BUSINESS
Can one claim both HRA and home loan benefits? How should a vacant house be classified in ITR?
The tax benefits for a home loan are available for the full year in which possession of the property is taken. So you will be able to claim the benefits of HRA as well as a home loan for the full year.
BUSINESS
Is there a tax exemption limit for gifting money to a married daughter?
Gifts received from specified relatives are fully exempt, regardless of their value. Parents fall within this definition of specified relatives.
BUSINESS
Is inherited money taxable in India after a parent’s death?
Amounts received either under a Will or as inheritance are outside the scope of Section 56(2) and are not taxable.
BUSINESS
Freelancer or Salaried: How your income is taxed differently in ITR 2025
Freelancers are not eligible for standard deduction. Instead, they can claim actual business-related expenses incurred in the course of their work, excluding personal expenses.
BUSINESS
ITR 2025: Know the difference between due date and last date of filing income tax return
If you fail to file the ITR by September 15, you can still file it by December 31, 2025, which is the final deadline. After this date, filing will no longer be possible.
BUSINESS
I have crossed Rs 1 crore income. But why is my CA asking for a balance sheet?
While you are not required to submit a formal balance sheet unless you are engaged in business or profession, you do have to provide asset and liability details since your taxable income has now crossed Rs 1 crore.
BUSINESS
ITR 2025: How to file income tax return (ITR) when I earn income from multiple sources?
If the employer treats you as an employee, the income would fall under Salaries, and you would be entitled to the standard deduction of Rs 50,000 under the old tax regime or Rs 75,000 under the new regime.
BUSINESS
My dividend income is below exemption limit, yet TDS was deducted: How to claim refund while filing ITR 2025”
TDS on dividend income is deducted if the total dividend payable by a company in a financial year exceeds Rs. 5,000.
BUSINESS
I have received a gift of Rs 10 lakh from my father through his HUF. Will it be taxable?
Making a gift by an HUF to a member is considered a partial partition, and since partial partitions are not recognized under income tax laws, the gift will not qualify as exempt.
BUSINESS
ITR 2025: I declare NSC interest yearly, what if AIS shows it as lump sum in last year? Can I get income tax notice?
In case any notice is received for a mismatch, you can always explain that, though the post office has shown the lump-sum interest on NSC for all the years in the year of maturity/payment, you have been offering it year after year
BUSINESS
I am an NRI with short term capital gains. How to file ITR 2025?
As per current tax laws, if the aggregate value of all gifts received during a year exceeds Rs 50,000, the same is treated as income in the recipient’s hands. However, gifts received from specified relatives, including spouse, are not considered income, regardless of the amount.
BUSINESS
Will my NRI child pay tax on selling an inherited Indian home?
Article 13 of the India–US DTAA entitles each country to levy tax on capital gains as per their domestic laws. Therefore, the son will have to pay tax on long-term capital gains whenever the residential house property inherited by him in India is sold.
BUSINESS
Don't know if you have to file income tax returns? Check this out
Filing your income tax return and paying the tax you are due to pay are two different responsibilities and both have to be discharged appropriately
BUSINESS
Filing your income tax returns? You need to know which form to submit
Here is how you should choose the right ITR form to file your income tax returns.
PERSONAL-FINANCE
NPS or PPF? What should be your retirement investment mix?
The features of the two scheme are distinct and in places rather sharply so.
PERSONAL-FINANCE
Have unattended complaints against your bank? Go to a banking ombudsman
Before lodging your complaint against any bank to BO, you are required to file the complaint with the bank in question in writing and wait for at least thirty days.
MUTUAL-FUNDS
Who should invest in ELSS? Does it suit your requirement?
ELSS though may have some of very good features but still may not be suitable for each and every person due to various reasons.
MUTUAL-FUNDS
How to gain from a balanced fund?
Investment in balanced funds obviates your need to invest in two different asset classes for asset allocation. Balanced funds also obviate the need to periodically monitor and rebalance different asset classes in predetermined proportion.
PERSONAL-FINANCE
Travel and enjoy the tax benefits of leave travel allowance
This tax benefit is available only to persons who are in employment and is not to persons who are self employed.
