The document summarizes various exempt assets and rules for valuation of assets under the Wealth Tax Act in India. It outlines exemptions for property held in trust, business assets used for charitable purposes, coparcenary interest in HUFs, residential buildings of former rulers, their jewelry, and assets of Indian expatriates. It also provides rules for valuation of buildings, including calculation of gross and net maintainable rent and capitalization based on land type.
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
As a concept, approach and option to save cities from the onslaught of unauthorized, haphazard, sub-standard and unplanned development, planners have posted the agenda of creating a periphery around the urban limits. Periphery is meant to provide an opportunity and option to regulate, rationalize, dictate the development in the area outside the defined limits of the city by regulating the sub-division of land, change of landuse and construction of the built environment and meeting the day-to-day needs of the city. Periphery and city area meant to remain integral and connected parts of urban planning and development process. Freezing the peri-urban area, Periphery is conceived to be protector of the city, from unplanned developmental hazards. Concept had its first application India in the new capital city of Chandigarh, first defined up to 8kms in the year 1952 and then extended to 16kms in 1962. Periphery has its relevance only when defined/governed/managed by the same administrative agency/authority other it remains open to be misused, abused and distorted if managed by different agencies/states. Periphery concept in Chandigarh did wonderful job till 1966, when it was sub-divided into states of Punjab/Haryana, with very little left with city. Periphery, as it stands today has lost its relevance and has emerged the greatest threat to the basic fabric of the planned development of the city. Periphery stands mutilated by the forces of urbanization which has been unleashed by the governments of sister states by setting up two large cities of Mohali and Panchkula- larger in population and scope when compared with Chandigarh. Planners will do well the visit the concept of periphery, taking lesson from Chandigarh and evolve and define an agenda/policy framework for cities growth and development in the peri-urban areas, addressing the issue and relevance of the concept and approach as promoter of development and to make periphery a dynamic process/Approach Future of cities will largely hinge on the rational development of peri- urban area.
Land Acquisition is one of the most important activities when we have to start a Project, but we don't yet have an Act satisfying all sections of Society and implementable without affecting the viability of the Project
Computation of income from house property for the assessment year 2017-18 based on Final Year B Com Syllabus of Goa University for the academic year 2017-18
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
As a concept, approach and option to save cities from the onslaught of unauthorized, haphazard, sub-standard and unplanned development, planners have posted the agenda of creating a periphery around the urban limits. Periphery is meant to provide an opportunity and option to regulate, rationalize, dictate the development in the area outside the defined limits of the city by regulating the sub-division of land, change of landuse and construction of the built environment and meeting the day-to-day needs of the city. Periphery and city area meant to remain integral and connected parts of urban planning and development process. Freezing the peri-urban area, Periphery is conceived to be protector of the city, from unplanned developmental hazards. Concept had its first application India in the new capital city of Chandigarh, first defined up to 8kms in the year 1952 and then extended to 16kms in 1962. Periphery has its relevance only when defined/governed/managed by the same administrative agency/authority other it remains open to be misused, abused and distorted if managed by different agencies/states. Periphery concept in Chandigarh did wonderful job till 1966, when it was sub-divided into states of Punjab/Haryana, with very little left with city. Periphery, as it stands today has lost its relevance and has emerged the greatest threat to the basic fabric of the planned development of the city. Periphery stands mutilated by the forces of urbanization which has been unleashed by the governments of sister states by setting up two large cities of Mohali and Panchkula- larger in population and scope when compared with Chandigarh. Planners will do well the visit the concept of periphery, taking lesson from Chandigarh and evolve and define an agenda/policy framework for cities growth and development in the peri-urban areas, addressing the issue and relevance of the concept and approach as promoter of development and to make periphery a dynamic process/Approach Future of cities will largely hinge on the rational development of peri- urban area.
Land Acquisition is one of the most important activities when we have to start a Project, but we don't yet have an Act satisfying all sections of Society and implementable without affecting the viability of the Project
Computation of income from house property for the assessment year 2017-18 based on Final Year B Com Syllabus of Goa University for the academic year 2017-18
house property, income from house property, let out property, vacant let out property, self occupied property, deemed let out property,
lop, vlop, sop, dlop, gross annual value, gav, reasonable letting value, rlv, municipal rateable value, mrv, starndard rent,
actual rent received, arr, municipal tax, deduction u/s 24, standard deduction, interest on loan, pre construction interest,
post construction interest, unrealised rent, arrears of rent, co-ownership, deemed owners, composite rent,
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.
Wealth tax 2
1. Exempt Assets
1. Property held under Trust. S.5(i)-
Any property held under a trust for public purpose of
charitable or religious nature exempt from tax.
