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Petrol, Diesel Price Today, 1 Oct 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow:The price of petrol and diesel has been kept steady on 1 October 2022 (Saturday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

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Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

My father got Rs 1 crore after Govt acquired our land. Will I have to pay tax if he buys a flat in my name?

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Rupesh Goel’s father received approximately Rs 1 crore after the acquisition of his inherited farmland by the Government. In an email sent to FE Money recently, Rupesh shared that his father wants to buy a flat in his name with the money received from the Government. All the transactions for the purchase of the property will happen from his father’s bank account. Rupesh asked whether he would have to face any taxation on the purchase of the flat. Also, is there any way in which he can avoid such a tax?

Shruti K.P, Partner, IndusLaw has answered Rupesh’s queries:

In the instant case, since the farmland is compulsorily acquired, note that as per Section 2(14) specified agricultural land (rural agricultural land) is outside the purview of the definition of capital asset and hence, if the farmland qualifies as a rural agricultural land, no capital gains tax may arise on receipt of such compensation by your father.

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Further, even if the farmland does not qualify as a rural agricultural and falls under the purview of urban agricultural land, the compensation may still be exempt in the hands of your father under Section 10(37), subject to the fulfilment of certain conditions.

Further, even if your father purchases a flat in your name, there will be no tax implications in your hands as capital gains do not arise on receipt of a gift, and the gift is also exempt from capital gains tax for your father. In addition, under Section 56(2)(x), no tax implications should arise for you since the flat is a gift from your father.

Have any home loan, property, income tax or other personal finance-related queries? Write to [email protected]. We will get relevant queries answered by personal finance experts.

Disclaimer: Views and suggestions mentioned above are those of the respective experts/commentators. They do not reflect the views of financialexpress.com.

Rupee likely to remain steady amid positive cues; USDINR pair may trade sideways in this range

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The Indian rupee is expected to trade strady today amid rise in risk tolerance in equity markets. The rupee has depreciated around 9.30 per cent since 3 January. Analysts expect RBI intervention to increase if USDINR moves above 82 levels. In the previous session, rupee fell against the US dollar as heavy selling pressure in the domestic equities and a spike in crude oil prices weighed on the local unit. Besides, a stronger American currency against key rivals and persistent foreign fund outflows put more pressure on the domestic currency, according to forex dealers. At the interbank foreign exchange market, rupee opened weak at 81.65, fell further to finally end at 81.89, down 49 paise over its previous close.

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“Indian rupee depreciated by 0.51% on Monday on weak domestic markets and surge in crude oil prices. Disappointing macroeconomic data also weighed on Rupee. India’s Manufacturing PMI slipped to 55.1 in September, trailing estimates of 55.80 and previous month’s reading of 56.2. However, a soft US Dollar cushioned the downside. We expect Rupee to trade with a negative bias on risk aversion in global markets amid concerns over financial health of Credit Suisse. Concerns over global economic slowdown may also put downside pressure on Rupee. However, any measures by RBI may prevent sharp fall in Rupee. Rupee may also take cues from India’s trade deficit and US ISM manufacturing PMI data. USDINR spot price is expected to trade in a range of Rs 80.50 to Rs 83 in next couple of sessions.”

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities

“USDINR spot closed 53 paise higher 81.87, whisker away from the closing all time high of 81.94. Strong demand for dollars from large corporates and FPIs kept the pressure on the currency. Over this week, major trigger remains US ISM surveys and jobs data. We could see RBI intervention increase, if USDINR move above 82 levels. An overall range of 81.50 and 82.30 remains in focus.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee came under pressure marginally in the first half of the session and volatility remained high after mediareports of the U-turn to its highest level since Sept. 22, the day before British Finance Minister roiled markets with a new “growth plan” to cut taxes and regulation, funded by vast government borrowing. British finance minister said he would publish details “shortly” on how he planned to bring down public debt as a share of economic output over the medium term.”

“On the other hand, crude rose after that the OPEC+ group of oil producers is discussing potential output cuts of more than 1 million barrels per day also weighed on the currency, given Europe’s precarious energy situation. Dollar weakened after data released from the US showed manufacturing activity increased at its slowest pace in nearly 2-1/2 years in September as new orders contracted. Today, focus will be on the factory order number that will be released from the US; better-than-expected data could extend gains for the dollar. We expect the USDINR(Spot) to trade sideways and quote in the range of 81.20 and 81.80.”

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Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors

“Indian rupee to open at 81.57 as Dow rises 700 points and SGX nifty is higher by 225 points. The dollar index was at 111.80 as Asian currencies rises slightly against the dollar. Oil prices rose to $ 89.22 on account of risk on sentiments as OPEC meeting tomorrow to cut production keeps oil well bid. RBI was yesterday present at 81.90 and above protecting the rupee from further depreciation. Rupee to remain in a range of 81.30 to 82.00. Importers are to buy the dips and exporters are to sell only above 81.85 levels.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)