November 7, 2024

The land of cultures, cuisines, & captivating sceneries- West Bengal is a State like no other. Needless to say, inheriting a property in a prime State like this will include a lot of paperwork involving the legal transfer of property ownership.  While buying a property or inheriting one as a gift can be a thrilling experience, there is one crucial step that often gets overlooked. The process of legal title transfer, also known as property mutation, plays a key role in determining the property’s true owner. But what is the process for mutation, and can this process be the key to avoiding ownership conflicts Why is property mutation important? Property mutation is a crucial process that every property owner should be aware of. It involves the transfer of ownership from one person to another, and it is essential for several reasons, such as- Legal ownership:Property mutation establishes legal ownership of the property. It ensures that the property is registered under the correct owner’s name, providing a clear title. Tax assessment:Property mutation is necessary for accurate tax assessment. The local municipal corporation uses the mutation records to determine the property’s value and calculate property taxes accordingly. Property transactions:When buying or selling a property, mutation records play a vital role. Prospective buyers can verify the property’s ownership and ensure that there are no legal encumbrances or pending dues before making the purchase. Inheritance:Property mutation is crucial in cases of inheritance. It allows the legal heirs to transfer the property’s ownership and update the records accordingly, ensuring a smooth transition of assets. Property development:For property development projects, mutation records are necessary to obtain permits and approvals from the local authorities. It helps in establishing the ownership and legality of the property. What are the documents required for property mutation in West Bengal The following documents are required for property mutation- Application formFill out the application form for property mutation, which can be obtained from the local municipal corporation or online portal. Proof of ownershipProvide the original and photocopies of the property documents, such as sale deed, gift deed, or will, to establish your ownership. Encumbrance certificateObtain an encumbrance certificate from the Sub-Registrar’s Office to verify that the property is free from any legal dues or liabilities. Property tax receiptsSubmit the latest property tax receipts to show that all taxes have been paid up to date. Identity proofProvide your identity proof, such as Aadhaar card, PAN card, or voter ID card, to establish your identity as the property owner. Address proofSubmit address proof documents, like electricity bill, water bill, or ration card, to verify your residential address. NOC from housing societyIf the property is located in a housing society, obtain a No Objection Certificate (NOC) from the society stating that they have no objection to the mutation. Who are eligible to opt for property mutation in West Bengal? Eligibility Criteria for Property Mutation Property Owners Only registered owners of the property can apply for mutation. Successors If the original property owner has passed away, the legal heirs or successors can apply for mutation. Buyers If a property has been re-sold, the buyer can apply for mutation after completing the necessary legal formalities. Gifted Property If the property has been gifted, the recipient of the gift can apply for mutation What are the charges for property mutation in West Bengal? Subject Mutation Fee Conditions Applicable Transfer by sale/gift Rs 25 If the property value is less than Rs 10,000 Transfer by inheritance Rs 10, Rs 20, Rs 50, Rs 100 If the annual holding exceeds Rs 200, Rs 500, Rs 1,000, and Rs 5,000 respectively Transfer by Partition Deed 0.10% Mutation fee is charged based on the overall market value of the property How to apply for property mutation in West Bengal? Visit the official Banglar Bhumi website at banglarbhumi.gov.in Select the Citizen Services from the top-right section of the website and select Online Application. Next choose Mutation Application from the drop-down menu. The page will ask you to log in. Click on Sign up and fill out the public registration pop-up form. Next, log in again and fill in your details on the Applicant Description and go to Particulars of Transferrer to add the details of the seller or gift giver. Upload the necessary documents, such as the sale deed, proof of payment of property tax, and identity proof. Now, click on the Online Application menu again and select Fees Payment. Verify the payment status and submit the application. Don’t forget to keep a copy of the payment acknowledgement receipt. FAQs Why is land mutation important? Land mutation is important because: It provides proof of ownership. It enables the owner to pay land taxes. It is essential for property transactions, as it reflects the updated ownership status in official land records. Who can apply for land mutation in West Bengal? Any individual who has acquired property through purchase, inheritance, gift, or any other transfer method can apply for land mutation in West Bengal.

