WILL AND INHERITANCE

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.

How the US once acquired Soviet MiG-29s in a top-secret mission to prevent Iran from acquiring them

In 1997, the U.S. acquired 21 MiG-29 fighters from Moldova for $40 million, preventing their potential sale to Iran. The aircraft were studied by American and Israeli pilots to gain insights into Soviet aviation technology. This deal provided the U.S. with valuable knowledge and prevented a potential destabilizing arms transfer to Iran.

Will there be another Conjuring movie after the Last Rites?

The Conjuring: Last Rites marks the end of Ed and Lorraine Warren's on-screen investigations, as confirmed by creators and cast. While this film concludes their story, it subtly introduces Judy Warren and Tony Spera as potential successors. The future of the Conjuring universe hinges on whether audiences will embrace this new generation of paranormal investigators.

I need Rs 25 lakh for daughter’s college & Rs 5 crore for retirement. Can I do it with Rs 50,000 SIP?

I need Rs 25 lakh for daughter’s college & Rs 5 crore for retirement. Can I do it with Rs 50,000 SIP?

Voluntary-based silver hallmarking under revised rules begins; here’s how you can check silver purity

Starting September 1, 2025, India implements HUID-based hallmarking for silver jewellery and articles on a voluntary basis, according to the revised IS 2112:2025 standards. Consumers can verify article details like purity and jeweller information via the BIS Care App.

7 proven strategies to protect your assets during a divorce

Is Ozzy Osbourne's legacy at risk? Family battles $8 million tax debt and potential legal disputes

Ozzy Osbourne family financial struggles: Following Ozzy Osbourne's recent death and the immense grief of his family, a complex financial situation has emerged. Despite his $337 million estate, nearly $8 million in unpaid taxes, coupled with estate taxes in both the US and UK, threaten to significantly diminish the inheritance. Blended family dynamics further complicate matters.

A 200-foot yacht, basketball team and luxury hotels: Who will inherit Giorgio Armani's jaw-dropping fortune?

The Italian fashion designer and billionaire brand owner Giorgio Armani has died at the age of 91. According to Forbes, he had a net worth of $12.1 billion and as per Bloomberg Index, Giorgio Armani’s net worth is $9.4 million. Armani is considered Italy's third-biggest fashion group behind Gucci and Prada.

Giorgio Armani had studied medicine, served in the Army. How he became a global fashion icon

Fashion world mourns as Giorgio Armani, the iconic designer, passed away. He was 91. Armani's journey began outside fashion. He redefined style with unstructured elegance. He built a global empire. His designs shaped trends from Hollywood to Wall Street. Armani's death raises questions about the future of his $2.7 billion business. He leaves behind a legacy of timeless sophistication.

Giorgio Armani net worth — how rich was the Italian designer who passed away at 91 and who will inherit his Billion-Dollar legacy?

Giorgio Armani, the iconic Italian designer hailed for reshaping modern elegance, has died at 91, leaving behind a timeless cultural legacy and one of the most influential fashion empires in history.

Meet Kim Ju Ae — the teen who could inherit North Korea from her father Kim Jong Un

Kim Jong Un's daughter, Kim Ju Ae, has transitioned from relative obscurity to a prominent figure in North Korean state media. Her appearances at significant events, including missile launches and diplomatic meetings, signal a potential path to leadership. Recent trips, such as the one to Beijing in September 2025, further solidify her position as a front runner in the succession.

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.

Power struggle within family led to K Kavitha's dramatic exit

Kavitha Kalvakuntla's departure from BRS stemmed from family tensions and perceived gender bias. Sibling rivalry with KT Rama Rao existed. The Delhi liquor scam strained her relationship with KCR. Kavitha's independent political moves were not well-received. She criticized party leaders and KCR's close aides. Her actions highlight the challenges faced by women in Telugu state politics.

CA gets the craziest client request ever while ITR filing: 'No money, bro. You pay my tax. Going for Europe vacation'

Chartered accountant Nitin Kaushik shared financial advice after a client's audacious request to cover his income tax. He urges the middle class to prioritize financial discipline, spend wisely, diversify investments, and build additional income streams. Kaushik also emphasizes the importance of insurance, avoiding lifestyle comparisons, and distinguishing between good and bad debt for long-term financial security.

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.

How to transfer property after death: A step-by-step guide for legal heirs

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.

The evolving nature of wills: Including sentimental assets in estate planning

High Net-Worth Individuals are now including emotionally significant items, or aspirational assets, in their wills alongside traditional assets like property and gold. These items, ranging from soap collections to antique matchboxes, carry deep sentimental value for the older generation.

UP has allocated 12,500 acres of land for defence manufacturing nodes: CM Adityanath

Uttar Pradesh has allocated 12,500 acres for defence manufacturing within its defence industrial corridor, spanning six nodes including Aligarh and Kanpur, as stated by Chief Minister Yogi Adityanath. He highlighted the importance of strength alongside knowledge, referencing historical figures and events. The inauguration of Raphe mPhibr's defence equipment facility in Noida was also attended by Defence Minister Rajnath Singh.

Two bold moves just sent Trump’s approval rating soaring — here’s what changed

Trump’s approval rating is rising, especially for his actions on crime and using federal help in cities. Many Americans still worry about the economy, but his crime policies are popular. Republicans support his moves more than Democrats. Overall, bold steps on crime are boosting Trump’s approval this month.

Ivanka, Eric and Donald Trump Jr. face massive inheritance blow as inheritance shrinks by millions

Ivana Trump’s New York townhouse has seen many price cuts since her death in 2022. The luxury home was once listed for millions more but is now worth less. Her children Donald Trump Jr., Ivanka Trump, and Eric Trump are the main heirs. The falling price means their inheritance will be much smaller than expected.