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Income tax on gifted property: NRI step-brother to pay zero income tax on Rs 7.5 crore property
The ITAT Mumbai ruled that a gift from a stepsister to her stepbrother is exempt from income tax, overturning the tax department's addition of Rs 7.88 crore (Rs 7.5 crore property+38 lakh stamp duty) to the stepbrother's ITR. The tribunal considered stepsiblings as relatives based on affinity and common sense. This decision provides clarity on tax implications for gifts within step-families. Read below to know more.
Manipur security forces arrest 14 militants, 3 arms dealers
In Manipur, security forces have apprehended 14 militants from various banned extremist groups across four districts, seizing arms, ammunition, and incriminating documents. The arrested militants were involved in crimes such as abduction and extortion.
MakeMyTrip clocks record gross bookings of $9.8 billion in financial year 2025
MakeMyTrip reported record gross bookings of $9.8 billion and a profit of $95.3 million for fiscal year 2025. The company's international business saw significant growth, with air ticketing revenue increasing by over 33% and hotel revenue growing by over 65%.
Vedanta plans Rs 3,500-crore bond sale to refinance debt
The bonds, expected to be issued in the last week of May, will carry a tenor of 2.5 to 3 years and are likely to be priced in the 9-9.5% range, the people said. Barclays and Citibank have been mandated to manage the issuance.
Ramky Estates enters Mumbai with 1.5-acre slum redevelopment in Chembur
Ramky Estates & Farm, a Hyderabad-based realty developer, is entering the Mumbai property market with a slum rehabilitation redevelopment project in Chembur. This 1.5-acre project, with a development potential of 463,000 sq ft and a revenue potential exceeding Rs 550 crore, involves rehabilitating over 400 slums.
Trump faces $2 trillion hurdle to win money from Saudi Prince
Saudi Arabia's ambitious economic transformation plans, costing an estimated $2 trillion, may hinder its ability to fulfill a potential $1 trillion investment commitment to the US. Crown Prince Mohammed bin Salman's focus on domestic projects like Neom and hosting global events has led to increased spending and a widening deficit.
Gensol Engineering shares in focus after founders Anmol and Puneet Singh Jaggi resign
Gensol Engineering’s top executives Anmol and Puneet Jaggi resigned following Sebi’s interim order over alleged fund diversion and corporate misconduct. The Rs 978 crore loan meant for EV procurement was allegedly misused, triggering probes by Sebi, the Ministry of Corporate Affairs, and state lenders. Gensol’s stock has crashed 59% in a month amid mounting regulatory and legal troubles.
'Terror state': MAGA loyalists fume over Trump's $400 million Qatar Air Force One gift
President Donald Trump has accepted a luxury plane as a "gift" from Qatar's royal family that will be used as Air Force One―but will reportedly continue to use the jet even after he leaves office. The highly unusual and unprecedented gift has raised questions whether it is legal for the Trump administration to accept such a valuable gift from a foreign power. MAGA supporters have also criticised the deal.
Donald Trump to get a new Air Force luxury jet from Qatar? Here's all we know about the 'flying palace'
Donald Trump is facing scrutiny for planning to accept a luxury Boeing jet from Qatar as a gift. This raises ethical and legal questions. The US Constitution prohibits gifts from foreign states. Trump claims the plane is a temporary gift for the Defence Department. Qatar downplays the reports. Democrats criticize the move as corruption.
Gensol founders Anmol Singh Jaggi and Puneet Singh Jaggi resign
Gensol Engineering's Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi have resigned, effective May 12, following a SEBI order. The regulatory action bars them from securities markets due to accusations of siphoning loan funds for personal use. This raises concerns about corporate governance within Gensol Engineering and their electric mobility venture, BluSmart Mobility.
Free unlimited airport lounge access, 1:1 Air India air miles conversion, and more on Kotak Mahindra Bank Solitaire credit card
Kotak Mahindra Bank introduces the Solitaire credit card. It offers unlimited domestic and international lounge access for both primary and add-on cardholders benefit. The card features zero forex mark-up and accelerated air miles. Airmiles can be converted to partner airline miles. Reward points from existing Kotak cards can be transferred. The card is free for Solitaire bank account holders.
Swiggy Q4: Losses double to Rs 1,081 crore despite 45% revenue growth
Swiggy Q4 Results: Swiggy's losses widened primarily due to aggressive spending on its quick commerce delivery business, Instamart, as competition from rivals Blinkit and Zepto intensified.
Coinbase quarterly profit falls as expenses climb, shares down
Coinbase reported a first-quarter profit drop due to a significant rise in operating expenses, which offset revenue growth in its transaction and subscription units. Increased marketing expenses and losses on crypto assets contributed to the surge in costs. Despite a rise in total revenue to $2.
Amazon India entities lease over 1 lakh sq ft office space in Mumbai’s Vikhroli
Amazon India's group companies are significantly expanding their Mumbai presence, leasing over 1.14 lakh sq. ft. in Vikhroli. The five-year lease, commencing January 2025, involves a combined monthly rent exceeding Rs 1.73 crore with a 5% annual escalation. This move signals Amazon's commitment to Mumbai's growing commercial hubs beyond traditional business districts.
Nexus Select Trust acquires Ludhiana mall, hotel for Rs 490 crore
Nexus Select Trust has acquired the MBD Complex in Ludhiana, comprising a mall and a hotel, for Rs 531 crore. This acquisition, financed by sustainability-linked bonds, strengthens Nexus's presence in a strong consumption-driven market. The property, acquired at a discount, is expected to boost net operating income and deliver value to unitholders.
Blockchain Shardeum opens network for all user at low transaction costs
Shardeum, a Layer 1 blockchain, has launched its Mainnet, targeting payments, remittances, and retail sectors. Aiming to foster blockchain innovation, Shardeum offers low, predictable fees and scalability, appealing to developers in emerging markets like India. The network attracted significant participation during its testnet phase, boasting over 1.4 million users and 171,000 validator nodes.
Congress asks FM to come clean on UBI's bulk order of Ex-CEA's book
The Congress party is demanding answers from Finance Minister Nirmala Sitharaman. This relates to Union Bank of India's purchase of Krishnamurthy V Subramanian's book. The opposition alleges a conflict of interest. They claim the deal is linked to Subramanian's support for government policies. Congress also questions the bank CEO's role.
NSE Q4 Results: Cons PAT rises 7% YoY to Rs 2,650 crore, revenue falls 18%
NSE reported a consolidated net profit of Rs 2,650.11 crore for Q4FY25, a 7% increase year-over-year, despite an 18% drop in revenue to Rs 3,771 crore. The board recommended a final dividend of Rs 35 per share, including a special dividend of Rs.11.46.
Subramanian's position as India's executive director at IMF terminated due to impropriety: Congress
The Congress party has accused the government of abruptly terminating KV Subramanian's position at the IMF due to alleged impropriety. They questioned a Union Bank of India order for two lakh copies of his book, claiming it was a waste of public money used to promote the government's agenda.
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