Every LLP is formed to carry on a specific business activity with a motive to earn profit. At the time of incorporation of an LLP, partners have to provide the main object of an LLP. Such object must be mentioned in brief in the LLP agreement. An LLP cannot carry on any business activities which are not mentioned in the agreement.   There is no specific provision in the LLP act regarding alteration of objects of LLP. In the rules, if any changes in the LLP agreement, a copy of changed LLP agreement and particulars of change shall me filed with Registrar. The only provision regarding LLP activity is section 11(2) (c) which is in fact matters covered in the LLP incorporation document. Usually, LLP agreement contain a clause regarding LLP activity and procedures to be followed for changing the activity. Based on the partners understanding, LLP agreement set out  procedures to be followed for altering LLP agreement. After completing the procedures set out in LLP, LLP shall file a copy of revised LLP agreement with respective Registrar of Companies. What do you mean by Object Change? The objects of an Object Change of LLP: Complete Overview LLP define the scope and purpose of its operations. These objects are outlined in the LLP Agreement, which is a crucial document that outlines the rights, duties, and responsibilities of partners, as well as the internal functioning of the LLP. Over time, business dynamics, market conditions, and strategic goals may evolve, necessitating a change in the objects of the LLP. An object change involves altering the activities that the LLP is authorized to undertake as per its initial LLP Agreement. This change can be significant, such as diversifying into new business sectors, or relatively minor, such as modifying the scope of existing activities Why business activities of an LLP require changes? If the partners want to change the business completely.  In case of partners want to add a new product line in an LLP. Kindly note an LLP can carry on only similar business activities. Hence, if the new product line is not related to an existing business then a new LLP has to be incorporated.  If an LLP take over a firm which is carrying on different business activities.  In case the government authorities orders as a result of change in prevailing law.  Whenever such business activity is prohibited under any law. How to Change the Object Clause of LLP? Board Resolution: The process begins with a board resolution. The partners of the LLP should convene a meeting to pass a resolution proposing the object change. This resolution should detail the reasons behind the proposed change, the new activities to be added, and the modifications required in the LLP Agreement. Amendment of LLP Agreement: After passing the board resolution, an amendment to the LLP Agreement is necessary. This amendment should clearly outline the revised objects of the LLP. Partners should review and approve the changes before proceeding. Consent of Partners: All partners of the LLP should provide their written consent to the proposed object change. This ensures that all partners are in agreement with the modifications and understand their implications. Filing with the Registrar: The LLP must file Form 3 with the Registrar of Companies (RoC) within 30 days from the date of passing the board resolution. This form includes the details of the object change, along with the revised LLP Agreement as an attachment. RoC Approval: The RoC examines the filed documents and, if satisfied, approves the object change. The RoC will then issue a Certificate of Incorporation with the updated objects. Implications of Object Change Legal Standing: Once the object change is approved, the LLP can engage in the new activities outlined in the revised LLP Agreement without any legal hurdles. Third-Party Agreements: The LLP must review and amend any existing contracts, agreements, or licenses that were based on its previous objects. This ensures that the LLP remains compliant and doesn’t breach any contractual obligations. Tax and Regulatory Compliance: The LLP should evaluate if the new activities result in changes to its tax liabilities or regulatory obligations. Registration with relevant regulatory authorities might be necessary for certain sectors. Liability and Risk: While LLPs offer limited liability protection, partners should be aware that the new activities might introduce different risks. A comprehensive risk assessment should be conducted before finalizing the object change. FAQs What is meant by an Object Change in LLP? An Object Change in an LLP refers to altering the purpose or business activities for which the LLP was originally formed. This change requires an amendment to the LLP agreement and must be communicated to the Registrar of Companies (RoC) for updating the records. Why would an LLP change its object? Expansion of business activities: If the business wants to enter new sectors or start new services. Diversification: When the LLP wishes to diversify into a different industry or area. Rebranding or restructuring: To align with the LLP’s long-term strategy or goals.

