Matthew Galati’s Post

Property tax system has been put on hold! People power always trumps political power! At BNP, we had collated and submitted objections from over 8,000 citizens to BBMP. And it was clearly communicated to BBMP that if they tried to bulldoze a new system without citizen consultation or participation, it would be met with wide scale protest. What we've consistently advocated for is proper citizen participation and consultation in matters that affect us all. The fact that the BBMP has paused the implementation demonstrates the importance of inclusive decision-making processes. Moving forward, it's imperative that we continue to press for transparent governance and active citizen engagement. We must emphasize the urgency of holding BBMP elections at the earliest to ensure that such consultations become a regular practice. Let's celebrate this triumph of people power while remaining vigilant and committed to fostering a culture of democracy and accountability in our city. For further details, you can read the article by Times of India: https://lnkd.in/gjFSiueZ

Exuberance about rate rationalization under #GST should be tempered with caution given the potential ramifications under #antiprofiteering provisions. businessline, BW Legal World and NDTV Profit were kind enough to publish a quote by yours truly in the regard, yesterday in their post #Budget coverage. Khaitan & Co #cautionpoints #PostBudget #UnionBudget24 #UnionBudget

Lets analyse - Removing Indexation and lowering LTCG is good or bad and when ? Capital gains tax rate on sale of property to be reduced from 20% to 12.5%. Lets calculate LTCG If X has bought a house in 2008 for Rs. 25 Lacs And Sales the house in 2024 for Rs. 200 Lacs Indexation: 2008: 137 2024: 363 Tax at older rate 20%= 26.75 lakhs Tax at newer rate 12.5%= 21.87 lakhs Decide which is better ? where real estate prices are increasing more than inflation this will help - what is your opinion on that #budget2024 #ltcg #realestate #2024goals #garjanafinsight

🏛️ Supreme Court Ruling: Motor Accident Claim | HRA, PF Contribution Should Be Included While Computing Loss Of Dependency 🏛️ In a landmark decision, the Supreme Court has affirmed that House Rent Allowance (HRA) and Provident Fund (PF) contributions must be considered when calculating the loss of dependency in motor accident claims. This ruling ensures a more comprehensive and just compensation for the dependents of the deceased, reflecting the true financial loss incurred. This decision marks a significant step in recognizing the broader spectrum of financial contributions and their impact on families. #MotorAccidentClaim #SupremeCourt #HRA #PFContribution #LegalUpdate #PersonalInjuryLaw #Justice #Compensation #LegalNews

Finance Minister decides to revist the indexation benefits for LTCG on properties held before 23 July 2024. This might give relief to a big chunk of investors who concentrated on property as an asset class for their Investments. Although we still feel that the Governement should look at LTCG at large and pass taxation benefits to a larger investor base across the asset class to motivate and push long term Investments by way of taxation reward. At one end to stop youth from taking risky trades and loose money, additional taxes are levied on F&O trades then it is justified to ask for tax rebate/benefits for investors who are going longterm with their investments. Would like to understand the view of masses at large on LTCG taxation from current budget. #ncfinancials #LTCG #Budget #Investments

Government is a silent partner of your #investment and #taxsavings gain by introducing #LTCG first and then increasing it every year. This year it has been increased from 10 to 12.5 percent as if they are increasing their stake from your hard earned money by doing nothing at all. All salaried class people are the money making machines for the government by imposing #incometax and the gain from investments to save income tax. If you think you can save yourself from LTCG you are wrong as STCG also increases from 15 to 20 percent this year. If LTCG increases 2.5 percent every year then all the long term gains projected by way of compounding will loose it shines soon if the #economy and #stockmarket is not growing at least 10 to 15 percent every year. #whatdoyouthink #linkedinconnections

The centre has proposed an amendment to the sensitive indexation issue, to actually remove the retrospective effect of the new provision. Now, the taxpayer who purchases the property before July 23 2024 will have the option to either go for indexation with 20% Rate or 12.5% without indexation. But the question is - Why did the government propose it retrospectively, affecting properties acquired between 2001 to 23 July 2024 in the first place? Was there a specific rationale behind this approach, despite the potential unfairness and confusion it caused among taxpayers? What does the Nirmala Tai carry in her brain? #Budget2024 #Indexation #LTCG #STCG

2 POT UPDATE! Treasury yesterday published the Revenue Laws Amendment Bill, 2024 which proposes technical changes to the Revenue Laws Amendment Act, 2024. One interesting change to note: the industry was largely in agreement that the date to use when calculating the 10% seeding for members of provident (and provident preservation) fund members who were over 55 on T-day and opted IN to partake in the 2 pot system is the last day of the month in which he or she made the election. The RLAB now clearly states you must use value as at 31 August 2024 when calculating the seeding for these members. Alas, the RLAB does not speak to further exclusions of liquidating funds and unclaimed members of funds other than unclaimed benefit funds.

📅  On July 23, 2024, Finance Minister Nirmala Sitharaman ji announced in her Budget 2024-25 speech that long-term capital gains (LTCG) on all financial and non-financial assets will now be taxed at a rate of 12.5%. 🔺 This means that the LTCG tax on stock market investments and mutual funds has increased from 10% to 12.5%, disappointing many investors across the country. 🔻 Conversely, the LTCG tax on #realestateinvestments has been reduced from 20% to 12.5%, which also disappointed investors!! But why? This is because the new rules eliminate the benefits of #indexation, which would otherwise increase the indexed cost of acquisition. But let us take a closer look to understand if the disappointments expressed actually makes sense in Real Estate investments. #budget2024 #CAGR #LTCG #realestateasset #taxbenifits Government of India (GoI)

Stay compliant or face consequences: OPFA Annual Report warns of penalties for ignoring information requests. https://buff.ly/3R0YYo4 #ConductofFinancialInstitutionsBill #determinations #FinancialSectorRegulationAct #MuvhangoLukhaimane #NaheemEssop #PensionFundsAdjudicator #TreatingCustomersFairly #PensionFundsAct #retirementfunds #financialservices