Consultation India - Pune, Mumbai Real Estate/ Properties Investment, Property Management Services

Pune: Diego Graffi, the managing director and CEO of Piaggio Vehicles Pvt Ltd, has been living in the city for two years and as much as he has come to embrace it, he says it has embraced him as well. The Italian loves everything about Pune except that he feels a dedicated airport, even if only for better domestic connectivity, will serve the city well. “When we have to go to another city for meetings, we have to plan a day in advance or come back a day later because of the restricted flight timings in Pune. Even for leisure trips to places such as Goa, a weekend getaway spills over to a day more.” For now, much of his flight trips happen from Mumbai. He rues the long travel to and from the Mumbai airport. Graffi moved to Pune two years ago and chose to stay in an apartment complex in the Magarpatta township for its proximity to his workplace and also because of easy access to all modern amenities. His acceptance of the city and country is evident in the Hindi ringtone t

Mumbai: The Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench has held that the investment-linked capital gains tax exemption, available on purchase of a new house, cannot be denied to a taxpayer merely for not investing the capital gain proceeds. The I-T officer had denied the tax benefit as the investment made towards purchase of the new house “was not out of the taxpayer’s own funds”. The commission (appeals) agreed with this stand. The taxpayer thereafter approached the ITAT, which passed an order in her favour. Capital gains are taxable under the I-T Act. If a taxpayer makes a profit on the sale of a residential house held for at least two years, then such profit is treated as a longterm capital gain (LTCG). This gain is taxable at 20% with an adjustment for inflation, referred to as indexation benefit. Ishita Sengupta, tax partner, PwC India, says: “This beneficial order will help taxpayers as practically there could be time gaps in real estate deals between the sale