Demonetisation Scheme is a sort of surgical strike on the black money. As a taxpayer, i can say that people should not complain short term pain for the long term gain. There is a lot of uncertainty on how the things will shape up. Let me assure that if you have nothing to hide from income tax department then you need not worry at all. Just relax, take a deep breath and chill. You can deposit cash in hand i.e. currency notes of Rs 500 and Rs 1000 once the initial knee-jerk reaction is over. Don't forget to quote your permanent account number. One of my clients called me from Lucknow. He ... 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
5 Types of Advance Payment In A Property Deal A Buyer Should Avoid
Advance Payment in a property deal is very common. Just to clarify that here i am not referring to advance payment or token money to initiate a property deal. It is must pay a token money or advance else there is no financial commitment from buyer's end to close the property deal. The quantum of token money, i discussed in my post on the same topic and may vary from case to case basis. In the idealistic scenario, after the payment of token money, the buyer should make balance payment only at the time of property registration. Unfortunately, we don't live in the idealistic world. Besides the ... Read More
Buyers Beware of 5 False Promises By The Property Developer
For a property buyer, the Property Developer or Builder is the most important person in the life till the sale deed is signed. In most of the cases, the property developer occupies almost 100% mind share during the buying process. He may throw a lot of surprises and unexpected events in your life. Based on my experience with property buyers, i can conclude that hardly 5% property buyers are HAPPY with their interaction with the property developer. In this post, i am using the term property developer instead of the builder. The reason being, anyone, and everyone claims to be a builder. The ... Read More
Marketing Survey – A Gimmick to Influence Your Buying Decision
Recently, a big bang marketing survey was published in one of the leading business newspaper. The marketing survey was all about potential property buyers. One of the key findings of a marketing survey was that 2 out of 3 people are planning to invest in a property in next 12 months. The same day i received few calls and email queries. The potential buyers / investors quoted the reference from the same marketing survey. They asked me whether they should buy the property before the price starts increasing. While going through and answering the queries, i was thinking that marketing survey ... Read More
How To Sell Property Quickly – 7 Marketing Tips For Sellers
How to sell property quickly is one of the key concerns for most of the sellers. I keep receiving this query from my clients. It's a known fact that property is a high-value illiquid asset. On an average, it takes around 3-6 months to sell property in high demand pockets. In low demand pockets, it may take up to 12 months. Some of the recent queries on my blog forced me to write this post. The readers mentioned that their real estate investment is dead and they are not able to sell property from last 2-3 years. Secondly, readers complain that i don't share too many posts for sellers :). It's ... Read More
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