LAND SALE TAX
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.
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.
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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.
Festive cheer with GST 2.0; Amazon’s $200 million NBFC bet
Happy Friday! Ecommerce is expected to win big this festive season on the back of new GST relief. This and more in today’s ETtech Morning Dispatch.
Zomato, Swiggy's GST woes; Amazon's $200-million Axio deal
With the overhaul of India's GST regime, food delivery companies Zomato and Swiggy stare at a new tax burden. This and more in today's ETtech Top 5.
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.
Did anyone win the $1.4 billion Powerball jackpot on Wednesday night? Here's the winning numbers for September 3
The Powerball jackpot has soared to an estimated $1.4 billion for Wednesday's drawing after no one matched all the numbers in Monday's drawing. The next drawing is scheduled for Saturday, September 6. Tickets cost $2 each and can be purchased in 45 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands, offering a chance at a life-changing prize.
Multibagger or IBC - Part 22: Over Rs. 1,000 crore cash in books. Dry powder ready for EV play and M&As?
Internal combustion technologies face long-term disruption as EV adoption grows, but this auto ancillary player is hedging its bets. While the core business continues to support a deep OEM client base, the company has stepped into electric mobility with motors and controllers. The latest financials show growing revenues, healthy margins and EPS, and strong cash reserves. Diversification across 45+ countries, steady dividend payouts, and disciplined capital allocation provide resilience, making this company’s transition worth tracking in the fast-changing auto ancillary landscape. This series on auto ancillary companies works with the assumption that, from the whole set of auto ancillary companies, some multibagger stocks will emerge. And some companies in this space risk going bankrupt.
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.
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.
8 money mistakes that can ruin your retirement and how to avoid them
Retirement needs careful financial planning. Even small mistakes can diminish savings. A withdrawal plan is crucial. Avoid locking funds in annuities. Equities should be part of the portfolio. Medical insurance is essential. Estate planning is important for seamless asset transition. Illiquid assets pose risks. Clear debts before retirement for financial stability.
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.
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.
Affordable housing supply dips as developers focus on luxury projects
A new report reveals a concerning decline in affordable housing supply across India's top cities, with the supply-to-demand ratio plummeting from 1.05 in 2019 to just 0.36 in 2025. Developers are increasingly focused on luxury projects, exacerbating the existing shortage of 9.4 million units.
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.
Father receives Rs 4 lakh as cash gift in son’s marriage and wins income tax case of unexplained income; ITAT Ahmedabad ruling explained
Manubhai faced tax issues over cash gifts received before his son's wedding. The tax department alleged undisclosed income. Manubhai contested, providing guest lists and wedding details. Initially, his appeals were rejected. However, ITAT Ahmedabad ruled in his favor. They noted the assessing officer (AO) did not adequately investigate his evidence. The tribunal allowed his appeal, providing relief.
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.
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.
Powerball Jackpot hits $750 Million: 10th largest prize — When is the next draw?
Powerball lottery is heading into another record-setting week after Saturday night’s drawing produced no winner for all six numbers. As a result, the jackpot for Monday, August 25, has surged to an estimated $750 million.
UP to launch QR code-based property checks, instant registries, ease rent agreements: Jaiswal
Uttar Pradesh is set to revolutionize property transactions with QR code verification, instant title updates, and simplified rent agreements. These reforms, part of Vision 2047, aim to enhance transparency and efficiency. The state also plans to modernize registration offices and introduce stamp paper ATMs, fostering a user-friendly experience for citizens.
NITI Aayog lays out policy roadmap to promote homestays in India
NITI Aayog suggests financial support and easier rules for homestays. This aims to help states create better tourism. India relies on tourism for jobs and economic progress. The plan includes simpler registration and digital operations. It seeks to address the shortage of hotel rooms. Homestays offer a cheaper way to increase accommodation capacity.
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