SECTION 87A ON LTCG

SC dismisses Telangana BJP's plea against order quashing defamation case against Telangana CM A Revanth Reddy

The Supreme Court rejected a plea by Bharatiya Janata Party's Telangana unit. The plea challenged a High Court order. The High Court had quashed a defamation case against Chief Minister A Revanth Reddy. The case stemmed from Reddy's speech during the 2024 Lok Sabha poll campaign. The court emphasized that politicians should possess resilience.

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.

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.

Grow a Garden Fairy Part 2 Update: How to obtain new seed, Complete list, price, priority details and maximum profit

The Grow a Garden Fairy event update has enriched the game’s ecosystem, introducing new crops that players can unlock through Enchanted Chests or buy directly from the Fairy Fares shops.

Grow a Garden Fairy event update: All new pets and traits list, how to unlock them through Enchanted Chests and shops

Grow a Garden's Fairy Part 2 update introduces Fairy World, a magical realm accessible after the event concludes. Six new pets, obtainable through Enchanted Chests and Fairy Fares Shops, offer unique abilities to boost plant growth. While some pets cater to beginners, others provide strategic advantages for seasoned players experimenting with mutations.

Shreyas Iyer to lead India A in multi-day matches against Australia A; KL Rahul, Mohammed Siraj to play

Shreyas Iyer will captain India 'A' in two multi-day matches against Australia 'A' in Lucknow. Dhruv Jurel is the vice-captain. Sai Sudharsan, Devdutt Padikkal, and Prasidh Krishna are also in the squad. KL Rahul and Mohammed Siraj will join for the second match. These matches will be followed by three one-day games in Kanpur in 2025.

Asking an educated, earning wife to contribute to household expenses is not 'cruelty': HC

The Calcutta High Court has stated that expecting an educated, working wife to help with household costs isn't 'cruelty' as defined by Section 498A of the IPC. This ruling came as the court dismissed criminal proceedings against a GSI employee and his family.

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.

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.

Think you’re eating healthy? Too much or too little of this everyday vitamin could raise your cancer risk, experts explain

A recent study reveals a U-shaped relationship between vitamin A intake and cancer risk. Both insufficient and excessive consumption nearly double the likelihood of developing certain cancers, including oesophageal, stomach, breast, and rectal cancers. The safest intake range appears to be between 85.3–104.0 µg/day, highlighting the importance of moderation for optimal health benefits.

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.

Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations

The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.

Word spreads faster than wind about daughter-in-law being harassed for dowry: SC

The Supreme Court acquitted a woman accused of dowry harassment, overturning the conviction affirmed by the Uttarakhand High Court. Justices Aravind Kumar and N V Anjaria emphasized that while dowry harassment often becomes public knowledge quickly, the evidence presented, particularly the neighbor's testimony, didn't support the charges against the mother-in-law in this specific case.

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.

ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?

The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Experts suggest that with the ITR filing due date for FY 2024-25 (AY 2025-26) extended to September 15, 2025, the revised date will be considered as the 'due date' for the purposes of Section 234A.

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.

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.

Section 87A tax rebate can be claimed for short term capital gains income under new tax regime, rules ITAT Ahmedabad

In a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STCG) under the new tax regime for AY 2024-25. This decision allows taxpayers with total income up to Rs 7 lakh to claim the rebate on STCG, nullifying tax department notices denying such claims. Read more.