For inherited property, cost is what it was acquired

For inherited property, cost is what it was acquired

I have sold a residential property for Rs70 lakh, which was inherited by me, and incurred long-term capital gains (LTCG) tax on it. To save tax, I intend to purchase another residential property costing about Rs1 crore, jointly with my son. I will invest Rs70 lakh and the balance will be contributed by my son. For calculating LTCG, the fair market value of the property as on 1 April 2001 will be required, and that has to be done by a government-approved valuer. Can I avoid going to a valuer, and not pay LTCG, if I re-invest the entire sale proceeds? Please advise.

—K.K. Agarwal

Where a capital asset has been inherited, the period of holding of the capital asset by the previous owner also needs to be taken into consideration in computing the number of years of holding. It is presumed that the residential property sold by you was held by you and the original owner for an overall period exceeding 24 months. In that case, any gains arising from this (sale consideration less indexed cost of acquisition and improvement) will be taxable as a long-term capital gain (LTCG). Further, as this is an inherited property, the cost of the property for you would be the cost at which the property was acquired other than by inheritance. If such date of acquisition falls prior to 1 April 2001, you have a choice to consider the Fair Market Value (FMV) of the property as on 1 April 2001 as your cost. While there is no express requirement to obtain an FMV certificate from a documentation perspective, you should consider obtaining such a certificate. You can claim an exemption from LTCG, under section 54 of the Income-tax Act if the LTCG is reinvested in a new residential property located in India within the specified timeframes. Where the new property is purchased, the gain is required to be reinvested either within 1 year prior to sale date or 2 years after the sale date. Where the new property is constructed, the time period prescribed for the reinvestment is within 3 years from the date of sale of the original asset.

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Healing the Soul’s Inherited Wound

Inherited

LONGING for perfection, we try and battle all our lives in no way knowledge why we cannot reconcile a gnawing ache within. It’s a God-formed hollow we’re seeking to fill our own way. And it by no means works. Fortunately, there’s a manner.

“None of us are the blessed virgin, Mary. We, with the first-class of intentions, are all going to pass on some of our rubbish to our kids.”

– Richard Rohr

A higher way of describing the idea of authentic sin is to rename it inherited sin.

It changed into exceeded down the road. Our fathers and mothers gave it to us unknowingly. We deliver it to our youngsters. And it is inevitable. It’s why we shouldn’t resent our fathers and moms for any reason. It’s additionally why our children can’t blame us for the damage we inflicted on them, and why we need to now not experience guilty. We did our excellent, simply as our parents did their great. All wounds are wounds. It’s all about what we do with it; the wound.

Our possibility is to take our wound and make it a sacred wound, as would be the case if we went thru some kind of indigenous initiation.

Healing the inherited wound is so simple it’s profound.

But its manner understanding something which could take the time accepting. We must forgive. All those who have harmed us. All people who harm us these days. All folks who will hurt us. And in particular forgiving people who consider we’ve got something yet to do to obtain their forgiveness.

Healing the inherited wound is about tackling our demons of bitterness and resentment. It’s approximately forgiveness. Nothing else matters. Forgiveness transforms our wound making it sacred. And not anything can overcome us while we have performed that. This is Jesus’ abundant lifestyles. Jesus’ pleasure is ours.

Factors to Consider Before Buying a Property

Property

Everybody dreams of proudly owning a house at one factor of time. But possessing a house is not any funny story. It calls for cautious attention and making plans to make such a heavy funding. A lot many stuff needs to be saved in mind before shopping for any property. The foremost problem is finance but there are so many different matters that are immediately associated with it.

Here are some factors that ought to be taken into consideration earlier than buying assets:

1) Stability of profits: Doing nicely on your paintings and incomes excellent cash may excite you to shop for assets in the intervening time. But it’s far very essential to analyze your economic condition earlier than making any big buy. How solid your task is in the interim, will your income increase in a while, what are your other charges and the way safe is it to spend money on an asset are a number of the maximum essential questions to reply. If you’re uncertain of your future profits scenario, then choosing up a loan is not an absolutely correct idea in the interim. Wait for a while and keep extra cash for down charge.

2) Credit Score

A credit score rating is a statistical number that depicts someone’s creditworthiness. Lenders use a credit score to evaluate the opportunity of a person to repay his money owed. It additionally determines the charge of interest at which the loan could be given if it gets authorized by means of the financial institution or creditors.

