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The provisions of SARFAESI Act apply to outstanding loans (above Rs. 1 lakh), which are classified as Non-Performing Assets(NPA). NPA loan accounts amounting to less than 20% of the principal and interest are not covered under this Act. The most Important section of SARFAESI Act is section 13(2), which provides that if a borrower who […]
Owning extra houses and earning rental income from those houses is considered a good source of passive income. However, if proper steps are not taken, this easy source of income can turn into a nightmare. Especially if you happened to deal with irresponsible tenants. What is an Eviction? Generally, an Eviction is a process whereby […]
The word probate is derived from the Latin phrase ‘probare’, which means to have proven. Probate is a certified copy of the Will which is the official proof. The executor issues it with a seal of the court that authorises him to execute or implement the bill. Will Probate adds a legal character to the […]
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed after death, and names one or more persons, the executor, to manage the estate until its final distribution. DEFINITION As per Section 2(h) of Indian Succession Act, 1925 provides that […]
Clubbing of income means Income of other person included in assessee’s total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. But income earned by wife on income clubbed in the hand […]
Clubbing of income means Income of other person included in assessee’s total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. But income earned by wife on income clubbed in the hand […]