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Gems to shine with Budget sops
Indian wins 100 kg gold at Dubai festival
Mittal to get
£ 139 m dividend
Steel beats other sectors in Q3
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Ferrari, Fiat, Perfetti to explore business in India
Market may test earlier highs
Tax
advice
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Gems to shine with Budget sops
New Delhi, February 13 Considering the performance of the sector, the government has already hiked the target for gems and jewellery exports in 2004-05 to $15 billion from the earlier $13.3 billion. It has asked the exporters to tap new markets and make efforts to acquire stake in mines abroad. Union Commerce and Industry Minister Kamal Nath has also supported the industry's demand for required policy initiatives in the coming Budget to boost exports. According to Mr Bakul Mehta, Chairman, Gems and Jewellery Export Promotion Council (GJEPC), the sector is hoping that the government would announce creation of a presumptive tax for exporters instead of income tax, as in the case of other diamond trading centres, and introduce changes in the transfer pricing regulations in the Union Budget 2005-06. After Jaipur in Rajasthan in North India, Haryana is also promoting Gurgaon to develop as a major hub for gems and jewellery exporters. The industry, which employs over 20 lakh skilled workers across the country, has called upon the government to announce steps for the promotion of the forward and backward linkages. The industry experts say that since the early 90s, the Indian jewellery export sector has averaged a growth of over 30 per cent, which has made the country fastest growing jewellery exporter in the world. Industry is expecting that annual exports of gems and jewellery would increase to $ 20 billion in next three years. At present, India's market share in jewellery sector is about four per cent of the world market and there is scope for increasing exports in this segment. The performance of the industry has also been affected by the fall in gold supply and shortage of rough diamonds. Consequently, the government has asked the Metals and Minerals Trading Corporation (MMTC) and the State Trading Corporation (STC) to thrash out a solution.
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Indian wins 100 kg gold at Dubai festival
Dubai, February 13 “I don’t know the value in rupees, but I know 100 kg is a lot of gold,” said Shakiba Asif, when told that she had won the prize. The family had got a coupon for Dh.250 (about Rs 3,000 rupees) that won the grand prize. The 10th Dubai Shopping Festival, which ended on Saturday, has proved to be lucky for the Asif family from Malapuram in Kerala, though Shakiba said she did not know the number of zeroes in the total value of the gold she had won. But what Shakiba, a fourth standard student at a school here who nurses the hope of becoming a doctor, was sure that she wanted to buy “a lot of new dresses”. And what is a lot? “Two”, she said promptly. “Also, I want to give sweets to my schoolmates.”
— IANS
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Mittal to get
£ 139 m dividend
London, February 13 The payment, one of the biggest-ever dividends paid to an individual or family shareholder, is disclosed in the papers released by Mittal Steel, the world’s largest steel producer. According to Mittal Steel’s account, the group plans to pay a dividend of 40 cents per share. Mittal and his family own 97 per cent of the shares in Mittal Steel, giving them about £ 139 million. The latest share price of $ 38.4 puts a value on Mittal Steel of more than $ 25 billion. The huge planned dividend strengthens Mittal’s position at the top of the UK’s league of the super rich above tycoons such as the Russian oil baron Roman Abramovich, owner of the Chelsea Football Club.
— PTI
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Steel beats other sectors in Q3
New Delhi, February 13 The steel sector bagged the second spot in terms of sales with a growth of 39 per cent. Releasing the Assocham Eco Pulse (AEP) Survey on Q3 results, Assocham President, Mr. Mahendra K. Sanghi said, “the information technology sector grabbed the top slot in terms of revenue, growing by 49 per cent but was way behind the steel sector in terms of bottomline. However, the performance of the IT firms was impressive enough with 44 per cent growth in net profit. On the scale of bottomline, the IT firms occupied the fifth position.” Buoyed by a sharp recovery in the hotel industry and an impressive increase in the number of tourists, touching three million, the hotels were ranked the second best in terms of net profit showing an increase of 110 per cent. With improvement in margins, the cement companies also came out with impressive December quarter results showing a net profit growth of 81 per cent. The Power sector emerged as the fourth rank-holder showing an excellent improvement of 59 per cent in net profit. However, it showed an improvement of only two per cent in income from operations. Banking sector showed mixed performance. Telecom and pharmaceuticals were the only two sectors which showed negative growth in profitability.
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Ferrari, Fiat, Perfetti to explore business in India
New Delhi, February 13 A 200-strong business delegation will be led by Italian Minister for Productive Activities Antonio Marzano and includes Italian banking association ABI’s President Maurizio Sella, Ferrari-Maserati Group CEO Luca Cordero di Montezemolo, Fiat Group Vice President John Elkann, Banca Sella CEO Pietro Sella and Perfetti Van Mille Group Vice President Giuseppe Castelli. Italian President Carlo Azeglio Ciampi arrived yesterday on a five-day visit to India during which the two countries will sign agreements in different sectors. Ferrari and Maserati cars are reportedly set to be launched in India and an agreement in this regard is likely to be announced soon. “Italian companies are keen to invest in India’s ports, roads and power sectors besides automotives, technology, tourism and
education.— UNI
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by S.C. Vasudeva Gift of money to parents
Q.
My query on taxation matter is given below:
(1) (a) Can children gift ‘money’ to their parents? What procedure is required to be followed for making a gift of money to parents? (b) What would be the tax liability of the donee parents, if they are already taxpayers? (2) (a) Can parents make a gift of ‘immovable property’ to their children? (b) What is the procedure required to be followed and what would be the tax liability of the children if they are already taxpayers? — Kanwar Pratap Singh A. The answer to your queries is as under: 1. Children who have attained the age of majority can gift money to their parents. 2. The procedure to be followed is a mere exchange of letter between the donor and the donee with regard to the giving of gift by the donor and acceptance of gift by the
donee. 3. The amount of gift is not taxable in the hands of the parents. 4. Yes, parents can make a gift of ‘immovable property’ to their children. 5. A gift deed on stamp paper of appropriate value will have to be made out and the said deed would have to be registered with the Sub-Registrar. The immovable property so gifted would not be taxable in the hands of the children. Plot sold
Q. I have sold a plot of land for Rs 16 lakh during the year ending March, 2005. I acquired the said plot in 1990 for Rs. 1,94,768. Please advise me on the following points: 1. Can I deposit Rs 16 lakh in my savings bank account being operated jointly with my wife? 2. How much will be the capital gains and method of its calculation? 3. If I do not invest in certain bonds, how much tax I shall have to pay during the financial year 2005-06? — A.S. Chauhan, Panchkula A.
The answer to your queries is as under: 1. Yes, you can deposit the amount of 16 lakh in your saving bank account which is jointly operated by you and your wife (provided the first name is yours). 2. The computation of capital gains is as under. It is assured that the year 1990 mentioned by you is the period
1990-91.
3.The tax payable is computed on the assumption that you are below 65 years of age and have other income in excess of Rs 50,000.
Medical allowance
Q. Is medical allowance received taxable in the hands of the recipient? — Har Krishan A. From your query it seems that you are entitled to a fixed medical allowance per month from your employer and I am proceeding to answer your question based on the above presumption. Fixed medical allowance received per month is taxable in the hands of the employee.
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