Claim the money before it is shifted to the senior citizen fund. The process takes almost a month

Reclaim your inoperative EPFO a/c money

Business Standard

Mukesh works as area manager with an electronics manufacturing firm in Mumbai, while his wife is an IT engineer

Case study

Business Standard brings you a snapshot of average current rates and unit sizes in localities that offer property in a price range of Rs 2.5-3 crore. If you are looking at buying real estate and your budget falls within this range, an idea about prevailing rates would come in handy

Realty check

Though the deduction will be higher and net take-home pay will fall, you can get a significant tax benefit

How EPFO proposals will impact you

My housing society has taken insurance for our residential building, which covers damage for natural calamities, etc. Do I need to take a separate insurance for my flat? What additional benefit will the insurance for my flat give? It is recommended the flat owner should avail separate insurance cover as:(a) The housing society generally does not cover the contents (furniture, fixtures, etc) of individual flats. Society covers the structure and other common areas that belong to it.(b) You should also check the coverage and the sum insured opted for by the society under their policy. In case you feel the sum insured is not appropriate to cover all the losses, you can opt for a separate policy for your flat, which could cover the structure and contents.My school alumni association is hosting an alumni meet during the summer holidays and many former students are expected to attend from all over the world. Someone suggested taking insurance for the event in case it gets cancelled. Is such a

General Insurance: Rakesh Jain

As litigation is tedious, costly and time-consuming, people try to resolve a grievance amicably. However, the wait for a resolution should not stretch too long. Otherwise, the claim would be time-barred.M Sivaraj's Belgique Fashions had exported garments to an Italian buyer in Milano in January 2001. There were four separate bills for this shipment. The export documents were negotiated through Indian Overseas Bank (IOB). These were to be released to the buyer within 120 days from the date on the bill of lading.IOB sent the documents to Bank Credito Italiano for collecting payment from the buyer. The buyer was entitled to a 10 per cent discount if the bill was paid within 120 days. Since the buyer failed to make the payment by the due date, the discount was cancelled. The buyer later paid the value of three bills for which the Italian bank wrongly allowed a 10 per cent discount, while the amount of the fourth bill was not paid at all. Yet, IOB permitted the Italian bank to hand over all

Waiting too long for grievance redress can be counter-productive

Sensex has moved from 100 to almost 30,000, but uncertainty lingers in the minds of retail investors due to scams

40 years ago...And now: Stock markets still suffer trust deficit

While a speedy e-auction has raised valuations of coal allottees, the long timelines will sink in later

A roller-coaster ride for investors

Returns for income earned till FY12-13 can be filed till March 31. But you might have to cough up a penalty and pay interest on the tax liability

The cost of filing belated tax returns

Remember to take important documents like no dues certificate, statement of account and others from different lenders

Have you closed the loan completely?

The initial process to commence a financial transaction still requires paperwork and documentation. This will not change until a central repository and common demat accounts are in place

Is online transaction truly online?

Despite additional 80CCD deduction benefit given in the Budget, pension plans of MFs have more flexibility & better tax statusA few weeks before the Union Budget, expectations were high that the retirement plans of mutual funds (MFs) would be made eligible for tax benefits under Section 80CCD of the Income Tax Act. Instead, the Budget increased the maximum possible deduction under the National Pension System (NPS) to Rs 1.5 lakh, from the earlier Rs 1 lakh under Section 80C. It also allowed for an extra deduction of Rs 50,000 under 80CCD, over and above the limit under 80C.The additional deduction under Section 80CCD is likely to make NPS a more popular option for  retirement money. Those in the 30 per cent tax bracket will especially benefit, as they can save up to Rs 15,450 in tax a year only by using the additional Rs 50,000 limit. There are 84,000 NPS accounts opened by retail investors, with an estimated 500-600 added every month. Observers believe the number of retail account

MF retirement scores over NPS

Recently, I got married. At the wedding, my wife and I received a lot of cash as gift. We are both salaried and pay income tax. Do we have to show the cash received at the wedding as income and pay tax on this? Gifts from strangers are taxable under Section 56 of the Income Tax Act, 1961, under the head of income from other sources. There are a few exceptions and your case is covered therein. Amounts received by you on the occasion of marriage are not considered taxable. However, you would need to maintain the record of amounts received, along with the names and address of relatives/friends , so that in case of scrutiny/enquiry by the tax authorities, you can substantiate the claim.I am a retired government official and most of my savings are in the form of joint bank fixed deposits (FDs) with my wife. Will both of us be taxed on the interest income earned from the FDs? Other than this, I get pension, on which I am already paying income tax. Can my wife alone pay tax on the interest in

Taxation: Kuldip Kumar

The affordable housing segment has been witnessing constant demand on the outskirts of Bengaluru. Availability of large land parcels at lower price points and the rapid expansion of the city in all directions have encouraged real estate development even in the outlying areas. Also, the rapid infrastructural developments such as planned Metro Rail and Peripheral Ring Road have increased the demand on the outskirts of Bengaluru.Compared to other parts of the city, the Mysore Road sub-market has had a slow start in terms of real estate activity, as there are no strong economic drivers for the area and a major portion of the sub-market features dense and old developments on small parcels of land. Global Tech Village, an information technology (IT) special economic zone by Tanglin Development, along the Mysore Road has resulted in the launch of many residential apartments at this location.This location gained importance in the residential and retail real estate market owing to the proximity

Good options in low- to mid-end residential property

There has been a furious debate on the household's penchant for investing in physical assets such as real estate and the methods by which such a skew can be corrected. The ability to use unaccounted money to pay for such a purchase, as well as the consumer-unfriendly nature and poor returns from the more popular financial assets, have been the main drivers behind the continued popularity of real estate. A lesser-known driver is the subsidy the Government of India provides for purchase of real estate.Let me explain. Real estate is popular among many professionals, as well as the business class, as a store of black money, which can help launder the unaccounted income at the time of exit. It helps that the white money part of the transaction can be easily financed by way of loan. It helps further that in respect of investment properties (given out on rent), the entire interest is deductible for tax purposes without any limit, unlike the upper limit of Rs 2 lakh for a self-occupied house.

Stop subsidising real estate purchases

But one should hold it in small proportion to hedge against any turmoil in global markets

Odds don't favour gold now

A joint loan while buying is beneficial; make full use of deductions available while selling

Tax-saving tips for buying and selling a property

Even if one's own score is good, banks will reject any joint application made with a spouse with a bad credit rating

Spouse's credit score can hurt your loan prospects

But not if fraud is proved, in which case any compensation awarded will also not be covered

Insurance policy will pay for cases against officials

Business Standard analyses one family's finances and suggests a way forward

Budget: Rs 2-Rs 2.5 croreBusiness Standard brings you a snapshot of average current rates and unit sizes in localities that offer property in a price range of Rs 2-2.5 crore. If you are looking at buying real estate and your budget falls within this range, an idea about prevailing rates would come in handy

Page 42 - Investment