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Man sold his house and bought a Rs 1.10 crore flat jointly with wife; income tax department denies Rs 55.48 lakh capital gains exemption for half the amount, but ITAT Mumbai gives full relief

The Assessing Officer restricted the deduction by approximately Rs 55 lakh. (Image for representative purpose only) You sell a property and reinvest the money you get from the sale in another property, and claim capital gains exemption in your income tax return. The catch however is that the property you buy as a replacement is…

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Marco Rubio: ‘Geography is real’: Rubio says India-US trade deal close, explains Trump admin’s stance on Russian oil

US Secretary of State Marco Rubio NEW DELHI: US secretary of state Marco Rubio on Monday said that India and the US are close to finalising a trade deal. He also explained the reason behind Washington’s consideration of India energy needs before imposing sanctions or tariffs linked to Russian oil.Speaking to reporters in Samarkand, Uzbekistan,…

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Renting a house in UP? Proposed Rs 1,000 stamp duty on Rs 2 lakh annual rent aims to cut costs, boost registered rent agreements and protect tenants and landlords, here’s how

One drawback of verbal or unregistered rental arrangements is the difficulty of establishing proof. (Image for representative purpose only) Recently, the Uttar Pradesh government announced plans to revamp the state’s tenancy rules, including changes to the stamp duty and registration charges that are applicable to rental agreements.At a press conference, Ravindra Jaiswal, Minister of State…

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Homebuyers paid Rs 2.06 crore but got no flat, builder said payments meant accepting delay; Bombay HC orders interest payout from 2017 saying RERA allows for unconditional right to monthly interest

The Bombay High Court examined whether accepting delayed performance could deprive homebuyers of their right to interest under Section 18 of RERA. (Image for representative purpose only) What happens if the possession of your dream home is delayed? You buy an apartment, sign an agreement, make the necessary payments, but the builder repeatedly fails to…

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PNB ventures to win back young customers

The move is part of an exercise to win back customers who have flocked to more nimble private banks in recent years NEW DELHI: From facilitating loans to startups to special savings accounts for students and credit card offers, state-run Punjab National Bank (PNB) is rolling out the red carpet for young customers.“Every young person…

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