Sidhant Agarwal, chartered accountant and co-founder of India for NRI, illustrated this with an example. Suppose an NRI invested ₹22.6 crore in a premium property between 2015 and 2020 and sold it today for ₹60 crore. On paper, the investment appears to have nearly tripled, generating a gain of about ₹54.4 crore after costs. But when adjusted for currency movements, the picture changes considerably.
Many taxpayers believe that cash deposits below ₹10 lakh in a financial year are outside the Income Tax Department’s radar. This assumption stems from Rule 114E of the Income-tax Rules, 1962, which requires banks, co-operative banks and post offices to report cash deposits aggregating to ₹10 lakh or more in savings accounts during a financial…
Trading activity in India’s equity markets remained strong in June, with cash market turnover on the NSE rising to a 23-month high of ₹27.7 lakh crore from ₹26.9 lakh crore in May, according to the report. While proprietary traders account for the largest share of cash market turnover, their contribution slipped to a six-month low…
The Employees’ Provident Fund Organisation (EPFO) expects most fresh PF withdrawal claims filed by members to be settled on the same day or within a maximum of two days, giving major relief to salaried individuals. This announcement was made by Ramesh Krishnamurthy, Central Provident Fund Commissioner (CPFC), EPFO, on Friday, while he was addressing the…
Writing a will is an important step in estate planning, but it is not always the final one. After a person’s death, legal heirs may still have to complete several legal formalities before property, bank accounts, shares or mutual fund investments can be transferred in their names. One of the most commonly misunderstood terms in…
The Delhi government on Tuesday cleared the Lakshmi Yojana. Speaking to reporters after the Cabinet approved the scheme, Chief Minister Rekha Gupta said an online application portal for the Delhi Lakshmi Yojana would be launched on August 1. She added that beneficiaries are expected to receive the first instalment around Raksha Bandhan. Delhi Lakshmi Yojana…
The S&P 500 finished slightly lower on Monday as investors looked for signs of Middle East de-escalation while awaiting earnings reports from major technology companies later this week. The second-quarter earnings season is set to gather pace, with results due from companies such as Alphabet, Tesla and Intel. These will provide a broader view of…