Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers. I have booked an under-construction flat with my wife and son as joint holders. My wife is a homemaker while my son is employed. Due to a delay in the construction, I am moving RERA in Mumbai for refund. I am certain to get (a) refund of the full amount paid (b) interest on delay (c) probably some compensation. I’m considering the following options on the use of the amount I receive. Option 1: Invest the entire sum jointly with my wife in another under-construction apartment offered by a good developer; option 2: buy a ready-to-move-in apartment in either in all 3 names or jointly with my wife; option 3: deposit with a bank. We have paid nearly Rs 1 crore. My wife had contributed Rs 8-9 lakh while my son (who was then a student) has contributed Rs 3-4 lakh. Suppose, we receive Rs 40 lakh as interest and Rs 5 lakh as compensation, how will the interest amount be treated in each of our hands under the 3 … [Read more...] about Tax queries: How will the refund I receive for delayed delivery of property be treated for tax purposes?
Long term vs short term capital gains tax
Adani Capital Pvt. Ltd, the NBFC arm of the Adani Group, focused on lending to small & micro entrepreneurs, has acquired Essel Finance’s MSME Loan Business. The business has a secured loan book of approximately Rs 145 crore comprising of 1100 customers, staff strength of 40 professionals and operates out of 10 cities in India.Gaurav Gupta, CEO, Adani Finserve Private Limited said, “The acquisition complements our existing MSME business and helps us expand to new geographies including Noida and Chennai. The decision to acquire is led by the fact that we operate in similar segments, which is secured lending focused on income-generating borrowers. It is an opportunistic acquisition. Our near term focus is to focus on improvising processes, leveraging technology and enhancing productivity.”The overall lending book of NBFC and the housing finance business was Rs 1,100 crore with the latter contributing Rs 150 crore as of December 31, 2019. The company has over 18,000 … [Read more...] about Adani Capital takes over Essel Finance’s MSME Loan Business
By Nupur Acharya, Moxy Ying and Ronojoy Mazumdar Removal of the long-term capital gains tax and measures to boost consumption are high on equity investors’ wish list from India’s federal budget due Feb. 1. With the economy facing its worst growth, investment and jobs crisis in more than a decade, Finance Minister Nirmala Sitharaman needs to offer support for individuals and businesses. The scope may be limited, however, amid concern over a larger than projected deficit. “The government cannot afford to tighten the belt too much,” Hartmut Issel, head of APAC Equities at UBS Global Wealth Management, said by email. Still, the administration is in “no mood to hand out very significant packages,” he added. Here are the key areas where market participants are looking for action, along with potential impact. Capital Gains Rolling back long-term capital gains tax, reintroduced after a gap of 14 years on Feb. 1, 2018, will re-energize interest in … [Read more...] about Investors in India hope to see tax on equity gains scrapped
Toss: Melbounre Stars won the toss and elected to bowl first against Adelaide Strikers at Adelaide Oval. The teams in top half of the table collide in this epic encounter as first-placed Stars lock horns against third-placed Strikers. … [Read more...] about Big Bash League, Adelaide Strikers vs Melbourne Stars: Live cricket score and updates
Meanwhile, Kohli and Rohit are in a race of their own in the list of most runs scored in T20Is. Kohli currently leads the way with 2689 runs in T20 cricket with Rohit breathing down his neck with 2633 runs. The difference between the two is of just 56 runs and it will be interesting to see who comes out on top after the conclusion of the blockbuster series. … [Read more...] about India vs New Zealand: Virat Kohli eyes ‘special 50’ in five-match T20I series against Kiwis