When it's not real estate, its either his fight against corruption or pulling focus (film making) with his NIKON D750 that keeps him busy.
With over 9 million views of his pictures on Google Maps and over 1.3 crore views of his contributions, he has been designated as a Master Photographer by Google.
He can be reached on 9987452642
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The Mumbai High Court recently held that Long Term Capital Gains arising from House/Flat sale are taxable if the entire amount is not invested in another real estate purchase or deposited in the appropriate type of Bank Account (as designated by the Govt) during the financial year (1st April to 31st March) in which the gains were made.
As per Govt rules, Long term capital gains (when flat or property is sold after a minimum ownership period of 3 years) are tax exempt if they are re-invested in the purchase of another property within 2 years from the date of sale or in construction of a new house within 3 years from the date of sale of his property.
If the entire amount of LTCG is not invested in the purchase or construction of a new property, then the balance has to be deposited in a bank account as specified by the govt or in Bonds as specified by the govt.
High court
If the same is not deposited in the appropriate account, then the same shall be taxed as per the Income Tax bracket that the person falls under.
The High Court pronounced this order in the case of one Mr.Humayun Merchant who did not invest the complete gains from his property sale and was hence taxed on the balance un-invested amount.
