The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 is an incredible instrument in the possession of the banks and Financial Institutions (FIs) as lenders. This Act assists them with upholding protections held as security to credits dispensed by them should such advances turn out as non-performing assets (NPAs) during the […]

Section 5 of the Transfer of Property Act, 1882 defines the phrase “transfer of property”. The section provides that “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself and one or more than one living persons; […]

Transfer of Property Act Under the Indian legal system, properties are divided into two categories – movable and immovable. The Transfer of Property Act (ToPA), 1882, which came into force on July 1, 1882, deals with the aspects of transfer of properties between living beings. One of the oldest laws in the Indian legal system, […]

A legal heir is a person who succeeds or enters into the ownership of a person who died unexpectedly without a will. Legal heir certificate denotes the relationship between the legal heir and the deceased and is mandatory, especially when a nominee is not specified. Legal Heirs of the Deceased To get a legal heir certificate, […]

It has come to the notice of Reserve Bank of India that certain elements are fraudulently using the name/ logo of Reserve Bank of India, and seeking charges/ commission/ tax from public, in transactions related to buying and selling of old banknotes and coins through various online/ offline platforms. It is clarified that Reserve Bank […]

The Reserve Bank of India (RBI) has imposed, by an order dated August 04, 2021, a monetary penalty of ₹7 lakh (Rupees Seven lakh only) on Nagarik Sahakari Bank Limited, Bhiwandi, Thane, Maharashtra (the bank) for contravention of/ non-compliance with directions issued by RBI on Exposure Norms and Statutory / Other Restrictions- UCBs and Know Your […]

Data on sectoral deployment of bank credit collected from select 33 scheduled commercial banks, accounting for about 90 per cent of the total non-food credit deployed by all scheduled commercial banks for the month of June 2021, are set out in Statements I and II. On a year-on-year (y-o-y) basis, non-food bank credit1 growth stood at 5.9 […]

Section 80C allows the deduction for the amount paid towards the principal repayment of the home loan taken from the specified financial institutions. This deduction is allowed under the overall umbrella limit of Rs.1.5 lakh of Section 80C. There is no threshold limit for claiming principal repayment of home loans; hence, any principal payment amount […]

The dividends received from your equity or mutual fund investments were tax-exempt until 31 March 2020 (FY 2019-20). The exemption was because the company or mutual fund paying the dividend was required to pay a dividend distribution tax. Budget 2020 changes the method of taxation by imposing the liability to pay tax on the shareholders […]