Khan Market costliest retail spot in India
Khan Market is the most expensive retail space followed by Connaught Place and DLF Galleria in NCR
the date of transfer of LTCA or within two years from the date of transfer of LTCA. the entire net sale consideration for the purpose of purchase/construction of new house within the due date for filing the tax return, then the unutilised amount has to be deposited in a separate account with any authorised bank under the Capital Gains Account Scheme (CGAS) to avail the deduction. This deposit has to be made within the due date for filing the return of income of the year in which capital gains have accrued. Funds can be withdrawn from CGAS account only for purchase or construction of house.
Further, no loan facility is allowed on the CGAS account. If the tax payer is unable to utilise the deposited sum wholly or partly within the specified two or three years period, then the deduction availed earlier would be chargeable to tax. It is also important to note that interest earned on CGAS deposit is taxable.
Quantum of deduction available
Net sale consideration (ie full value sale consideration minus indexed cost of acquisition minus expenses on transfer), if fully utilised for purchase/construction of new asset, entire capital gains would be exempt. However, if the same is partly used, only the proportionate capital gains would be taxed, ie deduction would be available in the same ratio that the amount reinvested bears to the net sale consideration.
Caution: Reversal of deduction
Deduction claimed earlier would be revoked and brought under tax net:
If another residential property is purchased within one year or constructed within three years from the date of transfer of the LTCA, or Where the new house, in which the sale consideration is reinvested, is transferred within three years from the date of purchase/construction.
So, saving gains from the tax choppers is our own responsibility and to make prudent investment in the property within specified timeframe is one’s sense of duty to avoid big bucks blows. As investing in house property is one of the best investment options, tax l aw is encouraging tax payers to reinvest their sale proceeds in residential property and aid them build up their wealth wallet. It’s time to avail the tax sops and make the address of your next house lucky.
Khan Market has solidified its global ranking by two places to the world’s 24th most expensive retail location globally, according to Cushman & Wakefield annual report Main Streets Across the World. The top spot has been retained by New York’s Upper 5th Avenue followed by Hong Kong’s Causeway Bay on second spot and Avenue de Champs Elysess in Paris completing the top three.
Khan market, which is the most expensive retail location in India, witnessed no change in the rental values. The micro market has been on the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile. Within the APAC region, Khan Market was the 10th most expensive retail location.
Within the Indian markets, New Delhi and NCR accounted for the top four most expensive locations with Connaught Place being second, DLF Galleria in Gurgaon being third and South Extension in New Delhi being fourth most expensive. All these three markets recorded a yearon-year growth due to a steady increase in retail activities in these locations.
Entry of new brands in the market and expansion of existing brands have contributed to the growth in rental values of these locations giving them a fillip. These are established markets with long standing interest from occupiers as well as consumers on account of tenant mix, accessibility and legacy.
Contrary to the New DelhiNCR story of growth, established Mumbai retail locations of Linking Road and Colaba Causeway, did not see a very bright year. Kolkata’s Park Street and Camac Street made to the top ten of the Indian ranks despite recording no changes in rental values on account of robust retailer interest in the market and a regular inflow of brands to the location.