I am planning to return to
•P K Naidu,
An urban co-operative bank is primarily set up for the benefit of lower income groups, small businessmen and farmers. The banks are supposed to give loans to small and medium enterprises which is mandated by the co-operative character of the bank. However, some urban co-operative banks have been violating this principle and have been giving short term loans to public sector units in order to improve their income and profitability.
The Reserve Bank of
These banks have been directed to cater to the needs of middle and lower income groups, specially businessmen who are setting up small scale units.
Therefore, you should complain to the
I acquired a plot of non-agricultural land in
Your Chartered Accountant has erred on the side of caution because tax officers would be determining the three-year period from the date of registration of the sale deed. In order to get the exemption from capital gains under section 54-EC of the Income-tax Act, 1961, it is necessary that the asset should be held for atleast three years. Courts have generally taken the view that the date on which possession has been received would be the starting date for determining the three-year period. The date of execution or registration of conveyance of the property is not relevant. Therefore, litigation would arise as the tax officers are contesting this view in appeal.
Hence, it would be advisable to hold on to your plot of land and sell it only after the three-year period commencing from the date of registration is over. You would be entitled to claim exemption in respect of the capital gains to the extent of
A discretionary trust has been set up by my father outside
•P S Modi,
When you become resident in
Therefore, when you become resident in
The writer is a practising lawyer, specialising in tax and exchange management laws of
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