nvestments in Mutual Funds can be broadly classified into two types- lumpsum and SIP. A lumpsum investment is when the depositor invests a significant sum of money on a particular mutual fund scheme. SIP or Systematic Investment Plan, on the other hand, entails the investment of smaller amounts on a monthly basis. Both these type of mutual fund investment strategies have their fair share of benefits. Lumpsum investments are particularly preferred by a majority of investors, as there are lesser variables involved and returns are generally on the higher side What is a Lump Sum Investment Plan? Lumpsum investment plan is an investment method in which you make a one-time investment in a scheme of your choice. This typically involves a relatively large amount and you can use this technique of investing when you have a large corpus of cash available, such as after receiving your annual bonus or after a fixed deposit has matured. In the case of lumpsum investments in market-linked products, it is important to be mindful of prevailing market conditions. While timing your lumpsum investment correctly can lead to significant gains, investing at the wrong time can potentially result in losses. How can a Lump sum Calculator Help You? Mutual fund investors can use this calculator to figure out the estimated returns on their investments. Before getting into the benefits of using this calculator, one must know the types of return for a lumpsum investment. Absolute return Total return Annualised return Point to point return Trailing return Rolling return Formula to Calculate MF returns All lumpsum calculator mutual fund uses a specific method to compute the estimated return on investment. It is essentially a compound interest formula with one of the variables being the number of times the interest is compounded in a year. The formula is as follows: A = P (1 + r/n) ^ nt The variables are mentioned in the table below. A Estimated return P Present value r Rate of return t Duration of investment n Number of compounded interests in a year You can use this formula to compute your mutual funds returns accurately. For example, imagine investing Rs. 15 Lakh in a fund with a 12% return for 5-year period compounding every 6 months. The estimated return in this scenario will be- A = Rs. 15, 00,000 (1 + 12%) ^ 5 As you can surmise, it’s a complex equation which may be out of grasp for a majority of investors. A lumpsum MF calculator will calculate it instantly. In this case, your estimated return at the end of a 5-year period shall be Rs. 26, 43, 513. FAQs What is a lumpsum investment? A lumpsum investment involves investing a large amount of money into an asset or financial instrument at one time. This is contrasted with systematic investment plans (SIPs), where you invest smaller amounts regularly over time. How does a lumpsum investment plan work? In a lumpsum investment plan, you invest a significant sum of money upfront in mutual funds, stocks, or other investment vehicles. Your returns depend on the performance of the asset over time. For mutual funds, the number of units you purchase is based on the market price (NAV) at the time of investment.

Scoops Ice Cream is a popular ice cream chain that offers a variety of ice cream flavors, sundaes, shakes, and other frozen desserts. The brand is known for its unique flavors, high-quality ingredients, and a wide range of options that cater to different tastes and dietary preferences.Ice-cream is known to be a seasonal product with tremendous demand in the summer season, but in recent years, consumption of ice-cream and other frozen desserts in winters has been on the rise. In India, Scoops ice cream was introduced in the year 1989 by Haridwar group and is one of the fastest growing brands ice creams in the market. Scoops Ice Cream Franchise Services Provide a detailed operating manual for the franchise. Extensive and intensive training at Headquarters will be given for effective sales and marketing. Assists in all aspects of operating the franchise. On-going support will be available even after franchise startup. Guidance for selection of sites/location from experienced officials. Regular updates on the latest technological improvements and new flavors. What are the Requirements? Initial Investment: This includes the franchise fee (the upfront payment for the brand license), store setup costs, and equipment. Costs can vary depending on the location and store size. Royalty Fees: Franchisees usually pay an ongoing royalty fee, which is a percentage of the revenue. This fee helps cover the continued use of the brand and support from the franchisor. Marketing Fees: Franchisees might contribute to a national or regional marketing fund to promote the brand across all stores. Location and Setup: Scoops Ice Cream franchises need a location that aligns with the brand’s image, ideally in a high-traffic area like a mall or shopping center. Financial and Area Specifications An interested applicant is required to invest an amount of Rs.1 Lakh to Rs. 10 Lakhs as per the area specifications. The outlets are set-up with square feet ranging between 150-1000 square feet; and is located in potential areas such as Multiplex, educational institutions, Modern Trade or Malls, transport stations, Parlour on wheels, municipal transport gardens, etc. Proprietary Products The produced traded in such outlets are fully loaded with the Ice creams like Candies, Novelties, Scooping Gallons, Bars, Cups, Ice cream Cakes, Family Packs etc. Training Training for seven days will be given to the eligible applicant covering all aspects of conducting a franchise, will be held at the head office at Hyderabad or in any other desired location. Term of Agreement The Franchisee needs to sign an MOU which contains the written statement about the company terms and condition will sign a franchise agreement with selected franchise owner for five years initially. The agreement is however renewable if both the parties agree. Process for Applying Scoops Franchise Online Please visit the official website of Scoops Ice cream. Select the “Scoop Franchise” option from the menu bar on the home page of the portal. Click on ” Franchise Application form” to apply for Scoops franchise. The applicant has to fill the application form with the required details and click on the”Submit” button for successful registration. FAQs What is the Scoops Ice Cream Franchise? Scoops Ice Cream is a popular ice cream brand offering a variety of flavors, desserts, and beverages. The Scoops Ice Cream Franchise allows entrepreneurs to open their own Scoops outlet under the brand name, following its business model, and selling its products. What are the benefits of opening a Scoops Ice Cream Franchise? Brand Recognition: Benefit from the established brand presence and customer loyalty. Proven Business Model: The franchise provides a ready-to-implement business model with a clear operational structure. Support: You receive support in areas such as training, marketing, and supply chain management. Product Range: Access to a variety of ice cream products and innovative offerings. Ongoing Marketing Support: Franchisees receive marketing materials and promotiona

