Mukesh Patel.in
practical tax & investment planning online
international tax expert / columnist / author / speaker

NRIs CAN FEEL AT HOME!

Liberalized Regulations For Acquisition, Transfer & Repatriation For Immovable Properties Held By Non Residents

Thousands of Non Resident Indians (NRIs) settled overseas fly frequently to India, the home of their hearts. Many of them yearn to have a land or house of their own in their native land, either for future settlement or even to share rental gains or just property appreciation. There are those who have come to acquire properties either by way of gifts or inheritance and desire to sell them and repatriate the proceeds overseas. Today’s article deals with FAQs on the liberalized regulations in this regard. (more…)

ETF – A GOLDEN INVESTMENT!

Gold Exchange Traded Fund (ETF) scores over Physical Gold on counts of

Easy Buying, No Hassles of Safety or Quality & Attractive Tax Benefits!

Glittering Gold has overshadowed many other asset classes in the recent past with a healthy annualized return of around 25% during the last three years. Gold also serves as an excellent hedge against inflation and it makes sense to diversify your portfolio by taking a reasonable exposure to gold as an investment.

Traditionally, the only option available to buy gold was in the physical form whether as in the form of ornaments or as bars or coins. But with the launch of Gold Exchange Traded Funds (ETFs), investors now have the option of investing in gold in the Demat form. (more…)

HOW TO SIP HEALTHY RETURNS?

Investment in Systematic Investment Plan (SIP) can open

New Doors of Prosperity for your Wealth Creation!

While Manan Patel a conscious investor started timely savings of Rs. 10,000 per month in a Systematic Investment Plan (SIP), his friend Chintan Shah was too preoccupied with his business to find time for planning his investments.

Manan’s SIP has a track record of offering a 15% annualized return and thus he has calculated that he would become a ‘Crorepati’ reaping Rs. 1.1 crores after 18 years of regular savings. Chintan wakes up 4 years late and also wants to catch up with his friend.

However, he is just unable to believe how much his delayed decision is going to cost him when he is told that to earn the same target amount of Rs. 1.1 crores in the remaining 14 years, he would be required to invest double the savings amount i.e. Rs. 20,000 per month. (more…)

NO TAX ON SALE OF SILVER UTENSILS?

As Silver Prices have Doubled from Rs.22,500 to Rs.45,000 in past 21 months, it may be worth reaping this Tax Free Bonanza!

SALE OF ‘PERSONAL EFFECTS’ NOT TAXABLE

As per Section 2(14) of the Income-tax Act, ‘personal effects,’ excluding jewellery, are not treated as capital assets and hence any gain arising on their transfer cannot be made liable to capital gains tax.

‘Personal effects’ would include movable property such as wearing apparel, furniture, household articles, utensils, vehicles, etc. held for personal use. Jewellery which has been excluded from ‘personal effects’ would include ornaments made of gold, silver, platinum or any other precious metal, precious or semi-precious stones and any articles set in any such stones.

A motor car or any other conveyance held for the personal use of a taxpayer is also a personal effect and any profit or gain arising from the same cannot be charged to tax as capital gains. In this regard, one can rely on the decision of the Bombay High Court in the case of ‘CIT vs. Sitadevi N. Poddar’ 148 ITR 506(Bom.). (more…)

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