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Sagar Mishra
I have been learning about Binary Options for quite some time now. I trade on a demo account. In India Binary Options are unregulated, so their legality is questionable, not saying that they are illegal. I want to trade on a real account in a legal way. A lawyer suggested to loan some money to a NRI friend (there Binary Options are legal), which he will transfer to binary options. My query is what is the highest rate of interest that can we can charge while granting loan to a NRI friend. Please provide all details. Is there any other way we can go about Binary options in a legal way?
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There is no such law which talks about highest rate of interest for loan
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Shrikant Ghike
Am I eligible to claim deduction under section 24b of Income Tax on the interest on top up loan used for renovation and reconstruction of my flat?
Under 24B you can claim interest payable on loan,(Accrued or paid whichever is higher)
With respect to principal repayment you can claim deduction under 80C of Income tax act on payment basis and not on accrual basis.
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Abhishek Alex
I am retiring from a partnership(food business). I wanted to know if the foloowing are enough:
1.Amended deed of partnership showing im a retiring partner.
2. FORM NO. V (See Rule4) - The Indian Partnership Act,1932
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Bk Deshmukh
Greetings !!
We are coming up with a new company .. One of the cofounder wants shares which cannot be reduced .. eg he will be allocated 5% shares .. he does not want the percentage to be reduced if there is a venture investment in the compnay or the company goes for IPO .. is that possible and if yes how that can be done ??
If you give the co-founder 5% whatever you are giving to others will be from the balance 95% how is his share going to be reduced ?
Please try to reframe the question and take an example so that i can understand better !
Thanks for the reply .. His concern is that if there a venture investment then his share percentage will be reduced .. He cited flipkarts example where both the founders were 50% partners but now are around 7% partners ... rest is with the venture capitalists and employees etc ... he wants a caluse in his appointment letter for the same ... as such we want to know if it can be done and how ??
CA Akash Agarwal 11 Oct 2017You have to put this in the appointment letter that in no case the share dilution will happen for him, So for eg: He has been given 5% stake, In furture whenever the stake dilution happens you have to make sure you dilute from the balance 95% and keep his 5% intact.
There is no law governing this principle, it is agreement between co-founders that for one of them the shares will not be diluted, Thats it !
To make it more clear, when there is a venture investment the co founders decide whose stake will be diluted and in what percentage
BKDeshmukh 11 Oct 2017Thanx .. I think it would be fair enough if we put it up as ... allocated 5% non diluting shares " ..
BKDeshmukh 11 Oct 2017Are you from Mumbai ??
CA Yash Jain 4 Nov 2017to analyse your problem in more simple way,
Let's say there are 100 shares out of which 5 shares are given to the co-founder, now when ever venture investment happens, offer them out of remaining 95. in that way neither his share will get reduced and you can offer plenty for venture investor.
I hope it was clarified
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Sud M
Can an NRI maintain an regular savings account while having NRO/NRE account in another bank?
No, If you are an NRI you cannot maintain a regular savings account in India irrrespective of you holding an NRO A/c in any other bank. If you already hold a savings account, you have to get that account converted to a NRO account as soon as you beome an NRI.
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