|
Showing posts with label Knowledge Center. Show all posts
Showing posts with label Knowledge Center. Show all posts
Saturday, June 2, 2018
A New Home or A Resale Home - Which works better in the present Indian realty market?
Wednesday, March 22, 2017
Aadhar Card to be mandatory for income tax returns and PAN
Aadhar
Card to be mandatory for income tax returns and PAN
Union
government has proposed making Aadhar card mandatory for
filing income tax returns and
for obtaining Permanent Account Number
(PAN) through proposed amendments
to the finance bill 2017.
The government on 21.03.2017 proposed making Aadhar Card mandatory
for filing of income-tax returns as
well as for obtaining and retaining the
PAN Card.
According to the amendments, from 1 July 2017, every
taxpayer will have
to quote Aadhar while applying for a PAN and while filing
income-tax
returns. Further, existing PAN holders will have to disclose their
Aadhar
numbers to the government by a date that will be specified later.
Aadhar
enrollment number while filing ITR could also be accepted. In case of
failure to intimate the Aadhar number, the PAN allotted to the person shall
be
deemed invalid.
 |
| Neeta Shah
Contact Details
Office
:- 022 - 28953232
022 -
28948747
022 -
28906363
Mobile
Numbers
http://www.aasharealtors.com
http;//www.realtyserve.in
Registered
Office
Shop
No. 2 & 11 , Shailesh Apartments,
Borivali
West, Mumbai – 400103, India.
 |
Tuesday, March 21, 2017
Brief on amendments relating to cash transactions which will take effect from 1st April 2017.
♦ Restrictions on cash transactions above Rs. 3,00,000/-
From 1st April onward any transaction (including transactions for capital assets) above Rs. 3,00,000/- shall be strictly done only through banking channels.
The penalty for transaction above Rs. 3,00,000/- is equivalent to amount of transaction.
For Eg. – If you sell your car for Rs. 5,00,000/- and take the whole amount in cash. Penalty of Rs. 5,00,000 will be levied.
Note that penalty is imposed on receiver of cash.
♦ Restriction on cash donations to charitable trusts.
Deduction at the rate of 50% is granted in case donation is made to a registered charitable or religious trust.
From 1st April, any donation above Rs. 2,000/- in cash will not be eligible for tax deduction under Sec 80G of the income tax act. Earlier this limit was of Rs. 20,000/-
Hence, if you want to make any donations and take income tax benefit of the same you have to ensure that you make such donations through banking channels
♦ Restriction on cash expenses above Rs. 10,000/-
Any expense of above Rs. 10,000/- done in cash will be disallowed. Earlier, this limit was of Rs. 20,000/-.
♦ Restriction on Capital Expenditure done in cash
From 1st April onward, Cash payments of above Rs. 10,000/- done for purchase of capital asset will be disallowed. I.e. they cannot be added in the cost of asset for Income Tax purposes hence, depreciation cannot be claimed on same.
You will have to ensure that payment for purchase of any capital asset of more than Rs. 10,000/- shall be done only through banking channels.
♦ Cash Books during assessment-
Further, considering the fact that government wants to discourage cash transactions it is likely that cash transactions will be looked upon in detail.
Hence, one is expected to maintain proper cash books.
Please note that all above changes will come into effect from the dates mentioned above after Assent of Finance bill 2017 by Honorable President of India and till that time these are proposed amendments.
|
| Neeta Shah |
Contact
Details
Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /
022 - 28906363
Mobile Numbers
http://www.aasharealtors.com
http;//www.realtyserve.in
Shop No. 2 & 11 , Shailesh Apartments,
Borivali West, Mumbai – 400103, India.
