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 You are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 2019-20. I am 70 and my total income from all sources in a financial year is less than Rs 5 lakh. I earn an interest of Rs 15,000 a year from a NBFC FD. Do I need to pay income tax on this interest? Homi Mistry Partner, Deloitte Haskins & Sells replies: As a resident senior citizen, you are eligible for a basic exemption of Rs 3 lakh plus a tax rebate under Section 87A on taxable income up to Rs 5 lakh for the financial year 2019-20. Considering you qualify to be a residentfor tax purposes, you will not be liable to pay income tax as your taxable income from all sources including interest on FDs is below Rs 5 lakh. {ad} I purchased a DDA flat in August 2016 for Rs 21 lakh. I took a home loan of Rs 17.7 lakh and availed tax breaks between Sept 2016 and March 2019. In April 2019, I prepaid the loan. I bought this flat from someone who bought it from DDA for Rs 12 lakh in 2012. If I sell my flat today for Rs 21 lakh, what will be my tax burden? How can I reduce my tax burden? Shubham Agrawal Senior Taxation Advisor, TaxFile.in replies: The flat will qualify as a long term capital asset as you have held it for more than two years. If you are selling the asset at the purchase price even after three years, this transaction will result in long term capital loss as the purchase price will be indexed to the cost inflation index. The home loan benefit claimed under Section 80C will be reversed in the year of sale and added to your income if the flat is sold before five years of purchase. The cost to original buyer is immaterial in this transaction. {ad} Since your transaction will result in long term capital loss if sold at purchase price, there will be no taxability. Hence, there is no need to look at investment avenues. If you manage to sell the property at a higher value and that results in a capital gain, you may invest the same in avenues prescribed under Section 54 of the Income Tax Act.
 RBI Central Board meets at Chandigarh
 Revision in Proforma and Reporting of Bank / Branch details under the Central Information System for Banking Infrastructure (CISBI)
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Teleconference with Researchers and Analysts
 Auction of Government of India Dated Securities October 07, 2019
 Expanding and Deepening of Digital Payments Ecosystem
 Edited Transcript of Reserve Bank of India’s Fourth Bi-Monthly Monetary Policy Press Conference
 Statement by Governor - Fourth Bi-monthly Monetary Policy Statement, 2019-20, October 4, 2019
 Reserve Bank Enhances withdrawal limit for depositors of Punjab and Maharashtra Cooperative Bank Ltd
  Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Non-Reporting of Currency Chest Transactions and Inclusion of Ineligible Amounts in Currency Chest Balances
 Notification No.72/2019 - Central Board Of Indirect Taxes And Customs

Press Release Regarding seizure of ketamine
October, 18th 2010

DIRECTORATE OF REVENUE INTELLIGENCE
DELHI ZONAL UNIT

B-3/4, 6th floor, Paryavaran Bhavan, CGO Complex, Lodhi Road, New Delhi-110003

Dated 16.10.2010.

PRESS RELEASE NOTE

On 13.09.10, sleuths of DRI, Delhi Zonal unit caught a consignment weighing 101 kgs of a prohibited substance Ketamine, while being attempted to be exported to Canada by concealing it in a container full of cargo of miscellaneous goods from ICD Tughlakabad. The Ketamine was concealed very smartly in 7 boxes in a container full of 263 cartons. The proprietor of the exporter firm, Shri Rizwan of M/s Rizwan Exports, Delhi was also apprehended and he admitted his offence of having attempted to export the Ketamine to Canada. He has been put under arrest under section 104 of the Customs Act 1962 and has been sent to Tihar Jail under judicial custody. Export of Ketamine requires a No Objection Certificate from Narcotics Commissioner of India, which in this case was not there. Further investigations into matter the matter also revealed that one similar consignment containing Ketamine in a concealed manner had been exported to Canada was lying at Canadian port. Prompt and swift action by DRI official ensured that Canadian Border services Agency successfully intercepted the consignment and recovered almost 100 kgs of Ketamine concealed in 4 cartons of container load of musical instruments. Both the consignments were consigned to the same consignee. The estimated local market value of Ketamine is Rs 40,000 per kg. but fetches Rs. 10 lakhs approx. in international market where it is used as narcotic substance.

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