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.
BUSINESS
ITR Filing: Can NRIs claim refund on short-term capital gains tax if income is below the exemption limit?
As an NRI, you must pay the full tax on your STCG—20% on gains realized on or after July 23, 2024, and 15% on gains realized before this date.
BUSINESS
ITR Filing: Can you switch between the old and new tax regimes when your source of income changes?
As per current income-tax provisions, the new tax regime is the default option. If you wish to opt for the old tax regime and you have income under the head “Profits and Gains of Business or Profession”, you are required to file Form 10-IEA by the due date.
BUSINESS
ITR Filing: Do you need to declare Sovereign Gold Bond redemption in your income tax return?
The redemption of SGBs by an individual with the RBI is not treated as a “transfer” under Section 47(viiic) of the Income Tax Act.
BUSINESS
Tax rules for NPS Tier 2 withdrawals before and after July 23, 2024
Indexation benefit has been removed for all capital assets sold/transferred on or after July 23, 2024 except for the limited purpose of taxing sales of land and buildings acquired before the date by resident individuals and HUFs
BUSINESS
Can medical expenditure deduction be claimed if already covered under CGHS?
If no amount has been paid to buy or maintain a health insurance policy for the senior citizen or their parents, then a deduction of up to Rs 50,000 can be claimed for medical expenses actually incurred.
BUSINESS
A senior citizen accidentally made an intraday trade with a Rs 5 loss. Can it be treated as business income and make him liable to pay advance tax?
Senior citizens without business income are exempt from advance tax and can discharge their tax liability at the time of filing ITR.
BUSINESS
Here's why cash loan repayments over Rs 20,000 may get flagged by tax officials
Accepting a cash loan beyond Rs 20,000 is prohibited under Section 269SS of the Income Tax Act and a penalty equal to the loan amount can be levied on the person depositing the money in your account
