Report Wire

Tag: NCR

  • As joint house owners of a flat, how will we scale back tax legal responsibility on hire?

    I’m planning to purchase a flat in NCR together with my spouse as joint proprietor. I’m funding 70% of the property, whereas my spouse is contributing 30%. We have taken separate dwelling loans. We intend to hire out the brand new flat and must pay tax on hire. My spouse is within the 10% tax bracket and I’m within the 30% tax slab. We wish to scale back our tax burden. Also, in future, can my spouse enhance her share within the property by paying me for that share. Should the proportion of our share be written within the sale deed.

    —Name withheld on request

    Under the provisions of the Income Tax Act, 1961, the revenue arising from an asset is assessable within the arms of the taxpayer who has paid for it.

    Since you’re contributing 70% of the funds and the steadiness 30% is being contributed by your spouse, you may declare the rental revenue in each your names within the ratio of your share within the property.

    One must also be differ of the truth that disproportionate rental revenue will entice opposed implications below Section 60, which states that revenue might be clubbed within the arms of proprietor of the asset when revenue is transferred with out transferring the asset.

    Income which you earn from letting out the stated property shall be taxable below the top “Income from House Property”. From the rent received, a deduction of 30% of the rent received is allowed. In respect of the interest on loan taken for such let-out properties, the full interest under Section 24 can be availed as a tax exemption. Principal repayment of loans taken for the purchase of residential houses is available within the overall limit of ₹1.5 lakh under Section 80C.

    It is possible for your wife to purchase your share in the property for adequate consideration, subject to a minimum floor valuation of the property as per prevailing stamp duty rates as provided in Section 50C of the Income Tax Act.

    If the plot qualifies to be a long term capital asset at the time of sale (i.e. held for more than 24 months), one may explore reinvesting the capital gains for purchase/construction of another residential house to reduce the exposure of capital gains tax outflow, subject to the overarching conditions stipulated in Section 54F. Alternatively, given that you and your wife would qualify to be ‘relatives’ under the Income Tax Act, gifting may also be an alternative.

    However, please note that under both the alternatives, additional registration and stamp duty charges will be required to be paid to effectuate the revised ownership structure in the official documentation.

    Lastly, from the perspective of robust succession planning and to avoid any ambiguity at a later stage, it is highly advisable to have each individual’s share defined in the sale deed.

    Keshav Singhania is head – private client, Singhania & Co

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    Updated: 10 Oct 2023, 10:28 PM IST

  • Masks made necessary in adjoining Haryana districts

    Express News Service

    CHANDIGARH:  Haryana authorities on Monday ordered necessary sporting of masks within the 4 districts of the state Gurugram, Faridabad, Sonipat and Jhajjar falling below NCR. One who doesn’t put on masks will likely be fined.

    State Health and Family Welfare Minister Anil Vij stated that in view of the spike in COVID-19 circumstances, face masks have been made necessary in 4 districts of Haryana adjoining NCR – Gurugram, Faridabad, Sonipat and Jhajjar.

    Vij stated that out of 238 circumstances of corona, 198 are from Gurugram and 22 circumstances are from Faridabad, relaxation greater than half of the districts in Haryana have reported zero circumstances of corona. He stated {that a} group was despatched by him to Gurugram to check the rise in circumstances, and as to why circumstances are growing in Gurugram.

    The minister stated that from which areas of Gurugram the circumstances of corona are coming and from which settlements totally different groups have been shaped. This aside, samples have been despatched to Rohtak to establish the variant of Corona, in response to which additional preparations will likely be made.

    A couple of days again the Gurugram  district administration has wrritten to state authorities asking them to make masks necessary. Now round 5,000 assessments held on daily basis as in comparison with 1,500 assessments being held at current. 

  • UP CM Yogi involves rescue of mother-daughter duo harassed by anti-social components

    Express News Service

    LUCKNOW: UP CM Yogi Adityanath has come to the rescue of a mom–daughter duo of Ghaziabad as they’d been affected by poverty and intimidation by anti-social components of their locality within the NCR district.

