tax

Can tax benefits be claimed on an education loan taken from friends?

The deduction under Section 80E is available only for interest paid on the education loan. No deduction is allowed for repayment of the principal amount.

Do let-out, commercial properties qualify for LTCG tax exemption?

Long-term capital gains arising from the sale of a commercial property are not eligible for exemption under Section 54 but can be claimed under Section 54F by investing in a residential house

Budget 2026: Taxpayers want inflation-proof slabs, parity

Taxpayers want the Budget to make transition to new tax law simpler, slabs to be inflation-adjusted, deductions to be restored and easing of charitable trust rules

Paid tax but didn’t verify ITR? Why you may be forced into the new tax regime

For individuals without business income, the choice between the old tax regime and the new tax regime can be exercised each year, depending on which regime results in lower tax liability. However, this option must be exercised on or before the due date while filing the ITR.

Missed ITR deadline? Why you may be forced into the new tax regime

Taxpayers who wish to opt for the old tax regime must exercise this option while filing the ITR on or before the due date, provided they do not have a business income

Got I-T notice for undisclosed foreign assets in ITRs? Here is what you need to do

Salaried individuals often do not realise that shares, restricted stock units (RSUs), ESOPs or bonus shares received from MNC employers need to be reported separately in Schedule FA of ITR

Selling inherited shares through HUF? Watch out for these tax pitfalls

Unless there was an existing HUF asset prior to marriage, an HUF cannot be formed merely upon marriage, it generally comes into existence upon the birth of a child.

Redeeming old debt mutual funds? Here’s how new tax rules apply to your gains

The law provides a grandfathering benefit for investments made in debt mutual funds prior to April 1, 2023. Gains from such investments continue to be treated as long-term capital gains and are taxed at a flat rate of 12.5%

ESOP windfalls look attractive but the tax bill starts on exercise

For calculating the tax liability arising on account of ESOPs, the employee would need to be aware of the FMV of the share

For how long must income tax returns be filed for a deceased person’s estate?

If a valid will exists covering all or some of the assets, the executor of the will must file an ITR until all assets are distributed as per the instructions in the will.

Tax Saving Tips: How sections 54 & 54F can reduce tax to zero

If you have just sold a house, plot of land, gold or shares, a long-term capital gains (LTCG) tax bill can take a big bite out of your money. But did you know the Income Tax Act gives you a way to reduce that tax to zero? In this video, we break down Section 54 and Section 54F, two of the powerful tax-saving provisions for property and other asset sellers.

December 15 advance tax deadline: What you must pay today and cost of delay

Advance tax is payable by any person, salaried or non-salaried, whose estimated tax liability after adjusting for TDS is Rs 10,000 or more

Can father and son both have separate HUFs and file ITRs?

In order for you to have your own HUF, there need to be minimum of `two coparceners in your family. So you can have your own HUF provided you have at least one child in your family.

Redeveloped gifted property: Do you need to pay long-term capital gains tax?

In the case of redevelopment of a flat by an individual or an HUF, the “transfer” is deemed to occur in the year in which the completion certificate for the redeveloped property is issued by the local authority.

Does TDS on rent apply if a landlord’s total rent exceeds Rs 50,000?

If the rent payable by each tenant does not exceed the threshold of Rs 50,000, the tenants are not required to deduct TDS at the time of credit or payment of rent to the landlord

Can you claim 54EC tax benefit twice in a year? Here’s what Rs 50-lakh limit in capital gains bonds means

You cannot claim exemption under Section 54EC by investing Rs 50 lakh twice in a financial year but the timing of investment could offer some relief, read on

CBDT identifies undisclosed virtual digital assets worth Rs 889 crore; Here’s how to report earnings from crypto in ITR

The Income Tax Department has introduced a separate Schedule VDA in ITR forms, and this is where all crypto-related income must be disclosed, a tax analyst said.

Can a husband claim 80C tax benefits on PPF or ELSS invested in wife’s name?

You can claim a deduction under Section 80C for contributions made to your own Public Provident Fund (PPF) account, or to the PPF accounts of your spouse or children.

Uncle-to-nephew gifts are exempt, but the reverse isn’t: Here’s why

Though the gifts received from maternal and paternal uncle and aunts are not to be treated as income of the niece and nephew but gift received from niece and nephew by the uncle and aunts are treated like any other gifts.

Can a surviving spouse seek partition of HUF assets or will away her share after her husband’s death?

A widow is not a coparcener in her husband’s HUF; she is only a member of the HUF. She is entitled to be maintained from the HUF corpus but cannot demand a partition.

Buying a car above Rs 10 lakh? Here's how TCS works and how to claim it while filing your ITR

Under income tax rules, when you buy a motor vehicle worth more than Rs 10 lakh, the seller is required to collect TCS at 1% of the sales value from you and deposit it with the government.

Selling a redeveloped flat? Here's how capital gains will be calculated

For calculating the cost of the redeveloped flat, the original cost is not relevant. What matters is the market value of the redeveloped flat on the date one took possession

Want to save LTCG tax by buying a house? Here's your guide to Sections 54, 54F

Both Sections 54 and 54F are powerful tools for tax-efficient wealth planning but they work very differently and misunderstanding the conditions can lead to costly mistakes

How gifts to your siblings, spouse’s brothers and sisters are taxed; exemptions and paperwork explained

Gifts received from “specified relatives” are exempt. Apart from parents, siblings, and children, this definition also includes the spouse of one’s brother or sister.