Under Insolvency and Bankruptcy Code, 2016, has been set up for resolving the issues related to Corporate and Banking Sector.A financial creditor can approach the NCLT as and when required. Under IBC Code, a financial creditor is as an individual to whom a financial debt is owed and incorporates an individual to whom such debt […]
Gifts in India are taxable under the Income Tax Act. Gift can be in cash or kind (moveable or immoveable property and other assets specified under the Act). A resident Indian can make a gift to an NRI through a gift deed, but there is a claim on gifts received by NRI.NRIs are taxed for income […]
The first and foremost thing to do while buying and selling a property in times of coronavirus is to ensure safety and take all precautions while inspecting the property.Investment in property has always been marked with uncertainty. The fear of unknown looms large in case of real estate investment. It is more so today in […]
Eviction order can’t be revoked in the eventuality of the landlord’s deathThe recent judgement passed by the High Court of Punjab and Haryana has made it clear that the death of the landlord does not affect the eviction order passed in his favour on the ground of personal necessity. It has been clarified that once an […]
A person buys a property either for investment or for own use. In both cases, one wants to reap the benefits which flow to the owner of the property. At the same time, it is vital that the owner remains vigilant and protect the property from illegal/unauthorized intrusions. In case the land/property is left unattended, […]
A situation may arise when the bank does not permit any transaction in your saving account. It is the account which was opened but never operated for a long time. It’s a dormant account.Only the saving or current account becomes dormant.Even if the account is declared as dormant account, Bank keeps on crediting interest on […]
NRIs open NRE/NRO account to manage their funds and for the purpose of repatriation of funds they use these accounts to deposit foreign income or income accruing in India. Repatriation from these accounts means remitting the funds to the country of residence of NRI.The repatriation of funds can be repatriated to the foreign account of […]
National Company Law Tribunal was formed on June 1, 2016. It is a quasi-judicial body for adjudicating disputes of civil nature arising under the Companies Act. Before the formation of NCLT, there were various authorities (e.g. Company law Board, Board of Industrial and Financial Reconstruction (BIFR)) dealing with company matters. The establishment of NCLT has consolidated […]
Gifts transactions are not taxable in the hands of the donor. For a donee, the gift deed transfer is taxable, but there are exceptions. Gifts are prevalent among family members or close relatives. It is one way of expressing love and affection. People also make gifts to save taxes as some of the Gift transactions are […]