19 Dec 2023

The Income-Tax Appellate Tribunal (ITAT) in Mumbai ruled in favour of a taxpayer, Rekha Singh, who jointly purchased a flat with her husband. The ITAT held that the difference between the agreement value and stamp duty value at registration, cannot be taxed in her hands. The decision applies to Section 56(2)(x) and its predecessor, protecting taxpayers from heavy tax demands. The ITAT emphasised that, as joint property owners, payment responsibility before registration is immaterial. This case establishes a precedent against taxing such differences as income, benefiting numerous taxpayers facing similar challenges with income-tax officers.Read more

16 Dec 2023

The joint venture, Digital Connexion, comprising Brookfield Infrastructure, Reliance Industries, and Digital Realty, has concluded a three-way partnership aimed at developing data centres in India. With each entity holding a one-third stake, the collaboration combines diverse expertise. Ongoing projects in Chennai and Mumbai, notably the upcoming MAA10 launch in January 2024, signify the venture's proactive approach. The Mumbai expansion, coupled with strategic locations and connectivity hubs, strategically positions Digital Connexion for success. The escalating demand for data centres in India, driven by 5G, digital service accessibility, and the adoption of data-intensive technologies, aligns with this initiative.Read more

16 Dec 2023

The Income-tax Appellate Tribunal (ITAT) ruled that failure to deposit long-term capital gains (LTCGs) in a designated account won't automatically deny tax benefits for purchasing a new house under section 54 of the Income-tax Act. Quashing a revisionary order by the Principal Commissioner of Income-tax, the ITAT emphasised that non-deposit of LTCGs into a 'capital gains account' during the interim period cannot be the sole reason to not allow deductions. This decision offers relief to taxpayers and underscores the importance of meeting Section 54's conditions for claiming deductions.Read more

16 Dec 2023

Yes Bank is actively seeking buyers for its distressed loan portfolios totalling over Rs 4,200 crore, encompassing both corporate and retail loans. The corporate portfolio comprises eight accounts, with notable entities like UK-based affiliates of Cox and Kings. The retail portfolio includes personal loans, vehicle loans, credit cards, and more. Seeking all-cash offers, this move follows Yes Bank's Rs 48,000 crore distressed loan sale last year. The bank aims to identify an anchor bidder through the auction process. The successful divestment would enhance the bank's liquidity and financial stability in the competitive banking sector.Read more

15 Dec 2023

In a significant overhaul, Cognizant Technologies is set to sell its office properties in Hyderabad and Chennai as part of a cost-cutting strategy to save $400 million in two years. The divestment includes a 10-acre campus in Hyderabad and a 14-acre facility in Chennai. This move aligns with the company's plan to become asset-light, focusing on hybrid and flexible workspaces in the post-pandemic era. The initiative mirrors a broader industry trend, where tech giants are revaluating their physical office needs amidst evolving work dynamics.Read more

15 Dec 2023

CBRE South Asia Pvt. Ltd. analyses Hyderabad's real estate landscape, projecting a significant surge in the next 2-3 years. The city anticipates adding 35-38 million sq. ft. of premium business parks, driven by global corporations establishing operational hubs, back offices, R&D facilities, and regional headquarters. The office space demand, especially along the IT Corridor, increased by 63% since 2019, with Life Sciences, BFSI, and Technology sectors leading leasing. The residential market is stimulated by technology sector expansion, with over 130,000 units expected in the next years, concentrated in the western part near IT Corridor. Developers face challenges like rising costs and potential oversupply, emphasizing the need for strategic planning and partnerships. Overall, Hyderabad is positioned for vertical growth, attracting investors and homebuyers with generous FSI norms.Read more

15 Dec 2023

Prayagraj Municipal Corporation (PMC) is taking stringent measures against major house tax defaulters, issuing 'red notices' to 7,303 individuals with outstanding amounts exceeding Rs 50,000. Among them, 2,433 owe over Rs 1 lakh. Failure to pay within the stipulated time will result in actions such as attaching and sealing their properties. Despite collecting Rs 53.76 crore in house tax from 1,11,827 building owners in the current fiscal year, more than 1.25 lakh individuals haven't fulfilled their obligations. The PMC clarified that no compound interest is charged on house tax; instead, a simple interest rate of 1% per month is applied, seeking to dispel misconceptions about interest accumulation.Read more

15 Dec 2023

Panchkula Mayor Kulbhushan Goyal has ordered the demolition of illegal farmhouses in Billa village and the sealing of five institutions failing to pay property taxes. The decisions were made during a meeting of the Panchkula Municipal Corporation's revenue realization committee, where concerns were raised about insufficient revenue from building approval plans and development charges. The mayor emphasized the urgency of addressing these issues, including the hiring of a consultant to boost municipal revenue and the imposition of additional taxes on Vita booths and stricter measures against unregistered dogs.Read more

14 Dec 2023

Toronto-Dominion (TD) Bank has set a new record in Mumbai’s real estate market, renewing its lease at Maker Maxity in Bandra-Kurla Complex (BKC) at Rs 604 per sq ft per month. This rate surpasses previous highs set by LinkedIn and Bank of China in India's most expensive office district. The deal for the 1,600-sq-ft space highlights BKC's status as a prime corporate hub, even as global trends show weaker demand. This lease renewal by the Canadian banking giant underscores the sustained appeal and strategic significance of BKC in Mumbai's growing commercial landscape.Read more

14 Dec 2023

Gurugram's real estate market continues its robust momentum, achieving record-breaking sales with a Rs 100 crore apartment sale, marking one of the city's most expensive property transactions. Square Yards' quarterly report reveals that Gurugram's top fifteen developers collectively sold 2,578 properties valued at Rs 4,374 crores in Q3 2023. DLF led in volume, selling 336 units worth Rs 1,775 crore, while Signature Global topped units sold (631) worth Rs 234 crore. Gurugram's rise in residential real estate is attributed to its cosmopolitan appeal and emerging reputation as the next Silicon Valley.Read more