Indian laws on gifting of real estate are simple

Ireo Gurgaon Hills

Ireo Gurgaon Hills

The popular perception among non-resident Indians (NRIs) is that Indian real estate laws pertaining to inheritance of acquisition by way of gift are very complicated, but that is not really the case. In fact, they are quite simple.

NRIs and persons of Indian origin (PIOs) can acquire residential or commercial property by way of gift from a resident of India or an NRI or a PIO. On the other hand, a foreign national of non-Indian origin resident outside India cannot acquire residential or commercial property in India by way of gift.

However, any person resident outside India cannot acquire agricultural land/plantation/farm house in India by way of gift.

What is a gift?

Gift is defined under section 122 of the Transfer of Property Act, 1822 as: “the transfer of a certain existing immovable property made voluntarily and without consideration, by one person, called the “donor”, to another, called the “donee” and accepted by and on behalf of the donee.”

In other words, a gift is the transfer of an existing property and not of any future property. It must be made voluntarily and without compensation. It must be accepted by or on behalf of the donee. Such acceptance must be made during the lifetime of the donor. The donee can even be a minor (below 18 years of age). Also, the basic element of a gift is that it is given out of natural love and affection.

Read more: Mint

Delhi has highest per capita income in the country

The per capita annual income in Delhi has increased to Rs 2.01 lakh in 2012-13 compared to Rs 1.73 lakh in the previous fiscal, which is three times the national average and highest in the country.

The per capita income of people in Delhi at current prices without factoring in inflation has been estimated at Rs. 2,01,083 which is a rise of Rs. 27,397 from Rs 1,73,686 in 2011-12, according to Delhi Government statistics

The national average has been worked out at around Rs 61,564.

As per statistical handbook release by Chief Minister Sheila Dikshit, a whopping 3.36 lakh vehicles hit the city roads in 2012-13.

It said around 2.55 crore cases of Indian Made Foreign Liquor, country liquor and beer were sold in the city during the year as against 1.08 crore cases in 2011-12.

“The statistics reflect prosperity and sound economic situation in the capital city because of proactive economic policies of Delhi Government,” Dikshit said.

Read more: Financial Express

India Factory Output Unexpectedly Grows as Rajan Fights Slowdown

Indian industrial production (INPIINDY) unexpectedly rose in July, bolstering new central bank Governor Raghuram Rajan’s fight against a slumping rupee and slowing economic growth.

Production at factories and utilities climbed 2.6 percent from a year earlier after a revised 1.8 percent decline in June, the Central Statistical Office said in New Delhi yesterday. The median of 28 estimates in a Bloomberg News survey was for a 0.9 percent fall. Another report yesterday showed consumer prices rose 9.52 percent in August from a year earlier.

The rupee has performed worse than most Asian currencies this year as slowing growth and a record current-account deficit hurt confidence in the region’s No. 3 economy. Rajan, who reviews interest rates for the first time next week, is under pressure to support the currency and avoid a surge in import costs that would fuel price pressures.

“It’s a good number but nowhere does it indicate a strong revival in the weak growth story,” said Anubhuti Sahay, an economist at Standard Chartered Plc in Mumbai. The central bank will remain focused on containing the rupee volatility and hence will keep rates on hold in the next policy meet, she said.

Read more: Bloomberg

Environment

Delhi govt plans incentive for green power

If you generate power from a rooftop solar project, the Delhi government will soon incentivize your efforts. A new solar policy upholds “production-based subsidy” which means that the government will pay you for the units of energy you save by using solar power. As of now, there is a “capital subsidy” scheme which involves a rebate of a fixed sum on installation of solar water heaters in Delhi.

While this policy can inspire consumers to invest in solar energy, the Delhi environment department officials say that it can be implemented only after Delhi Electricity Regulatory Commission (DERC) notifies net metering guidelines. Through a net metering system the utility can monitor how much solar energy a consumer is generating at home and if the consumer is generating more power than his requirements, then excess power is returned to the grid.

The consumer is paid for the units that he generates in excess. Over and above the feed-in tariff, the Delhi government is planning to give a small subsidy to producers of solar power. “It will be a nominal subsidy over what they get by feeding in excess power,” said an environment department official.

Read more: The Times of India

Education

Delhi NCR gets maximum registrations till date for CAT 2013

Delhi NCR region received the maximum number of registrations till date for Common Admission Test 2013 (CAT 2013).  Indian Institutes of Management today, in their mid-registration trends for CAT 2013 said that apart from Delhi NCR was followed by Bangalore, Hyderabad, Chennai, Mumbai, Pune, Kolkata, Chandigarh, Lucknow and Ahmedabad.

Test delivery and solutions company Prometric is the IIMs’ partner in developing and delivering CAT 2013. The registration window for CAT 2013 ends September 26.

“Interest in gaining an MBA continues to be high, and CAT registration follows that trend,” said Professor Rohit Kapoor, CAT 2013 Convenor.  He added that students see how placement salaries at IIMs compare favourably, not just in India, but even internationally when considering tuition costs.  “Getting placed upon graduation is never an issue,” he said further.

CAT 2013, which is the examination for admissions to the IIMs and other management institutes, will be conducted over a period of 20 days from October 16 to November 11, 2013.

Read more: Business Standard

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