investments to hit retail investors hard</cmsannotation> Manish Chowdhury, head of research at Stoxbox, a subscription-based value broker, says “The budget proposal would prove to be a deterrent for small-time investors, as it would mean a large upfront cash outflow. Moreover, we believe that the change in TCS will adversely affect investing platforms, especially aimed at retail investors, who are more glued to direct investing in international stocks.” Currently IndMoney and Vested Finance are two such platforms that help Indian investors invest in US stocks and exchange-traded funds (ETFs). Pratik Oswal, head, ETFs and Index Funds, Motilal Oswal Financial AMC says that since this means that 20% of the sum invested abroad will be used for tax purposes and locked away at zero-percent interest till you file your taxes, it will mean an additional cost to the investor. It is to be noted that the tax paid can be claimed as credit. “While the TCS of 20% is a sentiment damper for Indians who would like to create a corpus outside of India and invest to meet future dollar commitments, it should not be confused as a sunk cost or additional cost. The TCS will be reflected as tax credit in your Form 26AS. So, the amount of TCS can be claimed as credit against tax payable while filing income tax returns,” says Sumita Pillai, chief executive officer of Torus Private Wealth. In case the TCS is higher than your tax payable, you will get a refund. <cmsannotation type="cmsannotation" annotationid="Direct investments in the US markets to get costlier" comment="subhead2" text="Direct investments in the US markets to get costlier"> Direct investments in the US markets to get costlier</cmsannotation> In another development, in January 2023, RBI asked SBM Bank to stop LRS transactions till further notice. Both IndMoney and Vested Finance have tie-ups with SBM Bank to make the process of investing faster and cheaper. “Vested Direct, our unique, low-cost digital fund transfer solution is supported by SBM India. With the help of Vested Direct, we were able to lower the overall cost of depositing funds to investors,” says Viram Shah, founder and CEO, Vested Finance. However, after the RBI directive, that is no longer possible. Shah clarifies that the introduction of this ruling means they will not be processing any new deposits using Vested Direct in the interim. This means that investing abroad through the LRS route is now more cumbersome and costly, the way it was a few years ago. This is definitely a dampener when it comes to Indians investing abroad. <cmsannotation type="cmsannotation" annotationid="Alternative option for investing in the US markets" comment="subhead2" text="Alternative option for investing in the US markets">Alternative option for investing in the US markets</cmsannotation> The above platforms provide investors an option to directly invest in US stocks. However, Indian investors can also get exposure to the US markets indirectly through international mutual funds that invest in the US stock markets. Says Chowdhury, “With the policy change, investing in equities globally through a direct route has definitely become more expensive. However, investors can continue to take exposure in global equities through mutual funds and ETFs because they are still exempt from LRS. We continue to advise small investors to invest in global equities through the indirect route as it saves them from the hassles of setting up the infrastructure for direct investing and also does not involve upfront costs.” Agrees Oswal, “Investors looking at global options should look at mutual funds because they are a lot cheaper right now.” However, a lot of these mutual funds in India cannot accept fresh <keyword id="6355120" type="General" weightage="20" keywordseo="Investment" source="Orion">investment</keyword>s because they have either already exhausted or are about to exhaust the limit of $7 billion to invest in overseas securities and funds. The entire industry is hoping for higher limits to be put in place. “When these mutual funds stop accepting fresh investments, direct investments outside of India via LRS will be the only route available to invest outside of India. That route will make sense for only a very tiny minority of HNIs ( high-networth individuals) and UHNIs (ultra high-networth individuals),” says Avinash Luthria, a financial planner &amp; SEBI registered investment advisor, referring to high and ultra-high-networth individuals. Investors who want to invest in the US market through mutual funds should reach out to the asset management company (AMC) and find out which funds are still accepting fresh investments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/india-a-long-term-investment-destination-even-among-g-20-countries/articleshow/97875443.cms">India a long-term investment destination even among G-20 countries</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/passenger-vehicles-recorded-highest-ever-sales-this-january-says-siam/articleshow/97874958.cms">Passenger vehicles recorded highest-ever sales this January says SIAM</a>

20% tax on foreign remittances make foreign investments unviable for retail investors