    After being turned away from in all places and with no assist from any quarter, Mamata, a resident of Shaheed Nagar, Ghaziabad, pinned all her hopes on UP CM Yogi Adityanath and wrote him a letter searching for his fast intervention.

    Mamata shared her plight claiming that she, alongside together with her mom, have been dealing with constant intimidation by anti-social components lively in her locality, particularly in a mosque adjoining her home. She elaborated in her letter that individuals used to throw rubbish into her home from the roof of the adjoining mosque. Moreover, peeping toms have been constantly lively on the roof of the mosque each time she or her mom bathed of their courtyard.

    Highlighting her daily-life struggles, Mamata additionally claimed that the drain across the mosque was intentionally turned in the direction of her home and typically, the soiled waste of the drain even comes inside. Adding to their distress, Mamata’s mom has been affected by cataract and Mamata herself is bodily challenged as she has undergone a significant spinal surgical procedure as a result of which she is dealing with impairment of the decrease a part of her physique.

    As quickly because the CM got here to know concerning the depressing situation of the helpless ladies, he ordered to offer the duo with Rs 25,000 for remedy of Mamata’s mom making certain the allocation of funds as per guidelines below Pradhan Mantri Awas Yojana. Both have been relocated to a home below ASRA Yojana until their ancestral dwelling in Ghaziabad is repaired.

    Besides, asking the Ghaziabad District Supply Officer to assist the hapless ladies get Antyodaya card, the CMO has additionally issued directions to Ghaziabad Development Authority officers to ask the proprietor of the residential constructing positioned on the left facet of Mamata’s home to not convert it right into a mosque.

  • Earthquake of 4.2 magnitude hits Alwar; tremors felt in Delhi-NCR

    An earthquake of 4.2 magnitude on the Richter scale hit several parts of Delhi-NCR on Thursday night.

    The earthquake whose epicentre was Haryana’s Rewari struck at 11:46 pm at a depth of 25 kilometres from the surface.

    In a tweet, Skymet Weather said: “Earthquake tremors in Delhi NCR. Tremors felt in Gurugram, Noida and Ghaziabad. As per the National Centre for Seismology, the epicentre was suggested to be 48 kilometres southwest of Gurugram.

    ”Earlier on Thursday, an earthquake of 3.0 magnitude on the Richter scale hit Jaipur. Later in the night at 11:26 pm, an earthquake of magnitude 4.2 struck Rajasthan’s Sikar.

  • Delhi CM Arvind Kejriwal reaches Guru Teg Bahadur Memorial, inspects arrangements made for them

    Undeterred by an ongoing cold wave, farmers continue to camp at Singhu border (Haryana-Delhi border) as their protest against the Central government’s farm laws entered the twelfth day on Monday.

    Hundreds of farmers have been protesting on different borders of the national capital since November 26 against the three newly enacted farm laws–Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, and the Essential Commodities (Amendment) Act, 2020.

    The protests have disrupted normal lives in Delhi-NCR as several borders linking Delhi to cities in Uttar Pradesh and Haryana are closed.We support all demands of farmers. Their issue & demands are valid. My party & I have stood with them from the very beginning. At the beginning of their protests, Delhi Police had sought permission to convert 9 stadiums into jails. I was pressurised but didn’t permit: Delhi CM

  • Hero Electric introduced exchange program, get new electric scooter in place of old two wheeler

    Hero Electric has partnered with CredR to attract customers in this festive season. Now customers can exchange their old petrol powered scooter for a new electric scooter from Hero Electric showroom. The company says that a convenient and hassle-free exchange will be offered to consumers.

    For this exchange process, consumers will have to bring their old two-wheeler to Hero Electric showroom for physical inspection and evaluation. Here the employees of CredR will determine the approximate price through an application of the customer’s old scooter. Currently, the company has introduced this program in Delhi NCR, Jaipur, Hyderabad, Bangalore and Pune. 

