INCOME TAX ON PROPERTY LAND SALE

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.

V K Sasikala paid Rs 450 Cr in old notes to buy sugar factory in Tamil Nadu during demonetisation: CBI

Central Bureau of Investigation has filed a case regarding the purchase of a sugar factory. V K Sasikala allegedly paid Rupees 450 crore in old currency during demonetisation. The payment was for Padmaadevi Sugars Limited. The Indian Overseas Bank faced a loss of Rupees 120 crore. Income tax department seized documents related to the deal.

Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you

While it is true that you may not have any tax dues, that alone does not mean you can skip filing your return. Filing ITR is not just about paying taxes-it is also about reporting your income formally to the government, complying with certain rules, and enjoying several benefits that come along with it.

No stimulus payment in September for US citizens? Check which states are sending out inflation rebate checks

Are US citizens receiving a stimulus payment from the Trump administration in 2025? Speculations are rife that the US government might provide $1,390 stimulus payment to Americans but IRS has denied these rumours. However, despite no payment from IRS residents of New York and other states can expect deposits for inflation rebates.

Dollar falls sharply after jobs data misses expectations

The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which likely guarantees a Federal Reserve interest rate cut. Labor Department data showed that nonfarm payrolls increased by only 22,000 jobs last month, far short of the 75,000 positions estimated by economists polled by Reuters.

Big cheer for homebuyers! Homes may get cheaper with lower GST on cement

The government's decision to lower the GST on cement from 28% to 18%, effective September 22, 2025, is expected to reduce housing construction costs. Experts predict a 5-7% decrease in overall project expenses, particularly benefiting affordable and mid-income housing. Notably, cement is a crucial construction material, contributing between 10-12% of construction costs.

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.

Delhi HC directs GMR chairman to vacate his residential premises & hand over 2.45 acre Pushpanjali Farms

The Delhi High Court ordered GM Rao, chairman of GMR group, to vacate his residence. The property, Pushpanjali Farms, must be handed over to Onkar Infotech. The court rejected DIAL's argument that the eviction suit was not valid. The lease was terminated after Onkar Infotech became the owner. DIAL's claim that part of the land was agricultural was also dismissed.

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.

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.

A comprehensive guide to saving LTCG Tax on property sale: Understanding Sections 54, 54EC, and 54F

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.

Signature Global buys 33.47 acre land parcels in Gurugram's Sohna for Rs 450 crore

Signature Global has acquired 33.47 acres of land in Sohna, Gurugram, for approximately Rs 450 crore to develop housing projects. The company aims to invest significantly in land acquisitions and has launched projects worth Rs 4,000 crore in Q1 FY26, with plans for further launches.

Most expensive home in the US goes on sale; Price and luxury features will leave you stunned

Little Lake Lodge, a 74-acre Aspen estate owned by the Resnick family, has been listed for $300 million, making it the most expensive property in the U.S. The estate features 18 bedrooms, a private lake, and extensive trails, all within a mile of downtown Aspen. Its value is further enhanced by strict building size limits in Pitkin County.

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.

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?