BUSINESS
Rs 11.75 lakh income, Rs 55,000 STCG: How will the tax math work for senior citizen
Under the new regime, the rebate threshold is calculated using only slab-rate income, excluding special-rate gains like long-term and short-term capital gains on listed shares
BUSINESS
Is tax applicable for NRIs in Dubai remitting funds to their Indian bank savings account?
The lapse does not have tax implications if the NRI’s salary was first credited to their bank account in Dubai and later transferred to an Indian bank savings account.
BUSINESS
Tax harvesting explained: How to save capital gains tax ahead of March 31deadline
Short-term capital losses are allowed to be set off against long-term capital gains as well as short-term capital gains, while LTCG loss can be set off against long term capital gains
BUSINESS
Can an NRI become 'karta' of HUF? Here’s how management and tax rules apply
There are no restrictions on a non-resident becoming karta of an HUF as long as the person is a coparcener of the HUF
BUSINESS
How to claim Section 54F tax exemption on under-construction property and what timelines really matter
In case of self-construction or booking an under construction of a residential house a long period of three years is allowed within which the construction of the house should get completed.
BUSINESS
Paid 5-year health insurance premium upfront? Here’s how much tax deduction you can claim
It is also important to note that paying a multi-year premium does not give you an immediate tax advantage, even though it may offer convenience or discounts from insurers.
BUSINESS
Bought for Rs 81 lakh in 2014, sold for Rs 2.3 crore: Here's how LTCG tax liability is computed
The benefit of indexation on the sale of long-term capital assets has largely been removed, except for the limited purpose of computing tax payable by a resident individual or an HUF on land and/or buildings purchased before July 23, 2024 and sold on or after that date.
BUSINESS
Can you claim Section 54F tax exemption across multiple years for the same property?
There is no limit to the number of years long-term capital gains exemption can be claimed under Section 54F for the same residential house, provided construction is completed within three years of the capital asset sale
BUSINESS
Is there a deadline for a daughter to claim a share in father's property if he dies intestate?
If the father wills a share of property to the daughter, she can claim it under the will. If he dies without a will, she can file a suit for claiming her share in the property left behind by the father
BUSINESS
This common property ownership mistake can cost you Section 54F tax relief
Under section 54F exemption is available only if the taxpayer does not own more than one residential house on the date of sale of the capital asset in addition to the one which is being acquired to claim this exemption.
BUSINESS
Can NRIs claim Section 80C deductions on PPF, NSC to reduce tax on income in India?
A non-resident can claim deduction under section 80C through various items though a non-resident is not entitled to open a PPF account or invest in NSC, Senior Citizen scheme etc
BUSINESS
How marginal relief can cut your income tax from Rs 65,250 to Rs 35,000 on a Rs 13.1 lakh salary
New tax regime is attractive as marginal relief under which the final tax payable shall not exceed the amount by which total income exceeds Rs 12 lakh.
BUSINESS
Revised ITR vs original ITR: What happens after you file a correction
The income tax laws allow a person to file a revised Income Tax Return (ITR) by December 31, in case the taxpayer finds some mistakes or omissions.
BUSINESS
Sold two flats, earned Rs 1.15 crore gains: Can another property purchase save tax?
No exemption is available for the pure purchase of a plot of land under section 54 unless you construct a house on the plot and the construction is completed within three years from the date of sale of the house.
BUSINESS
Is SGB redemption taxable? How gold bond tax rules differ for individuals and HUFs
If you are holding the sovereign gold bonds which have completed five years from the date of issue and the redemption window opens till 31st March 2026 you can still claim the exemption as the proposed law will come into force from 1st April 2026.
BUSINESS
Redeveloping your house with a builder? Here’s how tax rules work if you get additional floors
Capital gains arising from transfer of land and building for redevelopment by an individual and an HUF shall be charged to tax in the year in which the completion certificate for the project is issued by the competent authority
BUSINESS
Is a handwritten note a valid Will? Here’s what the law says
As per Section 63 of Indian Succession Act, 1925 for a will to be valid it has to be signed by the testator and witnessed by minimum of two witnesses.
BUSINESS
What legal heirs need to know about filing ITR after a taxpayer’s death
The legal heirs are responsible for filing the return of income from 1st April till the date of death of the deceased and discharge the tax liability.
BUSINESS
Can you claim Section 54EC exemption on a depreciated property? Here’s what tax rules say
Section 54EC provides for exemption to any assessee from long term capital gains arising from transfer of long term capital asset being a land or building if the capital gains are invested in capital gains bonds of specified financial institutions within six months .
BUSINESS
Planning retirement with ESOPs? Here’s how to avoid a higher tax hit on foreign shares
The shares which are not listed in India are treated as unlisted shares for taxation purposes.
BUSINESS
One house, two tax breaks: How Sections 54 and 54F can both work for you
Claiming exemption under one section does not bar exemption under another section for the same property.
BUSINESS
Can you claim HRA for more than one rented house at the same time?
As per the Section 10(13A) it seems that the exemption can be claimed only in respect of one house occupied by the employee. However there is no restriction as to whether the same can be claimed in respect of place of duty of the employee.
BUSINESS
Redeveloping inherited property? Tax rules you need to know if selling a portion
Section 54F provides for exemption from long term capital gains arising from sale of commercial property if the net sale consideration is invested in a residential house property
BUSINESS
Jointly-owned property: Is TDS applicable if total rent exceeds Rs 50,000?
The requirement to deduct the tax is qua each recipient of the rent and not qua the property. Since the rent payable to each of the owner of the property is below the threshold of Rs 50,000 the tenant is not required to deduct tax at source.
