While you are free to include your cousins and friends in the Will, and exclude your children, this needs to be done carefullyThe better approach would be to discuss this issue with your former wife, and arrive at a mutually agreed way to handle this
2 min read26 Nov 2019A PoA is executed by the donor so as to enable the donee to act on his behalf. Except in cases where PoA is coupled with interest, it is revocableOne can execute a SPoA in favour of a person, not necessarily a relative, who is eligible to enter into a contract as per India Contract Act, 1872
2 min read28 May 2019If the actual sale consideration is lower than the stamp duty value by over 5%, the stamp duty value would be regarded as the deemed sale consideration, for the purpose of calculating LTCG or LTCLIf you have held the immovable property for more than 24 months, the said property will qualify as a long- term capital asset
1 min read15 Apr 2019Circle rate of an immovable property is prescribed every year by the concerned state govt and may be revised on an yearly basis considering various factorsMost state govts either maintain or increase the guidance value on an yearly basis
1 min read27 Mar 2019TDS is deducted at 1% only if the sale consideration of a property equals or exceeds ₹50 lakhThe TDS rate will be 30% or 20% depending on the holding period of the immovable property along with other regular TDS compliance provisions
2 min read26 Mar 2019When an individual receives an immovable property as gift from a specified relative, including brother, the transaction does not give rise to tax implicationsYou should seek legal opinion on appropriate documentation and clarify any queries from the stamp duty perspective
1 min read11 Mar 2019Transfers of a property as a gift or under a Will, will not have any tax implications for both of youIf your father transfers the flat to you, as a sale, the resultant gain/loss would be taxable in his hands as LTCG/LTCL, as the flat has been held for over 24 months
2 min read18 Feb 2019Any transfer of property under a gift is not considered as a taxable transfer, in the hands of the transferor
2 min read26 Nov 2018Many parts of Paldi area fall under the Disturbed Areas Act, and Hindu Jagaran Manch members allege that it has been illegally occupied by people from the minority community
4 min read13 Jul 2018The DoPT has written to all Central government departments, states and union territories asking them to ensure submission of Immovable Property Returns by IAS officers working with them by 31 January 2018
1 min read26 Dec 2017The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared