A situation may arise when the bank does not permit any transaction in your saving account. It is the account which was opened but never operated for a long time. It’s a dormant account.Only the saving or current account becomes dormant.Even if the account is declared as dormant account, Bank keeps on crediting interest on […]
NRIs open NRE/NRO account to manage their funds and for the purpose of repatriation of funds they use these accounts to deposit foreign income or income accruing in India. Repatriation from these accounts means remitting the funds to the country of residence of NRI.The repatriation of funds can be repatriated to the foreign account of […]
National Company Law Tribunal was formed on June 1, 2016. It is a quasi-judicial body for adjudicating disputes of civil nature arising under the Companies Act. Before the formation of NCLT, there were various authorities (e.g. Company law Board, Board of Industrial and Financial Reconstruction (BIFR)) dealing with company matters. The establishment of NCLT has consolidated […]
Gifts transactions are not taxable in the hands of the donor. For a donee, the gift deed transfer is taxable, but there are exceptions. Gifts are prevalent among family members or close relatives. It is one way of expressing love and affection. People also make gifts to save taxes as some of the Gift transactions are […]
Property disputes are common among siblings. The property becomes a bone of contention among family members irrespective of the financial status of the family. There is a desire to get the maximum share if there is a distribution of family property. Apart from greed, one other cause of dispute of property could be the lack of […]
Hon’ble SC of India has issued guidelines to facilitate hearing of cases through video conferencing. The lockdown announced in the wake of COVID 19 has necessitated this step. While speaking on the suggestions made by a Senior Advocate, the court observed that the crowd must be avoided in court premises. It is necessary to practice […]
COVID-19 has almost brought to halt everything in this world. The impact on the world economy as well as the Indian economy is expected to be huge. However, it could not stop the Indian Government from implementing its decision for the merger of banks. Last year, the Finance Minister had announced the merger of ten Public […]
When we transfer a property, one thing we need to ensure is that the act of transfer is complete. The legal formalities are fulfilled, and the rights and interests are transferred as desired.Transfer of property It is an act by which one person transfers the rights and interests in a property to another. There is a […]
Did you ever think that in the 21st century, there would be a time when the whole world would have to battle a tiny virus that holds the entire universe hostage?As you stay safe and protected within the four walls of your homes, do pause and spend some time taking stock of whether your documentation […]