PAN or Permanent Account Number is the unique code that identifies an Indian National. PAN is a 10 digit unique alpha-numeric code issued under Income Tax Act 1961. It is a misconception that if i am not paying income tax then i don't need PAN. Just to clarify that Permanent Account Number or PAN is mandatory for specified transactions. It is mandatory for each and every individual, company, Minor, NRI, the taxpayer, non-taxpayer, senior citizen etc to obtain and quote PAN for these transactions. There are only three exceptions to this rule i.e. the central government, the state government and ... Read More
5 Investment Myths That You Should Never Believe
Being into personal finance space, i come across a lot of investment myths on daily basis. Sometimes it is hard to believe that very well educated people blindly trust such investment myths. Investment is an art and no one can teach you the same. Everyone has a different style of investment. The most important point is that you should be comfortable with the investment style. For example, if am not comfortable investing in the stock market then better i should avoid the same rather losing money & regret later. I do agree that it is not feasible for us to be perfect in the art of ... Read More
Benami Property Holders – Beware You May Lose Your Property
Benami Property is one of the first real estate jargon i learned in my childhood. Unfortunately, even after 25 years, the benami property still exists. In my childhood, i used to wonder what is meant by benami property. I concluded, a property that is not in anyone's name is benami property :). One fine day, i asked my father and he shared real life example to explain the concept in easy to understand language. Let's check out with the same example What is Benami Property? In my hometown, there was a very big single screen theater. My father knew it's owner i.e. Person A. One fine day, ... Read More
Under-Construction Property – How To Calculate and SAVE Capital Gain
One of the million dollar questions is today's topic i.e. How to calculate capital gain for Under-Construction Property :). Lack of clarity in income tax act is responsible for numerous interpretations available online. The seller gets confused and left high & dry. In my post, Register under-construction property for a home loan, i shared my opinion as a buyer. In other words, i shared negatives of registering under-construction property. If i consider myself as a seller, the biggest advantage is that i can save on capital gain if i register under-construction property. The seller can ... Read More
5 Apartment Specific Factors Responsible for the Property Devaluation
In the last couple of years, the property prices have corrected 20% to 30% (unofficially). No one dares to accept this fact. This correction or property devaluation is because of lack of demand and thus oversupply. Any price correction because of lack of demand is not in the hand of the buyer. His only fault is that he selected wrong area/project. Let me clarify that price correction is not a city-wide phenomenon. There will be always pockets with decent or stable demand. In such areas, price remains stable or appreciate. Another type of property devaluation is because of a legal defect in ... Read More
Annual Information Return – A Database of High Value Transactions
One of the mysteries for an income taxpayer is how income tax department comes to know about high-value transactions? The answer is very simple, through Annual Information Return or AIR. Besides Annual Information Return, the information is also collected through TDS (Tax Deducted at Source), TCS (Tax Collected at Source) and various other sources. As the reader's on my blog keep posting this query to me so i thought of sharing a separate post on Annual Information Return or AIR. Though it is a no-brainer that it is mandatory to quote PAN for certain high-value transactions. One of the ... Read More
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