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India Today
31 minutes ago
- India Today
Buying Dubai property with credit cards? Why many Indians are now in trouble
Many Indians are now finding themselves in a tricky spot after using their international credit cards (ICCs) to buy property in Dubai, reported The Economic Times. What seemed like an easy and quick way to pay is now causing them legal and tax problems back WENT WRONG?Several homebuyers either clicked on payment links shared by Dubai-based builders or swiped their credit cards during their visits to the UAE. It felt hassle-free, no paperwork, no visits to the bank, and they believed they could avoid the hefty 20% tax collected at source (TCS) on overseas there's a catch. Credit cards, even international ones, are only meant for current account transactions, like booking hotels, downloading movies or buying books. They are not allowed for capital account transactions such as buying immovable property or shares. While there's no specific law banning the use of ICCs for buying property abroad, experts believe it clearly violates RBI's guidelines. So, in effect, these buyers have gone against the WHAT?Worried about attracting attention from the Income Tax Department or the Enforcement Directorate, many of these buyers are scrambling to fix their mistake. They're now remitting money properly under the Liberalised Remittance Scheme (LRS) and asking builders to cancel the earlier credit card payments. Once the new payment is made through the right banking channels, the builder refunds the earlier way, they hope to stay out of are also preparing to approach the RBI to regularise the payment. This means acknowledging the mistake and paying a penalty to avoid bigger legal consequences—a process known as IS LRS?Under LRS, an Indian resident can send up to $250,000 a year abroad for buying assets or for personal use. But the payment must go through proper banking channels, and the individual must have held an account with the bank for at least one year before the remittance for capital account a credit card to pay for property, even if done abroad, does not count under LRS and is seen as a DO EXPERTS SAY?Rajesh Shah, partner at Jayantilal Thakkar & Co. Compounding, told ET that RBI ought to be forgiving since the funds themselves were legitimate and only the payment route was incorrect. 'RBI should take a lenient view as the money paid through credit card is a legitimate payment and only the mode of payment was wrong. The regulator should compound the contravention if applied for and need not ask to unwind the transaction or sell the property,' he Ladha, Moin Ladha, partner at the law firm Khaitan & Co, adds that the RBI's overseas investment rules clearly lay down how such purchases should be made, either through inheritance, gifts, earlier foreign earnings, or via LRS. Credit card use doesn't fall into any of CA Ashish Karundia reminds that no matter how the payment is made, if you buy property abroad, 20% TCS still applies under income tax rules.- Ends
Economic Times
an hour ago
- Economic Times
Tata Investment announces first-ever stock split in 1:10 ratio; check details on record date
Tata Investment Corporation announced its first-ever stock split in a 1:10 ratio on Monday, alongside its financial results for the quarter ended June 2025. The company's board approved the sub-division of one equity share with a face value of Rs 10 into ten fully paid-up equity shares with a face value of Re 1 each. ADVERTISEMENT The said stock split is aimed at enhancing liquidity and improving affordability for retail investors. The decision is subject to approval by shareholders through a postal ballot, as well as any applicable statutory or regulatory clearances. In its exchange filing, Tata Investment Corporation stated that the objective of the stock split is to make its equity shares more affordable and encourage broader retail participation in the company's ownership. The move is also expected to improve the liquidity of the stock in the company will announce the record date for the subdivision of shares in due course, following the receipt of necessary approvals from data suggests that this is the first instance where the company is splitting its shares. However, the company has previously offered bonus shares to its shareholders in a 1:2 ratio in the year 2005. ADVERTISEMENT The company declared its Q1FY26 results on Monday, posting an 11.6% YoY jump in its consolidated profit after tax (PAT) at Rs 146.30 crore, versus Rs 131.07 crore in the year-ago period, while its revenue from operations stood at Rs 145.46 crore, up from Rs 142.46 crore in Q1FY25, indicating a 2.1% YoY rise. ADVERTISEMENT After the Q1 results, the shares of Tata Investment Corporation were trading 3.8% higher at Rs 7,033.60 on the BSE. Also read: Rekha Jhunjhunwala exits Nikhil Kamath, Madhusudan Kela-backed smallcap stock with 111% returns in 3 years (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
an hour ago
- Time of India
Tata Investment announces first-ever stock split in 1:10 ratio; check details on record date
Tata Investment Corporation announced its first-ever stock split in a 1:10 ratio on Monday, alongside its financial results for the quarter ended June 2025. The company's board approved the sub-division of one equity share with a face value of Rs 10 into ten fully paid-up equity shares with a face value of Re 1 each. The said stock split is aimed at enhancing liquidity and improving affordability for retail investors. The decision is subject to approval by shareholders through a postal ballot, as well as any applicable statutory or regulatory clearances. In its exchange filing, Tata Investment Corporation stated that the objective of the stock split is to make its equity shares more affordable and encourage broader retail participation in the company's ownership. The move is also expected to improve the liquidity of the stock in the market. The company will announce the record date for the subdivision of shares in due course, following the receipt of necessary approvals from shareholders. Trendlyne data suggests that this is the first instance where the company is splitting its shares. However, the company has previously offered bonus shares to its shareholders in a 1:2 ratio in the year 2005. Tata Investment Corporation Q1 results The company declared its Q1FY26 results on Monday, posting an 11.6% YoY jump in its consolidated profit after tax (PAT) at Rs 146.30 crore, versus Rs 131.07 crore in the year-ago period, while its revenue from operations stood at Rs 145.46 crore, up from Rs 142.46 crore in Q1FY25, indicating a 2.1% YoY rise. After the Q1 results, the shares of Tata Investment Corporation were trading 3.8% higher at Rs 7,033.60 on the BSE. Also read: Rekha Jhunjhunwala exits Nikhil Kamath, Madhusudan Kela-backed smallcap stock with 111% returns in 3 years ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