3) Personal commitments: What are your non-public desires? What charges do you notice in the near future? Are you getting married or planning an infant? What are the expenses that may put off your loan shopping for? All these events will incur heavy costs and may delay your house buying mission. Ask those questions to yourself and consult your pricey ones earlier than planning to take this sort of essential step.

Four) Real Estate situation

What is the actual estate fashion on your area? Are the costs of the assets going upwards or are in a strong state. If the expenses have long gone up, will your budget will let you make that purchase? Some place of your metropolis can be attracting plenty many builders, as a result, the rate of assets might be on an upsurge. If the costs are taking place, you’ll be lucky in shopping for your desired assets at the less costly price.

Five) Expectations from the assets

Buying a domestic may be for distinctive purposes- it is able to be to your personal use or can be your 2d domestic i.E. Investment. Since investing in real estate is taken into consideration to be the most secure wager, plenty many humans purchase homes and positioned it on lease to get returns. If you are buying it in your very own motive, you could select a selected locality or a particular location, however, if shopping for investment, you may overlook such factors and just deal with buying a property that can match your finances.

We are certain that when you have taken into consideration most of these factors, you will make the quality deal. Property related troubles are important and sensitive and must be handled the incredible challenge.

Charisma – Inherent Or Acquired?

Acquired

Charisma is a fantastic belonging of mesmerizing and others. According to most important information in society, charisma is a divine gift that some human beings possess, with the aid of which they may not be indexed underneath everyday human beings as a substitute might be handled as extremely good human or greater normal men. Charismatic management is heterogenic may be political, commercial enterprise, religious fields. Charisma is bearing on the character of someone. In a simple air of secrecy is personal magnetism. Charisma is why people admire a few leaders like something as an example Americans following Mr. Richard M Nixon even after his involvement in Watergate scandal. Charisma doesn’t show high-quality impact usually; it has its very own negatives. India’s largest corporate fraud become lead through Mr. Ramalinga Raju who changed into one of the most effective and charismatic chiefs who leads Satyam group of organizations all of the manners to one of the top IT answer groups in India.

Is air of mystery inherent or received?

Against principal awareness triumphing in the society air of mystery may be received by using any person. Charisma is frequently considered to be a trait. A trait is an internal person of a human-like understanding, strength and so forth. Traits like understanding are not inborn they may be obtained the however air of mystery is a tremendous trait. Charisma is inborn in each one however at one-of-a-kind portions. Some leaders like JFK, Bill Clinton are born with the brilliant air of secrecy they may be considered to be proficient. Parameters for charisma are conversation talents, hazard taking, actual and many others. All these characters may be evolved by way of a person, which in turn complements the aura of someone. According to Attribution theory, an air of mystery relies upon on humans belief. A character is charismatic if and only if human beings experience that he’s charismatic. Steve Jobs was conflicting for a few humans but for some he’s charismatic, it suggests a character’s aura will rely on the surroundings in which he exists. If people have been in want of a character and chief posses that character then he is taken into consideration to be charismatic. Many instances are there in which a person who became rejected by way of humans at some point of time later proved himself to be charismatic as it took place in the case of Abraham Lincoln and Ronald Regan. Some individuals will come to be charismatic leaders after remarkable speeches like ‘I even have a dream…’ by Martin Luther King. So an air of secrecy may be acquired via a character. Muthandar al Zeidi, journalist who threw shoe on American nation head have become charismatic in Iraq, it occurred overnight, however, the burning thoughts he are never overnight, Years of Iraqis bloodshed made him take lead and made everyone to follow him, recognize him

Is air of secrecy obligatory to be an effective chief?

Charisma isn’t always mandatory to be a powerful leader. Creativity, innovation anything can pressure a frontrunner closer to effectiveness. If u can innovate something like face e-book or Microsoft or Google you will be indexed as an effective chief regardless of your charisma ranges.

Larry web page and Sergey Brin, out from Stanford University they had the substantially low aura but they lead masses of personnel efficaciously and made Google a multibillion-dollar enterprise. This example justifies that air of secrecy isn’t obligatory to be a powerful leader. Charisma is simply an extra accelerate for a normal leader to become extra every day. Even without aura, a frontrunner can build him into a powerful chief by way of having different leadership traits at a wonderful level as do in the case of Jerry, former CEO of Yahoo. Mr. Yang Jerry has terrific vision, however, no charisma nevertheless he made his manner to fulfillment.

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Originally posted 2017-09-22 15:55:06.