    Hero Electric has told that soon this program will be expanded to other centers across India. The company says that during the Corona period, the demand for electric scooters is now increasing.

  • Air quality worsens in National Capital

    Residents of Delhi- NCR continues to breathe bad air, as the Air Quality Index (AQI) remained in ‘severe’ category on Tuesday, as per Central Pollution Control Board (CPCB).

    The AQI recorded at 469 near Income Tax Office (ITO) in New Delhi. It was 489 in Narela, 497 in Gurugram’s Sector 51, and 480 in Noida’s Sector 62, all were recorded in ‘severe category’, as per CPCB.

    The dense smog-shrouded West Delhi’s Signature Bridge near Yamuna river. Delhi’s air quality continues to hover around the ‘severe’ category from the past week.An AQI between 0-50 is marked good, 51-100 is satisfactory, 101- 200 is moderate, 201- 300 is poor, 301-400 is very poor and 401-500 is considered severe.According to experts, the severe category affects the health of people and seriously impacts those with existing diseases. According to experts, the severe category affects the health of people and seriously impacts those with existing diseases.

  • The situation of air pollution in the capital Delhi and NCR is not serious – no relief is seen.

    Air Quality Index (AQI) continues to worsen in the national capital, it has recorded in the ‘severe category’ on Sunday, as per Central Pollution Control Board (CPCB).

    In Anand Vihar, the Air Quality Index (AQI) was recorded at 431, in Jahangirpuri 465, 426 in Punjabi Bagh, and 424 in Rohini, all were recorded in ‘severe category’, as per CPCB.

    “Several plastic factories are running in Mayapuri, due to which the pollution is rising here. We are facing several problems because of it, we are not able to breathe properly,” said a local, Rajesh, in West Delhi.

    “Due to pollution, I am having throat problems, and in breathing too, however, to avoid all this, I try to be fit and have not stopped my morning walk,” said another local.

    “I ride cycle, but due to speed breathing, I am not able to put face mask every time, the situation is really harmful,” said a young cyclist.An AQI between 0-50 is marked good, 51-100 is satisfactory, 101-200 is moderate, 201- 300 is poor, 301-400 is very poor and 401-500 is considered severe. According to experts, the severe category affects the health of people and seriously impacts those with existing diseases. According to experts, the severe category affects the health of people and seriously impacts those with existing diseases.

  • Heavy rain alert in these states of the country, Delhi-NCR will have to wait

    New Delhi: After several days of humid heat, heavy rain occurred in Karnataka and Kerala on Sunday. Even today there is a possibility of heavy rains in these two states, due to which a red alert has been issued in 8 districts of both states. 

    According to the Meteorological Department, till Sunday morning, an area of ​​low pressure has formed over the Bay of Bengal. Due to which it is raining heavily in the surrounding coastal states. Due to heavy rains, Red alert has been issued in eight districts of Kerala and Orange alert in 10 districts.

    Officials in Ernakulam district of Karnataka said that the Muvattupuzha river is reaching flood levels, causing fears of flooding in Ernakulam and Kottayam districts. 

    In neighboring Telangana, heavy rains may occur in many parts today. There is a possibility of strong rain in Adilabad, Karimnagar, Nizamabad, Warangal and Khammam of the state. The government has directed all the Superintendents of Police and District Officers of the districts to be vigilant.

    Heavy rains are expected in Odisha, West Bengal and parts of Bihar today. The Odisha government has told the fishermen that the fishermen have been advised not to go to the coast by September 22, due to the possibility of rains moving at speeds of 45-55 kmph along with rain for the next two-three days. Do not venture into the sea.

    Despite the humid heat in Delhi-NCR, there is no chance of rain for the next two-three days. There has been no rain here for the last 12 days. According to the meteorological data, Delhi-NCR has received 78 percent less rainfall in September so far.