SECTION 54
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.
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.
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.
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.
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.
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.
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ITR filing deadline needs to be extended as portal glitch, Navratri, Dussehra festive season and new ICAI format for non-corporates, says RTCA
ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.
Amazon Prime membership free shipping ending: Check latest changes, last date
Amazon Prime members pay $14.99 monthly or $139 annually. Amazon doubled its Prime Day discount sales to four days this year and touted blowout numbers days after the event.
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.
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.
Vivo X200 FE review: Big battery, bold cameras. Is it the ultimate compact Android phone?
The Vivo X200 FE is a rare compact flagship that balances size and performance without major compromises. Featuring a 6.31-inch AMOLED LTPO display, Dimensity 9300+ processor, Zeiss-backed cameras, and a massive 6500mAh battery, it delivers premium features in a one-hand-friendly design. While its ultra-wide camera and FunTouch OS still leave room for improvement, the X200 FE stands out as a powerful, practical alternative for users tired of oversized phones.
Shiv Sena (UBT) mouthpiece Saamna slams Amit Shah over bill for removal of PM, CMs, reminds him of Sohrabuddin Sheikh fake encounter case
Titled "Shah's flowery sermon... first take the Prime Minister's resignation!" the editorial accused the NDA leadership of "Standing in the swamp of political corruption and debauchery," while taking the high ground to make the politics of the country clean and principled.
Last day of Monsoon Session: Congress MPs seek debate in Parliament on 'electoral fraud', credibility of elections
Congress members of Parliament are raising concerns about electoral integrity. They are alleging fraud and demanding discussions in both Lok Sabha and Rajya Sabha. Manickam Tagore highlighted issues in Bihar's electoral rolls. Syed Naseer Hussain and Akhilesh Prasad Singh also voiced concerns. The Monsoon Session is witnessing disruptions. Bills proposing removal of detained elected officials are facing opposition.
Union Ministers to lay papers on table; Parliament to hold special discussion on space programme
The Monsoon Session of Parliament concluded amidst disruptions and heated debates over alleged electoral roll manipulation in Bihar and proposed bills to remove elected officials facing criminal charges. Key economic and infrastructure bills were passed despite opposition protests.
"Patently unconstitutional Bill": Rajya Sabha MP P Chidambaram slams new Lok Sabha legislation
P Chidambaram has strongly criticised the Jammu and Kashmir Reorganisation (Amendment) Bill, 2025, deeming it unconstitutional and anti-democratic. The bill allows for the removal of a Chief Minister or Minister if arrested and not granted bail within 30 days. Chidambaram argues this undermines democratic principles and federalism, potentially destabilising elected governments based on mere arrests.
Lok Sabha Speaker Om Birla urges MPs not to bring banners, placards in house
Lok Sabha Speaker Om Birla appealed to MPs to maintain order by refraining from bringing banners and placards into the House. This came as the session faced disruptions due to opposition members demanding a discussion on voter list revisions in Bihar.
Govt to bring bills for removal of PM, Union minister, UT CM held on serious criminal charges
The government plans to introduce three bills in Parliament on Wednesday aimed at removing a prime minister, Union minister, chief minister, or Union Territory minister if arrested or detained on serious criminal charges. These bills include amendments to the Government of Union Territories Act, the Constitution, and the Jammu and Kashmir Reorganisation Act.
Rain fury grips Mumbai: Why the city that never sleeps is sinking under relentless downpour
Mumbai experienced record rainfall, reaching almost 300 mm. This downpour severely impacted road and rail traffic. The Mithi river's rising levels led to evacuations. Train services faced disruptions, and flights were delayed. Schools and colleges were closed due to the heavy rains. The IMD issued a red alert for the Konkan region.
Earthquake of magnitude 4.8 strikes Carlsberg Ridge
A magnitude 4.8 earthquake struck the Carlsberg Ridge on August 17, 2025. The National Center for Seismology reported the quake's shallow depth of 10km. This increases the risk of aftershocks. The Carlsberg Ridge is a seismically active zone. It marks a boundary between tectonic plates in the Indian Ocean. A major earthquake of 7.6 magnitude was recorded there in 2003.
No income tax for son who sold late mother’s flat for Rs 1.45 crore to buy seven houses; how a minor language error helped him
The Bombay HC ruled that a son was not required to pay income tax on the sale of his late mother's Mumbai flat, even after purchasing seven houses in Pune with the proceeds. This decision hinged on Section 54 of the Income Tax Act, prior to its 2014 amendment, which used the term 'a residential house'.
Six deliveries per thousand are stillbirths in India, highest rate in northern states: Study
A recent analysis of Indian health data reveals a stillbirth rate of 6.548 per 1,000 births in 2020, with urban areas showing higher rates than rural. Northern and central India are identified as stillbirth hotspots, while factors like maternal anemia and wealth status correlate with increased risk.
Siri Fort sports complex membership: Check application process, fee, how to apply, allocation and last date
The Delhi Development Authority (DDA) is offering 800 permanent memberships at the Siri Fort Sports Complex (SFSC). Applications are open from August 12 to September 11, 2025, for government employees, non-government individuals, and existing members. Selection will be based on a lottery or seniority, with an online application process ensuring transparency and easy access to the complex's diverse sports facilities.
Essex Marine shares list at 20% discount to IPO price on BSE SME platform
The fixed-price Essex Marine IPO, open from August 4 to 6, offered a fresh issue of 42.62 lakh shares. It was subscribed 2.91 times overall, led by strong retail demand at 4.95 times, while NIIs subscribed 0.87 times. No anchor or QIB bids were received.
Can I get indexation benefit on renovation cost of my home without bill to save capital gain?
I plan to sell my 48-year-old house and have obtained a valuation, as of 1 April 2001, for long-term capital gain (LTCG) calculation. Over the years, I’ve spent a significant amount on repairs and renovations, but have no receipts or payment proof. While filing ITR after the sale, can I add and index these major expenses, along with the valuation-based cost?
Karnataka Rent Act fine: Govt plans heavy penalties for tenants and landlords breaking this rule
Karnataka Rent Act Subletting Fine Increase: Karnataka is set to significantly increase penalties for tenants subletting without landlord consent, raising fines from Rs 5,000 to Rs 50,000. Landlords permitting such subletting will also face higher fines, alongside unregistered property brokers who will incur daily penalties.
How to file ITR-2 for AY 2025-26 with salary, capital gains, foreign income and others; Here's a step-by-step guide
Taxpayers with income from salary, capital gains, or unlisted equity shares can file ITR-2. For AY 2025-26, the ITR-2 excel utility has six updates, including reporting capital losses on share buybacks. The article provides a step-by-step guide on filing ITR-2 online and using the excel utility, covering capital gains reporting and other essential details.
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