As presented in the recent budget session by the State Finance Minister of the Tamil Nadu Government, Palanivel Thyagarajan, the reduction of registration fees for property sales deeds will come into effect from tomorrow (Saturday, 1st April).
Reduction in Registration Fees
During the budget presentation, the Tamil Nadu State Government Finance Minister Palanivel Thyagarajan announced the reduction of the registration fee for property sales deeds to lessen the burden on citizens buying real estate properties. As a result, economically medium and backward communities buying real estate will benefit to a certain extent.
Insurance Cover Tax
Starting tomorrow (Saturday, 1st April), benefits derived from life insurance policies with premiums above Rs. 5 Lakhs will attract tax.
However, note that ULIP insurance policies will attract no tax.
Electronic Gold Receipt
Note that there will be no capital gains tax for converting electronic gold receipts into gold or converting gold into electronic gold receipts.
Modified Income Tax Filing Return
Today (31st March) is the last day for incorporating corrections in the Income Tax returns filed for the Financial Year 2019-20.
After this, corrected returns cannot be filed.