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Audits, regular disclosure of information on the company and financing among the dynamics under study
My friends and I have decided to buy a residential building in Pune, which we want to rent especially to young technicians who work in the IT sector in this field. However, we are concerned that we will lose the property once it is rented out given the old rent control laws. Is there a way to protect ourselves and make sure the property comes back to us after the tenant leaves?
If the property is leased under the lease law, it would take years to reclaim vacant possession of the property given the lengthy litigation that would be involved. Therefore, you should not rent the property on a rental basis, but it should be granted on the basis of an 11 month leave and license, allowing you to renew the license upon expiration of each 11 month period, if desired. Of course, the contract will have to be registered at each renewal but it is worth going through this hassle in order to protect the property right on your property.
A new model lease law is proposed. This, of course, will depend on each state government to pass this model law. Under the Lease Bill, rental contracts should be submitted to the Rental Authority. The landlord cannot evict the tenant during the term of the contract, but thereafter the tenant would be required to vacate. If the tenant fails to do so, the landlord would be entitled to compensation under a formula prescribed by the government. However, it is advisable to enter into a leave and license agreement with the licensee, even if the Model Lease Law is legislated in the future.
As cryptocurrencies gain traction, are there any safeguards in place to ensure that there are no unhealthy trading practices?
Major cryptocurrency exchanges are setting up a board to implement a code of conduct. This is done under the aegis of the Blockchain and Crypto Assets Council. This code will be applicable to all member cryptocurrency exchanges.
It will include standardized annual audits, routine disclosures of company information and funding, and improved data storage standards, as well as regular reassessment of clients’ risk profiles. The board of directors will liaise with regulatory and supervisory authorities, such as the Financial Intelligence Unit and the Reserve Bank of India, to identify suspicious transactions.
I have been working in the Gulf for a few years. Most of my savings are invested in stocks of Indian companies. I visit India frequently every year but have been told to be careful as I may have to pay taxes in India even on my income in UAE. Please advise me on precautions to avoid being taxed in India on my UAE income.
As of fiscal year 2020-2021, if a non-resident Indian citizen earns taxable income in India greater than Rs 1.5 million in a fiscal year, he will be considered a resident of India at tax purposes if it spends 120 days or more during the fiscal year in India.
It should be noted that dividends are now taxable in India in the hands of a shareholder under the heading “Income from other sources”. Hence, assuming your dividend income for each fiscal year as well as any other Indian income like interest earned on bonds, bonds etc. India during an exercise. If you exceed this limit, you will be considered a resident of India for tax purposes and therefore you will have to pay tax on all income earned in India and abroad.
HP Ranina is a practicing lawyer specializing in tax laws and foreign exchange management in India.
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