UK business of Tata Steel continues to teeter on the brink indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Assets stripped, defaulters will have to also pay tax on their sale by lenders
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Synopsis
As banks rush to sell properties, shares, paintings and other assets once owned by big defaulters, such as Vijay Mallya or Nirav Modi, the lenders will not be responsible for tax liabilities, experts say.
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In certain transactions, the buyer has to directly pay the tax to the government or withhold taxes, say tax experts.
After banks, loan defaulters will also have to deal with the tax authorities on the assets seized and auctioned by lenders.
As banks rush to sell properties, shares, paintings and other assets once owned by big defaulters, such as Vijay Mallya or Nirav Modi, the lenders will not be responsible for tax liabilities, experts say.
Jury is still out on whether bankrupt companies be allowed to trade on bourses indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Many multinational employees are stuck in India as several countries are not allowing Indians to fly back. In other cases, some NRIs want to stay with their families in India at a time when the Covid situation is getting worse.
Synopsis
As various govt departments start sharing data with each other, the income tax department has started going after benami properties, or real estate assets bought under pseudo or fake names.
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The tax department is said to have mapped certain areas across India and found wealthy individuals owning farm lands through dummy representatives and shell companies.
A few weeks back, a Mumbai-based small business owner received a notice from the income tax department enquiring about the money spent on buying a multi-crore apartment in the city. The tax officials are investigating how the business owner, who earns about Rs 60,000 per month, could afford an apartment worth Rs 3.1 crore that too without a housing loan. They suspect that this probably is a “benami” property, where the actual investor is someone else.