infrastructure investments

Individuals, who invest their savings in annuity plans offered by insurance firm, could see a drop in their tax burden. Insurance regulator IRDA is in talks with the government to make annuity-plans more tax-efficient. If the proposal is accepted in the coming budget, it will augment returns for retired employees and help insurers market these [...] Full Article

Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret this as a one-time exemption up to Rs 50 lakh only. Such an interpretation will prevent anyone taking advantage of a property sale, fo.. Full Article