Wednesday, July 20, 2016
Sales Statistics
Contact Details
|
Tuesday, July 19, 2016
Monday, December 7, 2015
What Is Certificate Of Occupancy
A certificate of occupancy is a document issued
by
a local government agency or building department certifying
a building’s compliance with applicable building codes and other
laws, and indicating it to be in a condition suitable for occupancy. The
procedure and requirements for A certificate of occupancy is a document
issued by a local government agency or building department certifying a building’s
compliance with applicable building codes and other laws, and indicating it to
be in a condition suitable for occupancy. The procedure and requirements for
the certificate vary widely from jurisdiction to jurisdiction and on the type
of structure. Obtaining a certificate is generally required whenever:
• a new building is
constructed
• a building built for
one use is to be used for another (e.g., an industrial building converted for
residential use)
• occupancy of a
commercial or industrial building changes, or ownership of a commercial,
industrial, or multiple-family residential building changes
The purpose of obtaining a certificate of occupancy is to prove
that, according to the law, the house or building is in livable condition.
Generally, such a certificate is necessary to be able to occupy the structure
for everyday use, as well as to be able to sign a contract to sell the space
and close on a mortgage for the space.
A certificate of occupancy is evidence that the building complies
substantially with the plans and specifications that have been submitted to,
and approved by, the local authority. It complements a building permit—a
document that must be filed by the applicant with the local authority before
construction to indicate that the proposed construction will adhere to
ordinances, codes, and laws.
What is Temporary Occupation Certificate?
A temporary certificate of occupancy grants residents and building
owners all of the same rights as a certificate of occupancy, however it is only
for a temporary period of time. Temporary certificates of occupancy are
generally sought after and acquired when a building is still under minor
construction, but there is a certain section or number of floors that are
deemed to be habitable, and, upon issuance of TCO, can legally be occupied or
sold.
Saturday, November 7, 2015
Succession Certificate
Succession Certificate
In the absence of a
will, if there is no survivor amongst the account holders
and a no nomination
had been done by the holder(s) earlier, a Succession Certificate is the primary document through which the heirs
can stake a claim to the assets of a deceased relative. A succession certificate, under the Indian
Succession Act, is a document that gives authority to the person who obtains
it, to represent the deceased for the purpose of collecting debts and
securities due to him or payable in his name.
·
It establishes the authenticity of the heirs and give them the authority
to inherit debts, securities and other assets that the deceased may have left
behind.
·
Where the Application has to be made ? The beneficiary has to approach the district or the high court
within whose jurisdiction, i.e legal territory, the assets fall (where the
properties of your deceased relative are situated) and file
a petition for a succession certificate.
Both these courts have concurrent jurisdiction, i.e they are both at par. Depending
on the value of the estate of the deceased, the matter shall go to the type of
court, which can conduct cases for that value [This is known as “pecuniary
jurisdiction” of the court]
·
The petition should mention the
relation of the petitioner with the deceased, details of other surviving legal
heirs and beneficiaries, the time, date and place of death and also if he died
intestate. You will also have to attach the death certificate and other
documents that the court may require.
·
The court, after
examining the petition, issues a notice to all those concerned. It also issues a
notice in a newspaper and specifies a time frame (usually
one-and-a-half months) within which anyone who has
objections may raise them. If no one contests the notice and the court is
satisfied, it passes an order to issue a succession certificate to the
petitioner. If there is more than one petitioner, then the court may jointly
grant them a certificate but it will not grant more than one certificate for a
single asset. For this you
have to then submit Judicial Stamp papers of sufficient amount (as per the
prescribed court fees structure) in the court, where after the Certificate is
typed by the court staff, duly signed and sealed and delivered.
·
Apart from lawyer’s fees, courts levy a fixed percentage of the
value of the estate as a fee which may be up to 3% of the value of assets.
·
How long should it take to obtain the Succession certificate from the
court ? If the petition is not
contested then the court should roughly take about 3-4 months
(sometimes even 5-7) from date of filing to receive your certificate.
·
Once you have the certificate, you are authenticated to distribute the
assets to the legal heirs as per the succession laws. Most people think that if the succession certificate is obtained
then the person is the rightful owner of the deceased person’s properties,
which is not true. A succession certificate allows the person to act exactly similar to
how a nominee would act. It gives the authority to the holder for
distributing the deceased person’s assets.
·
A Succession Certificate is not
granted in cases where obtaining a Probate of Letter of Administration is
necessary such as when there is
a valid will.
 |
| Neeta Shah |
Contact Details
|
Subscribe to:
Posts (Atom)