"Two, the quantum of revenue that the government must be collecting on LTCG for real estate must be extremely limited after you consider the various deductions that are available, but it results in a lot of administrative work from the perspective of someone who is planning to sell a house. So, I would suggest doing away with long term capital gains on sale of residential houses provided that the person has occupied that house for a minimum period of time. Let’s say 5 years - if you occupy the house for 5 years, you should not be required to pay any capital gains at the time of selling the property," he said. … [Read more...] about Budget 2020: Focus should be on job creation and capital market reforms, says HDFC’s Keki Mistry
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Q: Any other best practices to follow?A: A practice which a lot of people follow is making notes because you will not remember every point that was discussed in the following quarter. That is a good way to follow up with people in the subsequent quarter.When people know that you will flip back three quarters, then what gets measured gets done. So then the CFO, the company secretary and the controller know that I might pull up a matter from four quarters ago and ask if they have closed the issue. It helps them also to stay on their toes. … [Read more...] about What is a good way to run an Audit Committee?
A: Regulation only pushes you to a certain extent. How you manage the spirit of the regulation is important. This is reflected in all facets of life, not just in the corporate sector. We are good at following the letter of the law, but the spirit does not come to us naturally. We have come a long way, but progress is slow. These things take time. So, I am optimistic. … [Read more...] about CFOs must be made legally liable in case of outright fraud: Prabal Basu Roy
Nearly 52 countries have adopted such a refund mechanism. It has been noted that such a scheme helps in attracting tourists and is in line with the avowed objectives of the GST regime of zero rating of goods for exports and Make in India initiative. Presently section 15 of the IGST Act has not been enacted. This provides the power of refund of the integrated tax paid on supply of goods to tourists leaving India. … [Read more...] about 2020 promises key GST milestones
There is a need for out-of-the-box solutions to channelise private investments and attract private players as well as the Indian public. GoI could take a leaf out of the box from jurisdictions such as Singapore and make capital gains as well as income distributions tax-free from investments in InvITs and channelise domestic retail money directly into brownfield infrastructure. … [Read more...] about ‘Urgent steps needed to support real estate & construction sector in Budget 2020’