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GIFT FROM RELATIVE IS EXEMPT UNDER WHICH SECTION
Received cash, property or shares as gifts? You may have to pay tax as per ITR reporting rules in these casesGifts from specified relatives are fully exempt from income tax. Non-relative cash gifts exceeding fifty thousand rupees become taxable. Im...- Bengaluru landowner sells 17 apartments, earns Rs 11.8 crore LTCG, pays no tax; I-T dept sends notices; he contests and wins in ITAT BangaloreLandowner sells 17 apartments, earns Rs 11.8 crore gains, paid no tax, reinvests gains into 5 properties; tax dept sent notice; he wins cas...
- CIC directs petroleum ministry arm to share historical petrol, ethanol, profit dataThe Central Information Commission ordered the Petroleum Planning and Analysis Cell to release historical petrol production and import data...
- Income tax guide: Allowance and reimbursement exemption limits every salaried employee should knowSalaried employees should know income tax exemption limits for various allowances. Leave Travel Allowance is exempt for self and family tra...
- EPFO launches VISHWAS 2026 scheme: Six-month window offers relief in delayed PF dispute cases; check eligibilityEPFO 2026 scheme: The Employees' Provident Fund Organisation (EPFO) has introduced VISHWAS, 2026, a dispute resolution scheme. This initiat...
- ETMarkets Smart Talk | Selling property in India? Here's how NRIs can avoid excess TDS: Trilegal's Himanshu SinhaNRIs face complex tax rules when selling Indian property, often leading to excess tax deductions. Obtaining a Lower TDS certificate can pre...
- Exempted Trust under EPFO may regularise their status under Amnesty Scheme, 2026, says the retirement fund bodyThe Employees' Provident Fund Organisation has launched a new amnesty scheme for provident fund trusts. This one-time opportunity allows ex...
- Govt eases shipping rules for GIFT City to spur maritime leasing, financeGIFT City IFSC units are now exempt from a specific shipping license. This exemption aims to boost India's maritime leasing and financing e...
- Same-sex couple challenges Income Tax provision that exempts gifts only between spousesThe Karnataka High Court has requested a response from the Union government concerning a petition that challenges a tax exemption clause. T...
- Why Erdogan gave NATO leaders loaded revolversNATO leaders received engraved revolvers and ammunition from Turkish President Erdogan after a summit. Several leaders discovered the conte...
- Govt allows GIFT City units to lease foreign vessels without need for DGMA permissionThe shipping ministry has granted exemptions for GIFT City entities. These entities can now lease foreign vessels without DGMA permission. ...
- India defends itself against US forced labour charges; seeks resolution via trade talks as Trump tariffs loomIndia urged the United States to address tariff concerns through bilateral trade negotiations. New Delhi questioned inconsistencies in Wash...
- ITR filing 2026: Rs 15 lakh, Rs 20 lakh, and Rs 25 lakh salary; how much tax you could pay under new vs old tax regime?Salaried employees face a crucial tax decision between old and new regimes. The new tax regime offers lower tax liability across various in...
- Opting for presumptive taxation while filing ITR? You may have to face tax audit; here's what you must knowThe Income-tax Act, 2025 introduces a new audit trigger for businesses. This change clarifies audit requirements for low-profit businesses ...
- Gifted a house to your spouse? You may still have to pay tax on the rental income: Know 7 key things before filing ITR for AY 2026-27Many taxpayers mistakenly believe that rental income from a house gifted to a spouse is taxable in the recipient spouse's hands. This artic...
- ITR utility updated: New 'other income' column added under exempt income schedule; here's what it meansIncome Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exemp...
- Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT ChennaiA Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially den...
- ITR filing for NRIs: From miscounted days in India to missed NRO interest, these mistakes can trigger tax noticesMiscounted days in India, missed NRO interest and TDS mismatches can invite notices from a data-savvy tax department.
- UK's Farage referred to standards watchdog after new report of undeclared benefitsFarage is already under investigation by the standards watchdog over whether he should have declared a £5 million ($6.7 million) donation f...
- Govt scraps TDS on GIFT City aircraft lease rentalsAirlines are now exempt from deducting tax at source on lease rentals paid to eligible aircraft leasing companies in GIFT City. This move a...
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