A Mumbai tenant received tax relief after the Income Tax Appellate Tribunal ruled that the fair market value of surrendered tenancy rights should be the cost of acquisition for a property sold for Rs 38.62 lakh, significantly reducing his capital gains tax liability.
Dubai's property market has seen a dramatic slowdown, with sales falling significantly in May compared to April and last year. Market watchers attribute the decline to the ongoing conflict in the Middle East, impacting high-earner and luxury real estate sectors.
Activists infiltrated the Great Israeli Real Estate Event in London, revealing photos of properties marketed in illegal settlements in the occupied West Bank and East Jerusalem. The event, held at Edgware United Synagogue, promoted sales with agents citing the Gaza war as a reason for potential discounts.
Hundreds of pro-Palestinian demonstrators protested in London against an event promoting illegal Israeli settlement properties. Police arrested 15 people amid clashes with pro-Israel counter-protesters. UK politicians and activists condemned the event, citing international law violations.
The Supreme Court ruled that exaggerated claims like 'stable rental income' and 'certain capital gains' in commercial property sales do not automatically constitute fraudulent misrepresentation. The court sent a damages lawsuit back to a lower court, stating such claims are often considered acceptable exaggerations in general commercial practices.
India's Union Budget 2024 introduced new capital gains tax rules for property sales, effective July 23, 2024. Long-term gains now face a 12.5% tax without indexation, though residents and HUFs can opt for the old 20% with indexation if beneficial. Short-term gains remain unchanged.
