BUSINESS
ELSS or NSC: which option saves more tax and offers better returns?
The suitability of an investment product depends on factors such as risk appetite, time horizon and near-term liquidity requirements
BUSINESS
When does NRI status apply to Indian crew working on a foreign ship?
Under the income tax laws, a person's income is taxed based on their residential status and the source country of the income
BUSINESS
Selling cumulative bonds before maturity: Is the gain taxed as LTCG or interest income?
Cumulative bonds carrying fixed coupon rate can be treated as capital asset. Any profit or loss made on sale of such bonds should logically be taxed under the head capital gains.
BUSINESS
Selling land bought 40 years ago? Here's how to prove the ownership without copy of agreement.
Since this is no longer an agricultural land, long-term capital gains tax apply, Here’s how
BUSINESS
Why senior citizens should register will for smooth succession of stocks
For uninterrupted succession of an assets to legal heirs or nominees, the original shareholder should make a valid will and get it registered
BUSINESS
Should you switch your home loan to a lender offering lower rates? What borrowers should know
When transferring the home loan, compute the amount that can be saved after calculating interest rate on the remainin balance for the remaining tenure.
BUSINESS
How married couples can save capital gains tax on a house sale under Section 54F
Long-term capital gains apply at a flat 12.50 percent, or at 20 percent on indexed gains.
BUSINESS
How to distribute proceeds from sale of property built or purchased by forefathers?
Property inherited before June 17, 1956, qualifies as ancestral. Inheritances after that date are treated as personal property under the Hindu Succession Act, 1956.
BUSINESS
Can someone who has lived abroad for more than 182 days in a fiscal file ITR-1?
If you stay outside India for more than 182 days, you can't use ITR Form 1. It is not a question of being a resident or a non-resident
BUSINESS
Will investing ancestral house sale proceeds in bonds and property save capital gains?
The holding period to determine whether the asset has become a long-term or not is counted from the date on which the property was acquired by the last owner
BUSINESS
Sovereign gold bonds: Why HUFs Face 12.5% LTCG on redemption but individuals get tax exemption
According to the Income Tax Act, the redemption of SGB by an individual investor is not treated for computing capital gains but LTCG at 12.5 percent apply on the investment made in the name of HUF
BUSINESS
How is property divided among siblings when a parent leaves an unregistered will
Under the Indian Succession Act, a will is not required to be registered to make it valid and legally enforceable.
BUSINESS
Why September 9, 2005 matters for daughters claiming HUF property
The Supreme Court has held that all the daughters who were alive on September 9, 2005 are to be treated as coparceners of the HUF and are entitled to a share in the HUF property
BUSINESS
Borrowing from your parents to buy a house? Here is how tax deduction under Section 24(b) works
Section 24(b) lets you claim up to Rs 2 lakh interest deduction under the old regime, even on a home loan taken from parents, relatives or friends.
BUSINESS
Buying a house with equity gains? How Section 54F works with share sales and home loans
Section 54F exempts long-term gains on selling non-house assets if the sale proceeds are invested in a residential house within the time limit.
BUSINESS
Selling pre-marriage land? Why routing proceeds to your spouse may not save tax
Capital gains are taxed in the owner’s hands. If the land is in the owner’s name and no part has been gifted to the spouse, the full LTCG is taxable to the owner and must be reported in your ITR.
BUSINESS
ULIP, traditional plan or SIP? Why parents should separate insurance from child investment goals
It is advisable to decide in advance the corpus you want for your child at a specific age and invest accordingly through monthly SIPs
BUSINESS
Bought under-construction flat? Check how Section 54 applies to LTCG exemption
Under-construction bookings qualify for LTCG exemption under Section 54 if possession is made within three years.
BUSINESS
Investing plot sale proceeds in an under-construction property? Here’s how Section 54F works for LTCG exemption
Section 54F exempts LTCG if the plot sale proceeds are invested in a residential house, provided that the under-construction apartment is completed within three years.
BUSINESS
How do tax benefits differ for self-occupied and let-out homes with multiple loans?
There is no restriction on the number of home loans for which deductions can be claimed, but tax benefits depend on whether the properties are self-occupied or let out, and on the tax regime chosen.
BUSINESS
Selling your house in February? Here's what you need to know about capital gains tax
An individual is required to pay advance tax if the net tax payable, after adjusting for tax deducted or collected at source, exceeds Rs 10,000
BUSINESS
Can a foreign-citizen son without PAN or Aadhaar act as legal representative on India’s income tax e-filing portal?
After death, a legal heir must file the deceased’s final ITR. A foreign citizen can obtain a PAN (Aadhaar not required) to register as legal representative, with a notarised affidavit supporting sole heir status.
BUSINESS
Can daughter-in-law transfer rental income to HUF legally without tax implications?
Under Section 60 of the Income Tax Act, transferring rental income to HUF without the property leads to clubbing, so rent and capital gains remain taxable in the daughter-in-law’s hands.
BUSINESS
New vs old tax regime: How rewarding is let-out property for home loan borrowers?
Under the new tax regime, home loan interest can be claimed only against rental income after the 30 percent standard deduction and losses cannot be set off or carried forward.