Section 80EE is a tax benefit provided under the Income Tax Act, which allows deductions of up to Rs. 50,000 annually on the interest paid to buy your first home. The Section was introduced earlier for FY 2013-14 and FY 2014-2015 with overall deductions of up to Rs. 1 lakh.  In FY 2016-17, Section 80EE was reintroduced with the following modifications: Rs. 50,000 annual tax deductions Until the loan is repaid completely What is Section 80EE of the Income Tax Act? Section 80EE offers tax relief to taxpayers who have taken out a home loan. It allows home buyers to take income tax benefits on the interest they need to pay on a home loan. As per this section, a deduction of up to Rs. 50,000 per financial year can be claimed. This deduction can be claimed only if the taxpayer opts for the old tax regime. *The home loan must be sanctioned between 1st April, 2016, and 31st March, 2017. What are the features of Section 80EE deduction? Section 80EE allows Income Tax Benefits on Home Loan to first-time buyers in the following events:- This deduction will be provided only if the cost of the property acquired is not more than Rs. 50 Lakhs, and the amount of the loan taken is up to Rs. 35 Lakhs. The loan should be sanctioned between 1st April 2016 and 31st March 2022 The advantage of this deduction would be possible until the loan payment continues. This deduction would be accessible from the financial year 2016-17 and onwards. Particulars Quantum of Deduction (Rs.) Self-Occupied Property Non-Self Occupied Property Section 24 (interest) 2,00,000 No Limit Section 80C (principal) 1,50,000 1,50,000 Section 80EE (interest) 50,000 50,000 The earlier tax deductions are per person and not per home. So in case a taxpayer has acquired a property collectively and has taken a joint home loan, each person repaying the loan amount would be qualified to claim the deduction individually. For declaring the above tax deduction, a taxpayer would be expected to furnish the declaration provided by the bank clearly showing the amount owed and paid towards interest and principal. Eligibility for claiming a deduction under section 80EE Individual taxpayers can claim benefits under this section either individually or jointly. If a person has purchased a property contemporaneously with his or her mate and they are both giving the payments of the loan, then both of them can claim this deduction.The tax benefit is not available to Association of Persons (AOP), Hindu Undivided Families (HUF), Companies, Trusts, etc. Only first-time home buyers can claim tax benefits under Section 80EE i.e., the assessee does not own any residential house property on the date of sanction of loan. To claim this deduction, the person must have received the loan from a financial institution or a housing finance company. Section 80EE tax benefit is available on a per-person basis and not on the basis of per property. The maximum deduction of Rs 50,000 can be claimed under this section. This tax deduction is over and above the limit of Rs. 2 lakh as per section 24(b). What are the conditions for claiming Section 80EE deductions to be met? The taxpayer should not own any residential house property on the date of loan sanction. The value of the house property should be up to Rs. 50 lakhs. The home loan taken should be up to Rs. 35 lakhs. Section 80EE provides a deduction only for the interest portion of a house loan. The house loan must be sanctioned by a Housing Finance organization or a financial institution. The tax benefit is not available for loans on commercial property for commercial businesses. For claiming deductions under this section, the loan must have been sanctioned between 01.04.16 to 31.03.2022 How to Claim House Loan Interest in ITR? Collect Loan Documents: Gather all the relevant documents related to your housing loan. This includes the loan agreement, interest certificate, and details of the principal and interest components paid during the financial year. Determine Tax Deductions: As a homeowner, you can claim tax deductions on the interest paid on your housing loan under Section 24(b) of the Income Tax Act. The maximum deduction allowed is up to Rs. 2 lakh per financial year for a self-occupied property. If the property is rented out, there is no maximum limit on the deduction, and you can claim the entire interest amount. Form 16 or Interest Certificate: If you are a salaried individual and have a home loan, your employer will provide Form 16, which contains details of the interest paid on the housing loan during the financial year. If you are not a salaried individual, your lender will issue an interest certificate reflecting the interest paid. Fill ITR Form: Use the appropriate ITR form based on your income sources and financial status. For most individuals with salary income and house loan interest, ITR-1 or ITR-2 is usually applicable. FAQs Who is eligible for 80EE? The Section 80EE deduction is available only to first-time homeowners. If two individuals co-own the home and both contribute to loan payments, they both qualify for the deduction. What is 80EE exemption? Section 80EE permits home loan tax benefits to individuals on the interest part of the residential house property loan taken from any financial institution. According to this section, one can claim a deduction of up to Rs 50,000 per financial year. You can claim this deduction until you have completely repaid your loan. Note that taxpayers can claim a deduction under 80EE only if they had a home loan that was sanctioned between 1 April 2016 to 31 March 2017.