CAPITAL GAINS ITR
ITR deadline: Do I need to file ITR if my salary income is less than Rs 3 lakh? Know when you need to file ITR
With the ITR filing deadline of September 15, 2025, fast approaching, the Income Tax Department is sending reminders. Filing is mandatory if your income exceeds ₹3 lakh under the new regime or Rs 2.5 lakh under the old regime, as per FY 2024-25 rules. Even with income below the limit, certain transactions or refund claims necessitate filing.
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.
Extend income tax audit deadline due to ITR portal glitch, enhanced reporting needs: BCAS
The Bombay Chartered Accountants' Society (BCAS) has urged for extensions to income tax deadlines, citing persistent glitches on the e-filing portal. BCAS, along with other associations, highlighted challenges like delayed utility releases, technical bottlenecks, and overlapping deadlines. They propose extending deadlines for tax audit reports and ITR filings to alleviate taxpayer burden and ensure compliance quality.
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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.
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.
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.
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.
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.
No income tax for lady who sold land for Rs 4.5 crore; Know how a 1955 circular and established case laws saved the day for her
Seema S sold property in Patna. She incorrectly claimed Section 54 for LTCG tax exemption. The tax officer rejected her claim. Seema appealed to ITAT Patna. Her lawyer argued about the assessing officer taking advantage of her ignorance. ITAT ruled in Seema's favor. The case was sent back to AO to allow claim for Section 54F. Read more.
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.
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.
87A and STCG: Will recent ITAT ruling on Section 87A allow taxpayer to claim 87A rebate on Short term capital gains while filing ITR?
A recent ITAT Ahmedabad ruling has sparked hope for taxpayers seeking Section 87A tax rebates on short-term capital gains (STCG) for FY 2024-25. The ruling states that Section 87A doesn't explicitly exclude STCG, potentially allowing the rebate if total income is within the specified limits. Read below to know more about Section 87A on STCG.
Earned money from Dream 11, Rummy, other real money gaming apps? File ITR now to report this income or risk tax notice and likely prosecution
Income from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% tax rate, and TDS is deducted by gaming platforms. Failure to report such income can lead to tax notices and potential prosecution, emphasizing the importance of compliance.
Chartered Accountants caution joint bank account holders about this critical issue with tax rules that can lead to tax notices
Chartered Accountants highlight a critical issue with tax rules. Rule 114E(2) causes duplicate reporting for joint account holders. This leads to unnecessary tax notices, especially for non-filers. Experts suggest reviewing AIS/TIS and reporting income correctly. Taxpayers should maintain records of investments. The current system needs a fix to avoid penalizing joint holders, particularly senior citizens.
Do you need to file ITR-3 for AY 2025-26 (FY 2024-25)? Here is the eligibility criteria
Filing Income Tax Return can be complex. For Assessment Year 2025-26, individuals with business income must use ITR-3. The Income Tax Department has introduced key changes. These include capital gains splits and asset reporting limit changes. Taxpayers must specify transfer dates for capital assets. Reporting requirements for virtual digital assets are also expanded.
How stock market traders can reduce their capital gains tax even under new tax regime at the time of ITR filing
Stock market traders can reduce their capital gains tax, even under the new tax regime, by understanding set-off and carry-forward loss rules. These rules vary for speculative and non-speculative income, with different carry-forward periods. A new tax bill introduces a one-time relief measure for accumulated capital losses, allowing broader set-offs for eight assessment years.
ITR e-filing: CBDT enables ITR-U filing via ITR-3 and ITR-4 forms; here's who needs to file it and why
The Central Board of Direct Taxes has made updated Income Tax Return filing easier. Taxpayers can now use ITR-3 and ITR-4 forms on the e-filing portal. The deadline to file an updated return is now 48 months from the end of the assessment year. This allows people to correct errors in previous filings by paying additional taxes.
16 transactions which tax dept gets to know via SFT returns; Report them now to avoid possible jail term for misreporting income
Banks and financial institutions file the Specified Financial Statement (SFT) with the income tax department, detailing taxpayers' financial transactions. This PAN-based information is used to monitor financial activities and detect potential tax evasion. Discrepancies between reported income and financial transactions can trigger scrutiny, penalties, and even prosecution for tax evasion, emphasizing the importance of accurate ITR filings. Read more.
MSCI India in negative as world indices gain up to 18.9% in 2025-Why it is time to go global with your investments
Despite India's strong economic growth forecast, its equity markets have underperformed, prompting investors to consider global diversification. Investing in international markets offers access to diverse sectors and mitigates country-specific risks. Investors can choose amidst options like international funds, direct investment through LRS, and GIFT City. Tax reforms and Double Tax Avoidance Agreements further enhance the appeal of global investing.
ITR filing deadline needs to be extended due to discrepancies in Form 26AS, AIS, system error while ITR uploading, and other issues, says GCCI
The Gujarat Chamber of Commerce & Industry (GCCI) has requested an extension to the income tax return (ITR) filing deadline, citing delays in the release of ITR utilities and persistent technical issues on the Income Tax portal. GCCI also highlights discrepancies in financial statements and seeks an extension for the income tax audit deadline, currently set for September 30, 2025.
No income tax rebate under Section 87A even if income is less than Rs 7 Lakh under new tax regime in this situation, point out CAs
Chartered Accountants have raised concerns about the denial of Section 87A tax rebates to eligible taxpayers with special rate incomes like STCG under new tax regime. While a Budget 2025 amendment restricts this rebate on special incomes from FY 2025-26, the ITR utility is already denying it for FY 2024-25, causing confusion and additional tax burdens. Read more.
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