BUSINESS
How can parents gift mutual fund units to their children?
Gifting mutual fund units to children is permitted under tax laws. Transfers can be done online via registrars like CAMS or KFintech, with a mandatory 10-day lock-in period.
BUSINESS
How capital gains tax apply when an inherited house is sold, and proceeds are shared?
Expert explains that where an inherited property is mutated in one heir’s name, tax liability on long-term capital gains generally rests with the registered owner.
BUSINESS
Can senior citizens claim Section 80D deduction for dental treatment expenses?
Expert explains how deductions up to Rs 5,000 are included for preventive check-ups under Section 80D.
BUSINESS
How can NRIs transfer mutual fund redemption proceeds from NRO to NRE account?
Expert advises that NRIs should invest directly from an NRE account, instead of routing funds through an NRO account, as this helps avoid complications when repatriating money outside India.
BUSINESS
Does switching ELSS from dividend to growth qualify for Section 80C tax benefit?
ELSS allows up to Rs 1.5 lakh tax deduction under Section 80C of the Income Tax Act, with a three-year lock-in. Switching plans counts as redemption and fresh investment, but gains above Rs 1.25 lakh are taxed at 12.5 percent.
BUSINESS
Builder default doesn’t pause your home loan: Why paying EMIs still matter
Your liability to service the home loan is independent of your inability to take possession of the property due to a legal dispute or the builder’s default. Banks do not take responsibility for delays or defaults by builders for any reason.
BUSINESS
Do you need to pay tax or file ITR when moving funds from savings bank to NRO account?
Under FEMA, you become a non-resident when leaving India for work or business, and your existing account can simply be converted to NRO. Taxability depends on your stay in India and salary credit.
BUSINESS
How to use house sale proceeds to buy two flats and pass them to your children tax-free
Under Section 54, only long-term capital gains -- not the full sale proceeds -- need to be invested to claim tax exemption. You can buy two adjoining flats as one unit, add your children as joint owners, and bequeath the property to them tax-free.
BUSINESS
Married daughter’s right in ancestral HUF property: What the 2005 law change means
Being a coparcener, a daughter is entitled ask for partition of the assets of the HUF and get a share in the HUF provided she was alive on 9th September, 2005 when the amended provisions came into effect.
BUSINESS
What income tax rules allow when you claim HRA and home loan interest together
For claiming a deduction on home loan interest under Section 24(b), you must be paying interest on a loan taken to purchase a property that is owned by you and for which possession has been obtained.
BUSINESS
Joint home loan tax benefits explained: Who can claim interest, principal and HRA?
Deductions for HRA, interest on a self-occupied property under Section 24(b), and principal repayment under Section 80C are available only under the old tax regime.
BUSINESS
F&O loss in FY26? Here’s how you can adjust it against mutual fund gains
Although derivative transactions are squared off without delivery, they are treated as non-speculative business income under the Income-tax Act and are taxed under the head 'Profits and Gains of Business or Profession'.
BUSINESS
KVP maturity and tax: Should interest be taxed in one year or spread over time?
With respect to income taxable under the head “Income from Business or Profession” or “Income from Other Sources,” including interest income, tax laws allow taxpayers to offer income either on an accrual basis or on a receipt basis.
BUSINESS
Can tax benefits be claimed on an education loan taken from friends?
The deduction under Section 80E is available only for interest paid on the education loan. No deduction is allowed for repayment of the principal amount.
BUSINESS
Do let-out, commercial properties qualify for LTCG tax exemption?
Long-term capital gains arising from the sale of a commercial property are not eligible for exemption under Section 54 but can be claimed under Section 54F by investing in a residential house
BUSINESS
Paid tax but didn’t verify ITR? Why you may be forced into the new tax regime
For individuals without business income, the choice between the old tax regime and the new tax regime can be exercised each year, depending on which regime results in lower tax liability. However, this option must be exercised on or before the due date while filing the ITR.
BUSINESS
Missed ITR deadline? Why you may be forced into the new tax regime
Taxpayers who wish to opt for the old tax regime must exercise this option while filing the ITR on or before the due date, provided they do not have a business income
BUSINESS
Selling inherited shares through HUF? Watch out for these tax pitfalls
Unless there was an existing HUF asset prior to marriage, an HUF cannot be formed merely upon marriage, it generally comes into existence upon the birth of a child.
BUSINESS
Redeeming old debt mutual funds? Here’s how new tax rules apply to your gains
The law provides a grandfathering benefit for investments made in debt mutual funds prior to April 1, 2023. Gains from such investments continue to be treated as long-term capital gains and are taxed at a flat rate of 12.5%
BUSINESS
For how long must income tax returns be filed for a deceased person’s estate?
If a valid will exists covering all or some of the assets, the executor of the will must file an ITR until all assets are distributed as per the instructions in the will.
BUSINESS
Can father and son both have separate HUFs and file ITRs?
In order for you to have your own HUF, there need to be minimum of `two coparceners in your family. So you can have your own HUF provided you have at least one child in your family.
BUSINESS
Redeveloped gifted property: Do you need to pay long-term capital gains tax?
In the case of redevelopment of a flat by an individual or an HUF, the “transfer” is deemed to occur in the year in which the completion certificate for the redeveloped property is issued by the local authority.
BUSINESS
Does TDS on rent apply if a landlord’s total rent exceeds Rs 50,000?
If the rent payable by each tenant does not exceed the threshold of Rs 50,000, the tenants are not required to deduct TDS at the time of credit or payment of rent to the landlord
BUSINESS
Can you claim 54EC tax benefit twice in a year? Here’s what Rs 50-lakh limit in capital gains bonds means
You cannot claim exemption under Section 54EC by investing Rs 50 lakh twice in a financial year but the timing of investment could offer some relief, read on
