Jayesh Dadia, Chartered Accountant
I am a senior citizen of 65 years. I own one residential house where I stay with my wife. A bank has approved reversed mortgage loan against the mortgage of my residential house. Let me know whether there is any capital gain or any other Income Tax implications?
A reversed mortgage loan enables a senior citizen to avail of periodical payment from a lender against the mortgage of his or her house while remaining the owner and occupying the house. The maximum loan amount available is ₹75 lakhs. Under this scheme, the loan amount will be disbursed by the lender on a regular monthly term as annuity. Under Section 47(xvi), the transfer of capital asset in a transaction of reversed mortgage under a notified scheme will not amount to transfer and therefore will not be subject to Capital Gain Tax. Thus, even if the transfer of asset is in favour of the lender as mortgage, there will be no Capital Gain Tax implication in your hand. The monthly amount which you receive as annuity or loan will also not be taxable in view of provision of Section 10(43) of the Income Tax Act. Thus, you have no tax implication.
I am an individual and a partner in ABC LLP. During the current financial year I have retired from the LLP and received ₹2 crore on retirement. My capital amount in the LLP was only ₹10 lakhs. What would be the tax implication in my hand on the surplus which I have received on retirement?
Esta historia es de la edición July 17, 2023 de Dalal Street Investment Journal.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July 17, 2023 de Dalal Street Investment Journal.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
"The Future Of Mutual Funds Looks Promising"
Given that the current landscape of mutual funds is dynamic and evolving, Rashida Kalolwala, Coo, Edelweiss Mutual Fund, states in this interview that the shift towards digitalisation and the emphasis on transparency are some of the factors that will further propel the growth of the mutual fund industry
ETF Vs Stock Liquidity
Exchange traded funds (ETFs) have undeniably revolutionised the investment landscape for both investors and financial services professionals alike. They offer opportunities to diversify portfolios, manage risk more effectively, and reduce investment costs. However, to fully harness these benefits, it's crucial to dispel confusion and misconceptions surrounding ETFs Liquidity. The article examines the working of ETFs, their liquidity and how investors can capitalise on them
Road To Prosperity Through Mutual Funds
In the pursuit of financial freedom and wealth creation, mutual funds have emerged as a beacon of opportunity for investors in India.
Risk Profiling in Mutual Funds
Whether you lean towards equity, debt or hybrid investments, recognising your risk tolerance is paramount. By conducting a risk profile assessment, you gain foresight into potential investment risks, mitigating any future unease before it arises. Rakesh Deshmukh takes a closer look at the scenario to see how it works
Global Equities Rise Amid An Unsurprising Earnings Season
The S&P 500 Index approached its historical peak and marked its third consecutive week of positive performance in mid-May. Concurrently, other major indices also experienced gains, with value stocks surpassing growth-focused equities.
Commodity Traders To Monitor Key Indicators For Favourable Trade
In the past fortnight, the commodity market oscillated between gains and losses, driven by statements from some FOMC officials emphasising a \"higher-for-longer\" approach to monetary policy, juxtaposed with softer economic data from the US supporting arguments for the Federal Reserve to start monetary easing this year.
Understanding How Businesses Get Premium Valuations
Valuation premium is like the extra amount a buyer is willing to pay for a company or asset beyond its basic value. This happens when the buyer believes the company is worth more than its current price. Vaishnavi Chauhan takes a closer look at this parameter as applicable to various sectors
India's Power Sector Set For A Surge
As the world's third-largest energy market, India's energy needs are expected to double by 2050, driving explosive growth and potentially transforming the country from an energy importer to an exporter, particularly in renewable energy. This shift offers long-term investment prospects for those looking to capitalise on India's energy boom
Q4 Earnings Signals Growth
As investors eagerly await the outcome of the ongoing Lok Sabha elections, hoping for a decisive political mandate, the equity markets are witnessing heightened volatility, along with optimism driven by quarterly financial results and expectations of a post-election result rally. Mandar Wagh analyses company performances sector-wise to offer deeper insights into the future outlooks of various sectors, considering growth triggers and risk factors.
The AI Value Chain
Artificial intelligence has found its way into stock trading and has helped streamline the processes while also helping investors and traders deal with huge amounts of data. In fact, Traditional AI is now making way for Generative AI to give a further edge to those who need to choose, buy and sell stocks at a much faster rate. Vaishnavi Chauhan takes a deeper look at how AI works as an evolutionary technology
