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.
BUSINESS
Can tax exemptions be claimed under Sections 54 and 54F simultaneously for the same residential property?
Section 54 offers exemption on long-term gains from selling a residential house, while Section 54F applies to gains from other long-term assets if invested in a home.
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.