Business Assets-
1.Not taxable, if business of printing and publication of
books is for public religious purposes.
2. • 2. Not taxable, if business is wholly for
charitable purposes and the work is mainly
carried on by beneficiaries.
• 3. Not taxable, if business carried on by an
institution referred to in S.10(23B) or
10(23C).
3. • 2. Coparcenary interest in a H.U.F. S.5(ii)
• Such interest of a member totally exempt.
• 3. Residential Building of a former ruler.
S.5(iii)
• The value of one building used for residence by
former ruler of a princely state totally exempt.
• Some Decisions
• Where some buildings in the palace let out by
the former ruler, value of buildings occupied for
self residence only exempt.
• Mohd. Ali Khan v. CWT 224 ITR 672 (S.C.)
4. • An ex ruler who has opted for exemption
of one house u/s. 5(iii) cannot claim
exemption u/s. 5(vi).
• Gaj Singh v. Settlement Commission 113
Taxman 32 (S.C.)
5. • 4.Former Ruler’s Jewellery. S.5(iv).
• Jewellery in possession of a former ruler
of a princely state recognised by the Govt.
as heirloom before 1st
April, 1957 or by the
C.B.D.T. thereafter totally exempt from
tax.
6. • Conditions to be satisfied,if jewellery recognised by the
Govt. before 1st
Apr.,1957.
• 1. Jewellery shall not be removed out of India except for
a period and purpose approved by the Board.
• 2. Jewellery to be kept substantially in the same shape.
• 3. Reasonable facilities to be provided to officer of the
Govt. or authorised by the Board to inspect the jewellery
when necessary.
• Conditions do not apply if jewellery is recognised by the
Board on or after 1st
Apr., 1957.
7. • If any of the above conditions not fulfilled,
recognition can be withdrawn by the Board
for reason to be recorded in writing by the
Board with retrospective effect from 9th
September, 1972.
• Wealth tax payable by the former ruler for
all A.Y.s falling after 9th
Sept. 1972 subject
to the following.
8. • 1. F. M. V. on the date of withdrawal of
recognition deemed to be the F. M. V. of
the jewellery on each Valuation Date
relevant for the above referred A. Y.s.
• 2. Total Wealth tax payable not to exceed
50% of its F. M. V. on Valuation Date
relevant to A. Y. in which recognition is
withdrawn.
9. • 5.Assets belonging to Indian ex-patriates.
S.5(v).
• Conditions
• 1. Exemption is available to a citizen of India or
a person of Indian origin.
• 2. Such person was ordinarily residing in foreign
country.
• 3. Such person has returned to India with the
intension of permanently residing in India.
10. • The following not taxable for 7 A. Y.s from the A.
Y. following the date of his return to India.
• 1. Money brought to India.
• 2. Value of assets brought to India.
• 3. Money in N. R. E. A/C in any bank in India on
the date of his return.
• 4. Assets acquired out of (1) & (3) above within
one year before the date of his return or at any
time thereafter.
11. • 6. One House or a part of a house. S.5(vi).
• The following exempt in case of an individual
and H. U. F..
• a. A house or a part of a house, or
• b. A plot of land not exceeding 500 Sq. mtrs. in
area.
• Exemption available for both S. O. & let out
house.
• In case of co-ownership, each co-owner entitled
to exemption.
12. • A house means a dwelling place. If a
person owns a part of a house, exemption
allowed to a part of the house.
• If there are more than one dwelling unit in
the house, each unit is not a separate
house. The entire house entitled to
exemption.
• Shiv Narayan Chaudhary v. CWT 108 ITR
104 (All).
13. Debts Owed S. 2(m)
• Debt means liability to pay presently or in future. Debt
means an existing liability to pay and not a contingent
liability.
• Judgements.
• 1. An ascertained liability constitutes deductible debt.
• CWT v Associated Cement Co. Ltd. 128 ITR 626(Bom.)
• 2. Existing liability quantifiable on future date deductible.
• V. Chandramani Pattamaha Devi v. CWT 64 ITR 147
(AP)
• 3. Liability acrued but not quantified also a deductible
debt. Devi Raj Chawla v. CWT TLR 1444 (All).
14. • Wealth tax liability is not deductible.-
• Circular No. 663 dated 28th
September,1993 as it is not debt incurred
in relation to an asset taxable under the
Wealth tax Act.
15. Valuation of Assets.
• 1. Valuation of Building. Part B of
Schedule III
• Building or land appurtenant thereto.
