Great-grandchildren Not Part of ‘family’

A concession on payment of stamp duty in cases of immoveable properties being settled among family members cannot be claimed, if the settlement is made in favour of great-grandchildren, the Madras High Court Bench has ruled.

Justice R Sudhakar and Justice VM Velumani held that the definition of the term ‘family’, in the Indian Stamp Act 1899, must be considered as ‘exhaustive’ and not ‘illustrative’. Amendments made by the state government (to the Central enactment) defined the term ‘family members’ to mean father, mother, husband, wife, son, daughter, grandchild, brother, sister, adoptive father, adoptive mother, adopted son and adopted daughter.

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Tax-saving Fixed Deposits

During the tax-saving season, people are desperate to save Rs30,900 in taxes by investing Rs1 lakh in certain kinds of savings instruments. PPF (public provident fund) is a popular avenue where you are allowed to invest Rs1 lakh in a financial year. The interest rate for PPF FY13-14 is 8.7%pa. Another option is a tax-saving fixed deposit (FD) which is for a five-year term without option for...

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NHB Tax-free Bonds or FD?

Tax-free bonds of National Housing Bank (NHB) issued in December 2013 were oversubscribed on the first day (29th December). These AAA rated bonds offered 8.51%, 8.88% and 9.01% for 10, 15 and 20 years’ tenure. The second tranche of tax-free bonds from NHB opened 7th March and, hence, will be an option for those in 20% and 30% tax brackets who missed getting their hands on these bonds. The...

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