BUSINESS
When your minor child starts earning - who pays the tax?
If the income is earned by the child through her own manual work or by using her special talent and expertise, the clubbing provisions will not apply, and such income shall be taxed in her own hands.
BUSINESS
Gifting shares to children: Know the tax rules on transfer and sale
The shares transferred by your father to your demat account are to be treated as a gift, and hence, there is no tax implication at the time of transfer. If you sell these shares, you will be have to pay LTCG
BUSINESS
Missed the September 16 ITR deadline? Here’s how you can still file your return and what it means
If the deadline of September 16 is missed, one can still file a belated return by 31 December 2025, which is the last date under normal provisions.
BUSINESS
How gifts are taxed and when they are not; How clubbing provisions differ for a son-in-law and a daughter-in-law
When a daughter-in-law receives gifts from her parents-in-law, or a wife receives gifts from her husband, there will be no tax liability at the time of receiving the gift, but any income earned from the gifted asset will be added to the donor’s income.
BUSINESS
Income from inherited agricultural land is tax-exempt but could push up your tax bracket; HUFs enjoy additional benefits
Agricultural income is fully exempt under Section 10(1), but it must be included for rate purposes. This means that it is added to your total income to compute the tax rate applicable to your regular income, effectively increasing your average rate of tax.
BUSINESS
Filing ITR after the deadline: Can you still opt for presumptive taxation under Section 44ADA?
Moneycontrol's Ask Wallet Wise initiative offers expert advice on matters of personal finance and money. You can email your queries to askwalletwise@nw18.com, and we will try and get a top financial expert to address your queries.
BUSINESS
Do you need a valuation report for Section 54F LTCG exemption on property bought before 2001?
For computing the long-term capital gains, you have to obtain a valuation report to determine the value of the commercial property as of 1st April 2001, which is to be taken as the cost of acquisition.
BUSINESS
Can capital gains from the sale of two house floors be combined to purchase a single residential property for claiming LTCG benefits u/s 54?
The law allows claiming exemption on long-term capital gains from the sale of more than one residential house by investing the gains in a single residential house
BUSINESS
Do clubbing provisions apply to rent credited to a son's account for property owned by his father?
The rental income would be taxable in the hands of the father due to clubbing provisions
BUSINESS
Last chance for central government employees to switch to UPS from NPS: What happens if you miss Sept 30 deadline?
All central government employees who were covered under the NPS as of 1st April 2025 are eligible to switch from NPS to UPS. Employees who join central government service after 1st April 2025 must exercise their option to choose either NPS or UPS within thirty days of joining.
BUSINESS
What every couple needs to know about property gifts: Tax exemption, clubbing rules
Gifting is not advisable because of the clubbing provisions, where the income arising to the spouse from such gifted assets is required to be taxed in the hands of the spouse making the gift.
BUSINESS
Maximise RNOR Tax Benefits: What NRIs should know about FCNR and NRE deposits
Foreign Currency Non-Resident (FCNR) deposits is tax-free in the hands of a person as long as they are not a resident under the income tax laws.
BUSINESS
Tax implications on gratuity gifted to spouse; when clubbing provisions apply
Gifts received from one’s spouse are not treated as income for the recipient. But any income earned on such a gifted amount will be clubbed with the spouse's income.
BUSINESS
Taxation of conservative hybrid funds in FY2025-26: Are they eligible for Section 87A rebate?
If your normal income, including profit from conservative hybrid funds, does not exceed Rs 12 lakh in the current financial year, you will be eligible for rebate under Section 87A and will not have to pay any tax.
BUSINESS
Can F&O losses be carried forward if accounts are audited, even without a tax audit requirement?
Section 44AD requires a person to get their accounts audited if profits from business are lower than prescribed limit or if a loss is incurred, provided the person had opted for Section 44AD in any of the five preceding years and their total income exceeds the basic exemption limit.
BUSINESS
How to calculate capital gain for property sold in FY2025-26? Should you pay 12.5% or 20%?
Though the benefit of indexation is abolished but it is still available for the limited purpose of computation of tax liability in respect of land and building, acquired by a resident individual and a resident HUF and sold on or after 23rd July 2024.
BUSINESS
Advance tax rules for capital gains and dividends from unlisted shares explained
A taxpayer needs to pay advance tax on both LTCG and STCG arising from all capital assets, including unlisted shares
BUSINESS
How to save LTCG tax when selling mutual funds and property u/s 54 and 54F
One of the conditions for being eligible under Section 54F is that you should not own more than one residential property on the date of sale of the capital asset in respect of which the exemption is claimed.
BUSINESS
Should capital gain, loss be calculated on indexed or unindexed basis for income tax set-off ?
Indexation is now available only for a limited purpose. It is available on computing tax liability on the sale of land and buildings purchased before July 23, 2024 and sold on or after that date
BUSINESS
Missed 15-day deadline for defective ITR? Here’s what happens next
If the income tax officer finds a defect in your ITR, they will issue a notice under Section 139(9), asking you to correct the issue within 15 days.
BUSINESS
ITR filing due date extended: September 16 is the last chance to opt for the old tax regime
To opt for the old regime, you must exercise this choice while filing your ITR within the due date.
BUSINESS
Does sale of agricultural land need to be disclosed in ITR?
The profits from the sale of rural agricultural land are not regarded as income by law, you are not required to disclose them in your income tax returns
BUSINESS
ITR Filing: Do you have to get your account audited if you have loss in F&O?
A person who opts for Section 44AD must continue with the scheme for the next five years. If they opt out before completion of five years, they cannot opt for it again for the next five years.
BUSINESS
ITR Filing: TDS deducted on unpaid salary. Can a refund be claimed?
Your tax liability arises as soon as the salary becomes due, regardless of whether you receive it in the future.
