Rent receipts under Income Tax lens

For as long as anyone can remember, producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden. Such cavalier disregard for tax rule was overlooked by most employers as well as taxman, who possibly felt it was a minor transgression. Perhaps, not anymore. The income tax department now has good reason to insist on proof from … Continue reading Rent receipts under Income Tax lens

Zara leases largest retail space by foreign brand in India

In the largest ever space transaction by any international retailer on high streets across the country, Spanish fashion chain Zara has picked up 50,000 sq ft carpet space in South Mumbai’s most prime location of Flora Fountain, said two persons familiar with the development. The world’s biggest fashion retailer has leased the space on the ground floor of Ismail Building diagonally opposite HSBC’s India head … Continue reading Zara leases largest retail space by foreign brand in India

HDFC Realty launches app ‘PropPartner’ for brokers

Real estate advisory solutions provider HDFC Realty on Wednesday said it has launched a mobile application ‘PropPartner’ exclusively for brokers. The app gives brokers access to projects exclusively being marketed by HDFC Realty, featured projects with special schemes by developers and projects with HDFC’s special payment plan schemes, the company said in a statement issued here. Also, all the listed projects would be approved by … Continue reading HDFC Realty launches app ‘PropPartner’ for brokers

Khan Market most expensive retail spot in India, 4 others from Delhi-NCR in top 10

Half of India’s 10 most expensive retail micro-markets are in the Delhi-National Capital Region, with Khan Market remaining the costliest location to rent a shop, a Cushman & Wakefield report said. In the global ranking, however, Khan Market slipped two spots to 28. New York’s Upper 5th Avenue continues to remain the world’s most expensive retail location, followed by Causeway Bay in Hong Kong and … Continue reading Khan Market most expensive retail spot in India, 4 others from Delhi-NCR in top 10

Enemy Property Bill: ‘Act can be tested for rights violations’

The Central government’s amendments to a nearly five-decade-old law to get rights over “enemy property” extinguish all pending and future claims by even Indian citizens to get back such property vested with the custodian. Once the bill turns into an Act, it would be open to challenge in court on grounds of violation of rights to equality, trade and property, said legal experts. A custodian … Continue reading Enemy Property Bill: ‘Act can be tested for rights violations’