How to use house sale proceeds to buy two flats and pass them to your children tax-free
Under Section 54, only long-term capital gains -- not the full sale proceeds -- need to be invested to claim tax exemption. You can buy two adjoining flats as one unit, add your children as joint owners, and bequeath the property to them tax-free.
Union Budget 2026: A chance to revamp housing finance, boost affordability
Key proposals for the Union Budget 2026 include increasing tax deductions on home loan interest, reviving subsidies for mid-income buyers, simplifying loan portability, and linking disbursements to construction milestones.
ITR revised return window closed: How to get your Income Tax refund now
Taxpayers are advised to track their return status on the income tax e-filing portal and wait for the intimation once it is generated.
Sapphire Foods-Devyani International merger: When and how shareholders will pay capital gains tax
There is no capital gains tax at the time of the merger. Tax will apply only when the Devyani International shares received in exchange for Sapphire Foods shares are eventually sold, based on the adjusted cost per share.
Married daughter’s right in ancestral HUF property: What the 2005 law change means
Being a coparcener, a daughter is entitled ask for partition of the assets of the HUF and get a share in the HUF provided she was alive on 9th September, 2005 when the amended provisions came into effect.
Last date to file belated and revised income tax return is December 31: Act today or lose money
Today is the last date for taxpayers to submit belated or revised income tax returns for the assessment year 2025–26. From January 1 2026, you will be left with just updated return option with tax liability.
What income tax rules allow when you claim HRA and home loan interest together
For claiming a deduction on home loan interest under Section 24(b), you must be paying interest on a loan taken to purchase a property that is owned by you and for which possession has been obtained.
ITR filing late or refund delayed? Here's interest you pay and what taxman owes you
If excess tax paid by a taxpayer is not refunded within the stipulated time, the income tax department must pay simple interest at 0.5 percent per month
Joint home loan tax benefits explained: Who can claim interest, principal and HRA?
Deductions for HRA, interest on a self-occupied property under Section 24(b), and principal repayment under Section 80C are available only under the old tax regime.
Income tax refund delay: What happens if your ITR is not processed by December 31, 2025?
Once return is processed, refund is due to the taxpayer however there is no specific time limit for issue of refund
New Year, New Rules: Key banking, salary and tax changes kicking in From January 1, 2026
From faster credit score updates and stricter PAN-Aadhaar rules to pay commission changes, fuel price revisions and new tax forms, January 1, 2026 brings a host of regulatory shifts that will impact banking, salaries, farmers and household budgets. Here’s what’s changing and why it matters.
Dec 31 deadline nears for revised and belated ITRs: What options are left for taxpayers from Jan 1
The tax return using ITR-U (updated return) can be filed regardless of whether the taxpayer filed an ITR in the relevant assessment year
F&O loss in FY26? Here’s how you can adjust it against mutual fund gains
Although derivative transactions are squared off without delivery, they are treated as non-speculative business income under the Income-tax Act and are taxed under the head 'Profits and Gains of Business or Profession'.
Why ESOPs are landing MNC employees in tax trouble and how to report them correctly in ITR
Upon exercise and allotment, the employee acquires beneficial ownership of foreign equity shares. Such exercised ESOP shares are generally regarded as reportable foreign assets, irrespective of whether they are listed or unlisted, subject to lock-in, or yet to be sold
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
December 31 compliance rush: Taxpayers scramble as MCA, GST annual returns and belated ITR filings deadlines pile-up
Year-end compliance calendar brings together MCA, GST and income tax deadlines
KVP maturity and tax: Should interest be taxed in one year or spread over time?
With respect to income taxable under the head “Income from Business or Profession” or “Income from Other Sources,” including interest income, tax laws allow taxpayers to offer income either on an accrual basis or on a receipt basis.
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
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