• Step 1-
• Find out Gross Maintainable Rent
• a. Annual rent received or receivable or
annual value assessed by local authority
whichever is higher, if property is let out or
16. • b. Annual rent assessed by local authority
or annual rent reasonably expected by the
owner, if property is outside the jurisdiction
of a local authority.
• If property was vacant for a part of the
year, actual rent should be grossed up to
arrive at Annual Rent.
17. • Adjustments in actual rent-
• 1. If property is let out, municipal taxes borne by the
tenant, if any, shall be added to actual rent paid/payable
by the tenant.
• 2. If property is let out and repair expenses are borne by
the tenant, 1/9th
of actual rent shall be added to actual
rent.
• 3. If owner has accepted any deposit other than advance
rent for three months or less, actual rent shall be
increased by 15% p.a. on deposit from month to month
excluding part of a month. If interest is payable by the
owner, addition to be made to be limited to interest
calculated above less interest actually paid.
18. • 4. If owner has received premium for
leasing or renewing the lease, the
premium divided by the no. of years lease
shall be added to the actual rent.
• 5. If the owner derives any benefit or
perquisite as consideration for leasing the
property or modifying terms of lease, the
value of such benefit or perquisite shall be
added to actual rent.
19. • If tenant has made default in payment of
rent, gross maintainable rent to be
determined on the basis of rent as per
agreement.
• CIT v. Bhagwati Ammal 262 ITR 622
(Mad.)
20. • Step 2-
• Find Net Maintainable Rent
• Deduct the following from G. M. R.-
• a. Taxes levied by local authority on the
property on accrual basis whether or not
borne by the tenant.
• b. 15% of G. M. R.
21. • Step 3-
• Capitalise N. M. R.-
• Multiply N. M. R.
• A. by 12.5, if building is on Freehold Land.
• B. by 10, if building is on Leasehold Land and
unexpired period of lease is 50 years or more on
the Valuation Date.
• C. by 8, if building is on Leasehold Land and
unexpired period of lease is less than 50 years
on the Valuation Date.
22. • Property acquired/constructed after 31st
March,1974-
• The following Rule will apply.
• The higher of the capitalised value as
above or the original cost of
acquisition/construction plus cost of
improvement shall be taken.
23. • Exception-
• If the following conditions are fulfilled, cost
of acquisition/construction shall not be
taken in case of any one house property.
• A. The property acquired/constructed after
31st
March,1974 is used by the assessee
exclusively for his residence throughout 12
months preceding the Valuation Date.
24. • B. The cost of acquisition/construction
does not exceed Rs.50 lakhs, if house
situated in Mumbai, Calcutta, Delhi or
Chennai (Rs. 25 lakhs, if house situated
anywhere else.)
• Step 4-
• Add premium, if unbuilt area of the land
exceeds the specified area.
25. • Aggregate Area- Total area of land.
• Unbuilt Area- Area of land on which no building
is constructed.
• Specified Area-
• Property situated at Mumbai, Calcutta, Delhi or
Chennai- 60% of Aggregate Area.
• Property situated at Agra, Ahmedabad,
Allahabad, Amritsar, Bangalore, Bhopal, Cochin,
Hyderabad, Indore, Jabalpur, Jamshedpur,
Kanpur, Lucknow, Ludhiana, Madurai, Nagpur,
26. • Patna, Pune, Salem, Sholapur, Srinagar,
Surat, Tiruchirapalli, Trivendram,
Vadodara or Varanasi- 65% of the
Aggregate Area.
• Property situated at any other place- 70%
of the Aggregate Area.
27. • Premium to be added to capitalised value-
• If excess of unbuilt area over specified area is
• a. Not >5% of Aggregate Area- NIL
• b. 5%>/=10% of Aggregate Area- 20% of
capitalised value.
• c. 10%>/=15% of Aggregate Area- 30% of
capitalised value.
• d. 15%>/=20% of Aggregate Area- 40% of
capitalised value.
• e. 20%> of Aggregate Area- Part-B, Schedule III
not applicable.
28. • Step-5-
• Deduct Unearned Increment-
• If property is built on leasehold land and any part
of unearned increase is payable to Govt. or any
authority at the time of transfer, value
determined at step 4 above shall be reduced by
the amount liable to be paid, if the property is
transferred on the Valuation Date or 50% of the
value in step 4 whichever is less.
29. • When Schedule III, Part B does not apply-
• 1. If A. O. with the prior approval of D. C. I. T. is
of the opinion that it is not practicable to apply
Part B, Schedule III in any case.
• 2. Where unbuilt area exceeds the specified
area by more than 20% of Aggregate Area.
• 3. Where property is built on leasehold land and
unexpired period of lease on Valuation Date is
not more than 15 years and lessee does not
have option to renew lease.