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
BUSINESS
Can a husband claim 80C tax benefits on PPF or ELSS invested in wife’s name?
You can claim a deduction under Section 80C for contributions made to your own Public Provident Fund (PPF) account, or to the PPF accounts of your spouse or children.
BUSINESS
Uncle-to-nephew gifts are exempt, but the reverse isn’t: Here’s why
Though the gifts received from maternal and paternal uncle and aunts are not to be treated as income of the niece and nephew but gift received from niece and nephew by the uncle and aunts are treated like any other gifts.
BUSINESS
Can a surviving spouse seek partition of HUF assets or will away her share after her husband’s death?
A widow is not a coparcener in her husband’s HUF; she is only a member of the HUF. She is entitled to be maintained from the HUF corpus but cannot demand a partition.
BUSINESS
Selling a redeveloped flat? Here's how capital gains will be calculated
For calculating the cost of the redeveloped flat, the original cost is not relevant. What matters is the market value of the redeveloped flat on the date one took possession
BUSINESS
How gifts to your siblings, spouse’s brothers and sisters are taxed; exemptions and paperwork explained
Gifts received from “specified relatives” are exempt. Apart from parents, siblings, and children, this definition also includes the spouse of one’s brother or sister.
BUSINESS
Selling mutual funds to buy a home? Here's how to get LTCG exemption
Under Section 54F, individuals and Hindu Undivided Families can claim an LTCG exemption on the sale/transfer of a capital asset other than a residential house, provided the proceeds are invested in a residential property within prescribed time period
BUSINESS
New tax regime: Rs 60,000 rebate applies only to normal income, not short-term capital gains
For determining eligibility for Section 87A under the new regime, only normal income is considered and income taxed at special rates is excluded, regardless of the amount
BUSINESS
How NRIs can cut capital gains tax and avoid surcharge on inherited property
Moneycontrol's Ask Wallet Wise initiative offers expert advice on matters of personal finance and money
BUSINESS
Selling inherited gold: Will it create tax issues and how will the gains be taxed?
Assuming that the combined holding period for you and your mother exceeds 24 months, the jewellery will be treated as a long-term capital asset
BUSINESS
Is money inherited after a parent’s passing taxable and how should it be reported in ITR?
Since India does not have an inheritance tax, the money received after a parent's death is treated as inheritance and is fully tax-free, without any limit
BUSINESS
Can staggered equity gains unlock Section 54F exemption for an under-construction property?
If the assessee books an under-construction property or opts for self-construction, the construction must be completed within three years from the date of sale of the capital asset to be eligible for the exemption
BUSINESS
Buying an under-construction home? Here’s the most tax-efficient time to sell your existing property to get Section 54 benefits
In case the taxpayer goes for self-construction or books an under construction property, the law requires that the construction of the house needs to get completed within three years from the date of sale of the existing house property.
BUSINESS
Do senior citizens need to pay advance income tax on pension, interest and capital gains?
An individual aged 60 or above (a senior citizen for income tax purposes) is exempt from paying advance tax as long as he has no income taxable under “profits and gains of business or profession.”
BUSINESS
Old vs new tax regime: which works better for post-retirement income from hybrid funds?
Under the new tax regime, an individual does not pay tax on income taxed at slab rate if total income does not exceed Rs 12 lakh, due to the Section 87A rebate. However, short or long-term capital gains do not qualify for this rebate.
BUSINESS
Can a couple claim Section 80GG while owning flats in same or another city?
You cannot claim Section 80GG if you own a house in any other place that is kept vacant or reserved for your own occupation.
