CAPITAL GAINS
You have to file ITR if you carried out any of these eight transactions
Even with income below Rs 2.5 lakh (old regime) or Rs 3 lakh (new regime), filing ITR is mandatory if certain transactions occurred. These include spending over Rs 2 lakh on foreign travel, holding foreign assets, high TDS/TCS amounts, significant deposits in current or savings accounts, high business turnover or professional receipts, or substantial electricity bill payments.
Sold your house property or land? These nine sections in Income Tax law can help save capital gains tax
Indians can save capital gains tax on property sales. The Income Tax Act offers nine sections for tax reduction or zero tax. Sections cover residential, industrial, agricultural land sales. Investment in new properties or bonds provides exemptions. Relocation of industrial units to specific zones also offers tax benefits. Investing in eligible startups can reduce tax burden.
Father sells house worth Rs 67 lakh and shows only Rs 1,690 income in ITR, wins case in ITAT Ahmedabad; Know how
Dilip, an Indian taxpayer, won a case at the ITAT Ahmedabad regarding a Section 54 LTCG tax exemption. Despite initially facing scrutiny for claiming Rs 15.99 lakh as indexed cost of improvement with cash payments and selling his house below stamp duty value, the ITAT directed the tax officer to verify and allow his claim. Read more.
She sold her house for Rs 2.7 crore to buy seven new flats and paid no income tax, wins case in ITAT Delhi; Know how
Saroj sold her Punjabi Bagh house for Rs 2.7 crore. She then bought seven apartments in Greater Noida. She reported Rs 5 lakh income in ITR and claimed Rs 2.2 crore LTCG tax exemption. The tax department partially denied the exemption. Then Saroj appealed to ITAT Delhi. ITAT Delhi ruled in her favor.
US immigrants now face higher deportation risks. Here's why
Immigrants in the U.S. are facing increased deportation risks as immigration enforcement agencies utilize IRS data to identify unauthorized employment. Reporting income from side jobs while on visas like H-1B or F-1 can lead to visa denials and removal proceedings. Attorneys advise caution, as tax records are under greater scrutiny, potentially impacting immigration status.
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Dynamic bond mutual funds: Investors supposed all-interest-rate investment has failed in current rate cut-cycle
Amid the bond market’s season of woes, dynamic bond funds appear to have badly miscalculated the payoffs from the rate-cutting cycle
If you don’t make these 8 disclosures, your ITR may be treated as defective
Filing income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures include foreign assets, income, crypto transactions, and unlisted equity shares. Failing to report these details, especially for residents with overseas holdings, can result in penalties and even imprisonment, though some relief exists for movable assets under Rs 20 lakh.
How to file ITR if you have sold house or land in FY 2024-25
For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Choosing the correct ITR form, like ITR-2 or ITR-3, is crucial. Depositing unutilized gains in the CGAS before filing the ITR is essential to avoid taxation. Taxpayers must report sale details and claim exemptions accurately in Schedule CG.
Smart investment: How can you get Rs 1 lakh monthly passive income
To generate a steady monthly income of Rs 1 lakh (Rs 12 lakh annually), the required investment corpus depends on the rate of return you expect your corpus would generate. Saving a lot of money per month has its own challenges due to a rise in inflation.
Do you need to pay tax on inherited gold jewellery? CAs explain when you may
In India, inheriting gold jewellery is tax-free, but selling it incurs capital gains tax on the earnings. The tax is determined based on the indexed cost of acquisition, which includes the initial purchase price or fair market value as of April 1, 2001.
From Rs 21,350 tax demand to zero tax; How a taxpayer won Section 87A case in ITAT Bengaluru
In a taxpayer-friendly ruling, the ITAT Bengaluru allowed Mr. Jakkaraju's Section 87A tax rebate claim, even though it was filed in a revised ITR. The tribunal emphasized that the initial failure to claim the rebate constituted a valid reason for revision. This decision aligns with a Bombay High Court ruling, ensuring taxpayers can rectify omissions and avail of entitled benefits.
Have foreign income or income from equity? Know how to report this in ITR form for AY 2025-26
Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.
How to pay zero or lower income tax on your residential property sale using Sections 54 and 54F
Indian income tax laws offer exemptions on long-term capital gains (LTCG) from selling residential property and land. Sections 54 and 54F of the Income Tax Act allow individuals and HUFs to avoid LTCG tax by reinvesting the gains into a new residential property, subject to specific conditions and timelines for purchase or construction.
CBDT extends I-T exemption window for sovereign wealth, pension funds till 2030
The CBDT has extended income tax exemptions for sovereign wealth and pension funds investing in India's infrastructure until March 31, 2030. This move, formalized after an earlier announcement, aims to attract long-term global capital by exempting these funds from taxes on dividends, interest, and capital gains.
I am an NRI. How can I take money out of India after selling inherited property and shares with minimum taxes?
