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.
Nirmala Sitharaman flags digitalisation tax challenges, pitches for global effort
Tax transparency must be seen as more than a compliance measure, the finance minister has said, describing it as 'foundation of sustainable development and fiscal resilience'
Selling mutual funds to buy a home? Here's how to get LTCG exemption
Under Section 54F, individuals and Hindu Undivided Families can claim an LTCG exemption on the sale/transfer of a capital asset other than a residential house, provided the proceeds are invested in a residential property within prescribed time period
New tax regime: Rs 60,000 rebate applies only to normal income, not short-term capital gains
For determining eligibility for Section 87A under the new regime, only normal income is considered and income taxed at special rates is excluded, regardless of the amount
Income tax refund running late? Here’s how long it may take and what you can do
There is a time limit of nine months for processing the ITR but no time limit for issue of refund.
How NRIs can cut capital gains tax and avoid surcharge on inherited property
Moneycontrol's Ask Wallet Wise initiative offers expert advice on matters of personal finance and money
CBDT crackdown on unreported foreign assets and income: What is it and how to avoid penalty?
CBDT will be sending SMSs and emails to taxpayers who’ve been identified as not disclosing foreign income and assets in the ITR filed for AY 2025-26.
Selling inherited gold: Will it create tax issues and how will the gains be taxed?
Assuming that the combined holding period for you and your mother exceeds 24 months, the jewellery will be treated as a long-term capital asset
OPINION | India’s High Cost of Capital: The hidden tax on growth
India’s cost of capital is the highest among large economies, which acts as structural drag on economic growth. Ways to lower capital cost are realisable and their introduction is a matter of urgency
Is money inherited after a parent’s passing taxable and how should it be reported in ITR?
Since India does not have an inheritance tax, the money received after a parent's death is treated as inheritance and is fully tax-free, without any limit
Can staggered equity gains unlock Section 54F exemption for an under-construction property?
If the assessee books an under-construction property or opts for self-construction, the construction must be completed within three years from the date of sale of the capital asset to be eligible for the exemption
Buying an under-construction home? Here’s the most tax-efficient time to sell your existing property to get Section 54 benefits
In case the taxpayer goes for self-construction or books an under construction property, the law requires that the construction of the house needs to get completed within three years from the date of sale of the existing house property.
Do senior citizens need to pay advance income tax on pension, interest and capital gains?
An individual aged 60 or above (a senior citizen for income tax purposes) is exempt from paying advance tax as long as he has no income taxable under “profits and gains of business or profession.”
GST cut on solar modules offers limited relief as developers flag input credit challenges
Power regulator CERC issued a suo motu order on November 4 directing all renewable energy developers (solar, wind, etc.) to pass on the benefit of the reduced tax rate to the discoms and, ultimately, to end consumers through a corresponding reduction in the electricity tariff.
Old vs new tax regime: which works better for post-retirement income from hybrid funds?
Under the new tax regime, an individual does not pay tax on income taxed at slab rate if total income does not exceed Rs 12 lakh, due to the Section 87A rebate. However, short or long-term capital gains do not qualify for this rebate.
Can a couple claim Section 80GG while owning flats in same or another city?
You cannot claim Section 80GG if you own a house in any other place that is kept vacant or reserved for your own occupation.
Selling an old property? Here’s how capital gains tax will work under the new tax rules
Except for listed securities and equity-oriented schemes, which require a 12-month holding period, all other capital assets now have a uniform 24-month requirement.
Centre nudges states to monetise power transmission assets
Centre pushes states to monetise transmission assets through a proposed tax-efficient model as India readies for a massive grid expansion requiring Rs 9.1 lakh crore by 2032.
Futures & Options Trading: How to carry forward losses and the requirement to maintain books of account
You must get your accounts audited if your turnover exceeds Rs 10 crore during the year. An audit is also required if you had opted for the presumptive taxation scheme under Section 44AD in any of the previous five years.
Debt mutual fund taxation in FY26: How capital gain is taxed and when Section 87A rebate applies under old vs new regime
If your debt funds were acquired before April 1, 2023, the profits on redemption during FY 2025–26 will be treated as long-term capital gains (LTCG) and taxed at a flat rate of 12.5%.
