In the last couple of days, i received loads of queries on "What will be the impact of demonetisation on the property market?". The reason for this panic is news reports on "collapse" or "Free Fall" of the property market. Many of my clients who are in a process of buying a property asked me whether to cancel the deal and should they wait for prices to fall. Quite interestingly, they are "Happily" willing to bear the loss of up to Rs 5L. On the other hand, rumor mongering is at its peak in the property market. In city A there are rumors that builders have slashed property prices by 40% in a ... Read More
Gift Tax – What Is The Tax Implication For An Individual And HUF
Everyone loves to receive gifts but hates to pay gift tax or tax on gifts. The basic definition of gift is an asset received by you without consideration. The definition of asset covers both productive and non-productive asset. Productive assets are those which fundamentally appreciates in value and provide returns like property or flat. A non-productive asset is depreciating in nature like a car. Today a car bought for 6L will be worth only 4L after 1 year. In my opinion, idle cash lying in the locker is also a non-productive asset as inflation depreciates the value of cash. All the assets ... Read More
Home Loan Conversion Fees – 7 Myths Every Borrower Should Know
Home Loan conversion fees is one of the mysteries for home loan borrowers. I receive multiple queries wherein borrowers paid Home Loan conversion fees multiple times but still their home loan interest rate is more than the interest rates offered to the new borrowers. I have covered this topic in my post, Why higher interest for existing home loan customers? The problem here is that existing borrowers have NO other benchmark to compare. I also agree that home loan interest rate offered to new borrowers should be the benchmark for existing borrowers. Let me share an interesting case in this ... Read More
5 Online Business Ideas That Will Not Work In India
One of the biggest problems in India is that we think that we know everything :). As a result, we don't want to listen to others. The 2nd problem is that under any circumstances we don't want to listen to NO. The 3rd problem is each and every person has an opinion on each and every topic even if it is totally unrelated (don't know ABC). Because of these 3 reasons, online business is not so successful in India. These observations are based on my interaction with clients :). Many of my clients keep asking me for online business ideas. Some of them come up with their own online business ideas ... Read More
TAN or Tax Deduction Account Number – All You Want To Know
The readers of this blog must have come across "TAN" or Tax Deduction Account Number multiple times in my posts on NRI's and TDS on Sale of Property. It is also known as Tax Collection Account Number. Similar to PAN, it is also a 10-digit alphanumeric number issued by the department of Income Tax. There is a misconception that if the buyer has PAN for property transaction in case of NRI seller then TAN is not required. It is not a correct understanding. It is mandatory for a buyer to obtain TAN in case the seller is NRI and TDS will be deducted u/s 195. Another misconception is that if the ... Read More
Social Media Accounts – 7 Reasons Why I Deleted Personal Accounts
Social Media Accounts are both blessing and a curse. I still remember one of my first social media accounts was with Orkut. I was quite excited with a thought of being connected with my friends, family members, and acquaintances. Similar to a mobile phone, these days there is a common chatter to take a break/holiday from Social Media. I think one of the reasons is that we are over-connected now. There is no official count available on no of social media networking sites. My personal observation is that on an average an individual has 5-6 active social media accounts. Trust me if you are truly ... Read More
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