<ul><li>Shares of <keyword id="514317" type="General" weightage="20" keywordseo="anand-rathi-wealth" source="Orion">Anand Rathi Wealth</keyword> listed at ₹602.05 while the shares were allotted at ₹550 per share.</li><li>The IPO received moderate demand from investors as it was subscribed 9.78 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹2,505 crore.</li></ul>Shares of Wealth management firm Anand Rathi Wealth made a tepid listing on the National Stock Exchange (NSE) and BSE at 9.46% premium over the issue price of ₹550 apiece. Post-listing, the market capitalisation of the company stood at ₹2,505 crore, according to BSE data. The listing gains were in line with the ₹50 premium expected in the grey market. The initial public offering (IPO) was open between December 2 and December 6 ⁠and was oversubscribed 9.78 times by investors. The wealth management firm deals with wealthy clients that have net worth of ₹5-50 crore funds Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai. Further, the company aims to double its assets under management in the 3-5 years, said Amit Rathi, managing director at Anand Rathi in an <a href="https://www.businessinsider.in/business/corporates/news/anand-rathi-aims-to-double-its-assets-under-management-in-the-next-3-5-years/articleshow/88069928.cms">interview with Business Insider.</a> The company manages assets under management (AUM) of ₹26,058 crore as on March 31, 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/medplus-health-services-is-a-good-play-on-growing-e-commerce-pharmacy-space-say-analysts/articleshow/88265079.cms">MedPlus Health Services is a good play on growing e-commerce pharmacy space, say analysts; GMP at ₹300</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/data-patterns-ipo-opens-today-gmp-at-550-check-out-other-important-details/articleshow/88264929.cms">Data Patterns’ IPO opens today; GMP at ₹550 — Check out other important details</a>

Anand Rathi Wealth makes a modest listing at 9% premium on exchanges

10 best tax-saving investments

<ul><li>The company had seen its IPO being oversubscribed by 159.33 times the offer value.</li><li><keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword>’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel.</li><li>However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry.</li></ul>Easy Trip Planners Ltd, the parent company of online travel aggregator platform EaseMyTrip, which made its debut in the stock market today, saw its share price list at ₹212.25 at 9.50 am, 13.5% higher than the IPO issued price of ₹186-187 per share. However, within minutes of trading the share price fell to ₹204 at 10.13 am. Since its listing, the company’s market value rose to ₹2,305 crore. In the grey market, the shares of the company were trading at ₹160-165, as per <a href="https://www.livemint.com/market/ipo/easy-trip-planners-ipo-grey-market-premium-listing-gains-allocation-dates-in-10-points-11615094894205.html">reports.</a> However, the grey market is not an official measure of the market premium. The company had seen its IPO being oversubscribed by 159.33 times the offer value, with its QIB portion being subscribed 78 times, HNI 384.26 times and retail 70.78 times. EaseMyTrip’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel. With the rising number of COVID-19 cases, several states have issued advisory while many cities are now subject to lockdowns or night curfews. However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry. “In our third quarter of 2020, we have already recovered 70% of where we were during the same period last year,” Prashant Pitti, director at Easy Trip Planners (the parent company of EMT) told Business Insider in an interview. The company is an exception among a large pool of internet companies, which have tried to get listed – EaseMyTrip has bootstrapped its way to the public markets. Founded in 2008, the company is India’s second largest travel aggregator. EMT claims to have achieved profitability and calls itself “the only profitable company among key OTAs (online travel aggregators) in India”. According to a CRISIL report, as of FY20, EMT had a market share of 5% in India. However, the company believes that it would have gained market share in the last year. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/delhi-high-court-brings-up-civil-prison-for-violation-directs-future-group-to-recall-approvals-granted-to-future-retail-reliance-deal/articleshow/81570521.cms">Kishore Biyani vs Amazon – Delhi High Court brings up ‘civil prison’ for violation by Future Group, asks for recall of approvals granted to Future Retail-Reliance deal</a> <a href="https://www.businessinsider.in/business/corporates/news/accenture-announces-one-time-bonus-for-all-employees-as-the-tech-giant-sees-robust-revenue-growth/articleshow/81572548.cms">Accenture announces one-time bonus for all employees as the tech giant sees robust revenue growth</a>

EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after

These days, even small investors can also buy government bonds. In India, purchasing government bonds is easier than ever using a mobile app or a web based app of NSE (National Stock Exchange). The NSE app for buying government bonds is “NSE goBID“. NSE makes available to the users both a mobile app as well as a web based platform. When you buy government bonds via these apps, youa re buying them in the primary market. What you can buy on these apps? You can use these apps to buy the following kinds of bonds: <ul><li>Long-term government bonds that you can hold for a long period from 5 to 40 years</li><li>Treasury bills (T-bills) which you can hold for less than 1 year </li></ul>Here is how and why you must buy government bonds To be able to buy these government bonds, you need to complete the registration on NSE goBID. The registration is a simple process that you can complete online. Here are the other details you will have to know before buying the government bonds or T-bills. Before November 2017, small investors or common people could never buy Government Securities (G-Secs) like bonds and T-bills. After the RBI commenced the “Non-competitive Bidding Facility“, G-secs became easily available for common people. Bonds or T-bills are G-secs provided by government of India for the purpose of borrowing money from investors. While the big investors are entities like banks, insurance companies, mutual funds, trusts, and corporates, smaller investors will mean HNI’s, NRIs, HUF members, and individuals. Earlier, the G-sec market was predominantly available only to big investors like banks, insurance companies and mutual funds. For small investors, it was a difficult process to invest in bonds. Also since the big players would deal with larger volumes, the small investors could not compete with them during the process of auctioning. The non-competitive bidding process announced by the RBI made it possible for the small investors and individuals to buy government bonds using the NSE goBID app with the minimum value of the bond being Rs.10,000. The investors will get the bonds at the weighted average rate and they need not worry about the auction. You can think of investing in government bonds when you will not need the invested money oer a short time and if fixed income is your top priority. People seeking financial independence and retired persons usually prefer to invest in government bonds more than others. Government bonds assure security as well as generate a regular income. Another impetus for many people to invest in government bonds is that the interest generated from one type of government bonds is not liable to income tax. Those people who are in the maximum tax bracket will find this a highly profitable option. Most kinds of government bonds are listed for trading on the stock exchange which is known as the secondary market. Once you buy these bonds, you can also sell them to interested buyers in course of time. However, it is advisable that you hold the government bonds for its full tenure (5, 10, 15, 20, or 30 years as is the case may be) to get the fullest benefits.

Government bonds India - how to buy government bonds in India

<ul><li>A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date.</li><li>Apartments continued to be the favoured property choice among high net worth individuals (HNIs), comprising 53 out of 58 deals.</li><li>The surge in sales of <keyword id="386983" type="General" weightage="20" keywordseo="luxury-homes" source="Orion">luxury homes</keyword> is also linked to the reconfiguration of HNI investment strategies. </li></ul>A 19,000 odd sq ft apartment in <keyword id="1159814" type="General" weightage="20" keywordseo="Malabar-Hills" source="Orion">Malabar Hills</keyword> Mumbai costs almost ₹100 crore more than a Bungalow in <keyword id="19667909" type="General" weightage="20" keywordseo="Golf-Link-Delhi" source="Orion">Golf Link Delhi</keyword>! While we all know that Mumbai property is more expensive than in Delhi, is that the only reason? Research data by real estate services company ANAROCK throws up some interesting insights on ultra-luxury homes (priced &gt;₹40 Cr). The report reveals how the ultra-rich think when it comes to buying a home. The ultra-wealthy also have distinct FOMO Among affluent Indians, there exists a discernible fear of missing out (FOMO) when it comes to securing the most coveted properties. This urgency to acquire the most desirable options before others contributes significantly to the heightened interest and transactions in this niche market segment. Not surprisingly, ANAROCK Research data reveals a 247% annual increase in the total sales value of ultra-luxury homes from the beginning of 2023 compared to the entire year of 2022. Says Anuj Puri, Chairman, ANAROCK Group,, “A total of 58 ultra-luxury homes have been sold across the top 7 cities in 2023 to date, for a collective sales value of approx. ₹4,063 Cr. In contrast, the whole of 2022 saw a total of 13 ultra-luxury homes sold in these cities for a total sales value of approx. ₹1,170 cr. In terms of ultra-luxury property sales, 2023 has already made Indian real estate history even before it is over.” Apartments remain the preferred property type Apartments continued to be the favoured property choice among HNIs, comprising 53 out of 58 deals, while the remaining five transactions were for bungalows. Approximately 79% of these transactions were carried out by business professionals, with an additional 16% facilitated by senior executives from various diverse sectors. The remaining 5% of deals involved politicians and Bollywood celebrities. Surge in sales linked to reshuffling of HNI investment portfolios This surge in sales of luxury homes is also linked to the reconfiguration of HNI investment strategies. Concerns about potential stock market volatility, largely influenced by ongoing geopolitical tensions, have prompted a shift in investment portfolios. Consequently, there's been a notable inclination towards investing in ultra-luxury homes as a more stable and secure asset class. The response from top-tier Grade A developers further validates this trend. These developers are amplifying their efforts to introduce more properties within the ultra-luxury category, catering to this escalating demand. Also, the demand for luxury and ultra-luxury residences has notably increased post-pandemic. HNIs and ultra-HNIs are actively purchasing such homes, viewing them as lucrative investments, as well as for personal use. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Micro-market </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Property-Type </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Cost (₹/Crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;background-color:#a054a0;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Area (in Sq. Ft.) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Worli </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apartment </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">230 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">29,885 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malabar hill </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Penthouse </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">253 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,624 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malabar hill </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apartment </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">369 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27,160 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Golf Links </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bungalow </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">160 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,440 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Malabar hill </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apartment </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">263 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,254 </td></tr></tbody></table> Source: ANAROCK Research

FOMO and market volatility concerns key behind wealthy Indians lapping up ultra-luxury homes

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>

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