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Buying and Selling Real Estate in India (Updated)
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER INDIAN LAW - INVESTMENT AND CONVEYANCE OF REAL ESTATE IN INDIA - 1. INTRODUCTION TO REAL ESTATE IN INDIA - Since the liberalization of Indian economy, the real estate sector has been gradually growing and adopting to technologies that improve the market access, efficiency, quality, and consumer experience. In the last fifteen years, post liberalization of the economy, Indian real estate business has taken an upturn and is expected to grow multifold in the next decade.
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Crypto Sales Prior to AY 2022–23: Taxable as Capital Gains?
The Raunaq Prakash Jain v. Income Tax Officer case addresses a significant cryptocurrency transaction-related taxation issue in India, i.e., whether gains arising from cryptocurrency sales should be taxed as “capital gains” or “income from other sources”. This decision is particularly important because it clarifies the tax treatment of cryptocurrency gains before the introduction of the...
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India’s Supreme Court Orders Stay While It Considers Constitutionality of Place of Worship Act
The Hindu reports on a controversial Order issued yesterday by India’s Supreme Court. The Order bars lower courts from accepting new lawsuits or entering orders in pending suits in which Hindu plaintiffs are attempting to reclaim temples destroyed by the Mughal Empire in the 16th century. Eighteen suits involving ten Muslim religious shrines are pending...
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Guest Post: India: Environmental Litigation Risks – D&O Liability Insurance
In the following guest post, Umesh Pratapa takes a look at environmental liability risks under Indian law and consider the D&O insurance implications. Umesh is the Author of the handbook on D&O liability insurance published by Institute of Directors (IOD), India, and Consultant – liability insurance. I would like to thank Umesh for allowing me...
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India raises majority of new trade issues at WTO meeting
India introduced more than half of the new trade concerns debated at a recent World Trade Organization (WTO) meeting. Attendees at the November meeting of the WTO Committee on Sanitary and Phytosanitary (SPS) Measures addressed trade concerns related to food safety and animal and plant health. Members raised 64 specific trade concerns (STCs), including 13...
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GIFT-IFSC and LRS- Insurance Products for Resident Indians?
Background In recent years, the Indian government has made significant strides toward enhancing the operational framework of the International Financial Services Centre at Gujarat International Finance Tec-City (“GIFT-IFSC”). GIFT-IFSC was established with an aim to redirect all financial transactions conducted by residents in foreign financial centres to India. By virtue of RBI circular[1] titled ‘Operational...
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Delhi High Court rules on taxability of a PE’s profits despite global loss
In a landmark ruling, the Hon’ble Delhi High Court (“Delhi HC”) has held that profits generated by a Permanent Establishment (PE) in India shall be liable to tax in India, even if the parent enterprise has incurred losses on a consolidated basis. This decision overturns the previous judicial position set forth in the Nokia Solutions...
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PERSONALITY RIGHTS – THE POWER OF INFLUENCE, ITS MISUSE AND PROTECTION
INTRODUCTION Publicity rights play an important role in India based on the culture of celebrity worship and the importance of the name, image, and likeness of sports, television and media personalities, political figures, musicians, etc. Indian intellectual property laws do not directly or explicitly recognize personality rights, but several regulations and provisions address the same....
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Delhi High Court grants tax-treaty benefits to Tiger Global’s Flipkart exit
The India–Mauritius Double Tax Avoidance Agreement (“DTAA”), entered into in 1983, has since been the subject matter of contentious litigations. The well-drafted and reasoned ruling of the Delhi High Court (“Delhi HC”), which explains the availability of benefits to a Mauritius-based investor, the significance of the tax residency certificate (“TRC”), the limitation of benefits (“LoB”)...
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Rare infection linked to consumption of raw dairy products
Scientists in India have reported a rare case of infection in a woman who consumed unpasteurized dairy products before falling sick. Lactococcus lactis cremoris, previously known as Streptococcus lactis, is rarely reported as a cause of human infections. It is widely used in the production of fermented products in the dairy industry. As it lives...