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Ekta Kapoor sells plot in Pune to family-owned firms

Directors of one of the firms that took possession of the land are the soap opera queen’s brother Tushar Kapoor and father Jeetendra. A stamp duty of Rs 80 lakh has been paid on the transaction.

Ekta Ravi Kapoor, India’s soap opera queen, and her mother Shobha Ravi Kapoor have sold a plot of land in Pune to family-owned companies Tusshar Infradevelopers and Pantheon Buildcon for Rs 20 crore, documents accessed by Zapkey.com showed.

The directors of the firm Tusshar Infradevelopers are Ekta Kapoor’s brother Tushar Kapoor and her father Jeetendra while the directors of Pantheon Buildcon Pvt Ltd include Jitendra and Ekta Kapoor, the documents showed.

The plot spans 0.499 hectare and is located in village Kiwali at Haveli district in Pune within the limits of Pimpri Chinchwad Municipal Corporation, the documents showed.

The agreement was signed on March 31, 2021, the last date to avail the stamp duty benefit by Maharashtra government. The documents were registered on August 2, 2021. A stamp duty of Rs 80 lakh has been paid on the transaction, according to the documents.

A response from Ekta Kapoor's office is awaited.

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Ekta Kapoor is a television serials producer and is the joint managing director and creative head of Balaji Telefilms Limited. Her mother Shobha Kapoor is the Managing Director of Balaji Telefilms Limited.

In July, actor Jeetendra (Ravi Amarnath Kapoor) rented out his 45th floor apartment for Rs 3.5 lakh per month for a period of 12 months, rent agreement documents shared by Zapkey.com showed.

Individuals buy or transfer real estate assets in a corporate entity’s name due to various reasons. Limited companies have a significantly lower tax rate than individuals who pay income tax. Creditors also do not have access to your personal assets that way. These entities can also have access to better loan amounts when looking to grow their businesses, according to experts.

Several businessmen are transferring real estate assets to corporate entities they control with an eye on tax efficiency. It is more tax-efficient to purchase an investment property through a limited company. How does that work?

When you own a property in your personal name, you need to pay tax on any profit you receive from that property, even if you intend to use the profits to reinvest in more property. With a limited company, all the profits can be kept in the company and used to reinvest.

Also, in the event a company that owns a property wants to sell it, there is an option to sell shares of the property rather than the property itself. So, if one is selling the company itself, one does not have to pay stamp duty for the property, which is part of the company.

According to Sunil Tyagi of Zeus Law, often family owned businesses or companies float a special purpose vehicle (SPV) to purchase real estate properties. In the event a property held by the SPV is sold, the company may not have to pay stamp duty on the transaction as it would entail only a transfer of shares from one owner to the other and saves stamp duty on transfer of property.

Earlier this month entrepreneur and venture capitalist Kunal Shah, the founder of fintech platform CRED, transferred his flat at Worli in Mumbai to his own company Grey House Construction for around Rs 52 crore.
Vandana Ramnani
first published: Aug 31, 2021 03:36 pm
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