I am an NRI with inherited property and shares in India. What are the best ways to repatriate funds without triggering high taxes or violating Foreign Exchange Management ACT (FEMA) rules?
ITR filing after deadline: What is condonation of delay request? How it can save you from penalties
The Income Tax Department has enabled condonation of delay applications for Form 10A filings, offering relief to taxpayers who missed deadlines due to genuine reasons. If approved under section 119(2)(b), taxpayers can file their ITR without penalties, interest, or additional taxes.
Ethereum back as 'digital oil': 200% rally puts Bitcoin on notice
Ethereum is experiencing a resurgence, fueled by institutional interest and the potential of spot ETFs. Corporate adoption is rising, on-chain activity is surging, and analysts predict a price range of $7,500-$8,000 by the end of 2025. While not seen as a 'Bitcoin killer,' Ethereum is considered a crucial growth engine for the crypto ecosystem, powering DeFi and NFTs.
Can 8.25% EPF return match 16% equity return? CA explains unique situations how it can
A chartered accountant illustrates scenarios where EPF's 8.25% return can match 16% equity returns over five years, highlighting EPF tax advantages under the new regime. Employer contributions to EPF are tax-free, unlike equity investments where taxes may reduce the investable amount. To match EPF's corpus, equity needs a 16% post-tax return, a figure that decreases with longer investment horizons, as per the CA.
Inherited property taxation: Know how to save capital gains tax on sale of inherited property or land
Inheriting property doesn't trigger immediate taxes, but selling it does incur capital gains tax, with exceptions. Tax laws allow using the property's fair market value as of April 1, 2001, potentially lowering the tax burden. The cost of acquisition and holding period of the parent are carried forward, impacting the capital gains calculation upon sale.
Growth vs IDCW: Frequently asked questions MF Investors need to know
When investing in mutual funds, understanding the difference between 'growth' and 'IDCW' options is crucial. The growth option reinvests profits, leading to compounding and NAV increases, while the IDCW option distributes profits, providing payouts but potentially limiting long-term growth and decreasing NAV. Investors should carefully consider their financial goals when choosing between these options.
Chasing 10% rental yields, not homes - Why Indian HNIs are shifting from debt products to commercial property
India's wealthy are increasingly favoring commercial real estate for its higher yields and stability compared to residential properties and debt instruments. Fueled by a growing HNI population, their investments in commercial properties are also diversifying into warehousing, hospitality, and data centers. Alternative Investment Funds (AIFs) offer a streamlined entry, but due diligence remains crucial to navigate risks and ensure sustained returns in this evolving landscape.
Husband has to pay income tax for wife’s Rs 17-crore land sale deal due to this reason; ITAT Bangalore ruling explained
In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore held that a wife is exempt from income tax on the ₹17.26 crore sale of land gifted by her husband. The ITAT cited Section 64(1)(iv) of the Income Tax Act, stating that income from assets gifted between spouses is taxable in the hands of the transferor, not the recipient.
Taxpayer to pay only Rs 33,000 income tax after selling a house for Rs 70 lakh; ITAT Mumbai ruling explained
A taxpayer successfully challenged the income tax department's LTCG calculation, winning in ITAT Mumbai. The tribunal ruled that indexation benefits should be calculated from the agreement date, not possession date, due to substantial payment made earlier. This decision significantly impacts LTCG tax for property sellers. Read below to know the details.
After STCG ruling, now LTCG also allowed to get Section 87A tax rebate, rules ITAT Chennai
On August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with incomes under Rs 7 lakh. The ruling references a Bombay High Court decision. Venkatraman, a taxpayer, initially faced denial of the rebate. ITAT Ahmedabad also allowed the rebate on STCG income on August 12, 2025.
How one real estate investor saved Rs 10 lakh LTCG tax on a Rs 50 lakh property sale with a simple hack
Indian property sale gains are taxed under capital gains rules, varying with holding period. Long-term gains, especially for properties acquired before July 2024, offer tax-saving options like indexation. Utilizing schemes like Section 54F and the Capital Gains Account Scheme (CGAS) before the September 15, 2025, deadline is crucial for exemptions.
My wife bought a flat with money that I transferred to her, how should we show it in our ITR?
I’ve purchased a flat in my wife’s name, and all payments to the developer are being made from her bank account. The money was transferred from my account to hers, and I’ve already paid tax on it. While filing her income tax return, how can I show this transfer as a gift?
Documents for ITR filing FY 2024-25 (AY 2025-26): Eight documents you must keep ready to file your income tax return
The government has extended the ITR filing deadline for FY 2024-25 to September 15, 2025, benefiting taxpayers not requiring audits. Taxpayers should verify income details using Form 26AS and AIS. Gathering key documents like Form 16, capital gains statements, and interest certificates in advance simplifies the filing process and ensures accurate reporting of income, investments, and deductions.
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