Return of black money?
The Modi government’s bold move to scrap indexation benefits on real estate sales has set off alarm bells among industry experts. Critics argue that this shift, which lowers the LTCG rate to 12.5 per cent without exemptions, could push the sector towards undervaluing deals, reigniting the black money menace. Finance Minister Nirmala Sitharaman defends the decision as a simplification measure, promising market benefits for long-term property holders. The real estate sector, already grappling with transparency issues, could see a resurgence of shadowy deals, undermining the government’s clean money crusade. As the debate heats up, one thing is clear: the real estate tax landscape is in for a turbulent ride. Whether this change will streamline the market or open a Pandora’s box of black money remains to be seen.
Murmu’s Mandaps
Guess what’s buzzing in the corridors of power? President Droupadi Murmu just gave a desi twist to two iconic halls at Rashtrapati Bhavan. Goodbye, colonial ‘Durbar Hall’ and ‘Ashok Hall’. Hello, ‘Ganatantra Mandap’ and ‘Ashok Mandap’! The rechristened venues now echo India’s rich republican ethos and cultural heritage. ‘Ganatantra Mandap’ celebrates our ancient democratic roots, while ‘Ashok Mandap’ pays homage to Emperor Ashok and his legacy of unity and peace. With these changes, Rashtrapati Bhavan isn’t just a seat of power — it’s a symbol of our glorious past and vibrant present. Talk about making history while embracing it!
Golden strategy
Whispers are heard in financial circles about the real motive behind the recent gold duty cut. Finance Minister Nirmala Sitharaman’s 9 percentage points reduction in customs duty on gold to 6 per cent has not only sent gold prices tumbling and shoppers rushing to jewellery stores but also sparked speculation about a hidden agenda.
As sovereign gold bonds mature this year, the government faces hefty payouts to investors. By slashing import duties, gold prices have dipped, potentially easing the payout burden for government. Economy watchers and market analysts are excited, suggesting that this strategy effectively reduces government liability while encouraging consumer gold purchases.
Was this a fiscal master-stroke to balance the books or just a happy coincidence for the treasury? Either way, it’s clear that in the game of gold, the government might just be playing a winning hand!
Congress’s back flip
While presenting the full Budget for 2024-25, Telangana Deputy Chief Minister and Finance Minister said the Congress Government will join the PM Fasal Bima Yojana. The BRS Government had decided to stay away from the Central-sponsored crop insurance for the reasons best known to it. The FM also said the government would pay the premium and not burden farmers. So far so good. But the BRS hit back, saying that Congress had opposed the insurance scheme tooth and nail. Citing a recent comment by senior Congress leader Jairam Ramesh, the BRS wondered how the State unit of Congress can take a stand that is diametrically opposite to its stand at the national level.
Ramesh alleged that the Central insurance scheme was a failure and was aimed at benefiting insurance companies. A hit-wicket by the Congress.