BUSINESS
Can I gift to my granddaughter instead of my daughter? What will be the income tax implications?
A granddaughter (whether the son’s daughter or the daughter’s daughter) is treated as a lineal descendant of the donor and therefore falls within the definition of a 'relative'
BUSINESS
Dividend income mismatch in personal record and AIS: How to file ITR
In the case of dividend income, the amount to be reported in the Income Tax Return (ITR) is the gross dividend* declared/credited by the company or mutual fund
BUSINESS
Earning rent but also paying rent? Here is what new and old tax regimes say
The inability to claim rent paid is essentially because the new regime offers concessional slab rates in exchange for giving up exemptions and deductions
BUSINESS
I have started Systematic Withdrawal Plan (SWP) of Rs 1 crore. How will it be taxed?
Since the individual has no other income, the basic exemption limit can be utilised to offset a portion of the LTCG, as permitted under the proviso to Section 112A.
BUSINESS
How do tax rules differ when a father gifts to his daughter-in-law compared to his son?
Section 64(1)(vi) provides for the clubbing of income arising from assets transferred directly or indirectly by an individual to his daughter-in-law without adequate consideration.
BUSINESS
When do senior citizens need to pay advance tax on capital gains?
If an individual is a senior citizen without any business income and the only taxable income is Long-Term Capital Gain on sale of equity shares, there is no liability to pay advance tax during the financial year
BUSINESS
ITR 2025: My wife takes home tuitions. Is that income taxable?
If one opts to disclose tuition income under "Income from Other Sources", the return may be furnished using ITR-1 or ITR-2, depending on the nature of other income (such as capital gains, if any).
PERSONAL-FINANCE
I want to sell gold inherited from my grandmother. What are the tax implications?
In the case of jewellery received before 2001 either the cost of acquisition to the previous owner or the fair market value (FMV) as on 1st April 2001, whichever is higher can be considered.
BUSINESS
Extended EV loan benefits, increased home loan, FD interest deductions: What small savers want from Budget '24
The budget is expected to focus on employment generation, and rationalise tax rates by increasing limits for basic tax exemption, standard deductions, and medical expenses, among others.
BUSINESS
The pros and cons of withdrawing from your PF for home loan down payment
