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LAND SALE TAXATION
I have LTCG tax liability of Rs 16 lakh from land sale; should I pay income tax or reinvest to save?ET Wealth Reader's Query: I am 57. I recently sold a piece of land near Jewar airport, resulting in a long-term capital gains (LTCG) tax li...- My NRI status changed. Will interest earned on my NRE FDs be taxable in India?ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status changed to ‘resident’ from FY2025–...
- Can you earn rental income by letting out your flat on Airbnb for homestay? What homeowners need to know as similar case sparks protests in a Ghaziabad housing societyIf someone is found running a homestay or Airbnb-like service in your society, what can you do? Legally, the society’s first step should be...
- My sister gifted me Rs 37 lakh from land sale. Will she have to pay income tax?ET Wealth Reader's Query: My sister and I received Rs 37 lakh each from the sale of agricultural land in our native place. She has gifted h...
- 5 Bangalore landowners formed a partnership firm to develop property, received income tax notice for undisclosed rental income; won relief in ITAT for this reasonBangalore landowners get relief from undisclosed rental income tax notice after proving in ITAT that their partnership firm received the re...
- Returning to India from the UK? Capital gains and inheritance tax may still applyNon-resident Indians should note that leaving the UK doesn't automatically terminate tax residency. Retaining connections might keep your t...
- Rs 16 lakh cash seized in income tax raid, tax officer calls it unexplained cash; Taxpayer claims it to be family money, he fights and wins the case in ITAT MumbaiDuring an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and cal...
- JSW MG seeks PHEV tax incentives, targets 70% localisation by 2027JSW MG Motor India is pushing for lower taxes on plug-in hybrid electric vehicles. The company targets 70% localization for its Windsor and...
- Succession Planning: 8 key tax considerations you should take into accountSuccession planning involves connected legal and tax events, not just death. Income earned before death must be reported by the deceased's ...
- Paid Rs 6.5 crore and bought a property with stamp duty value of Rs 8.85 crore, got income tax notice for unexplained investment; He fought back won relief in ITATBuyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained property investment u/s 69B; Know...
- NRI selling property, shares or gold in India? Here's how you can manage your capital gains tax in a better waySelling Indian investments triggers capital gains tax for NRIs, with rules varying by asset type. Property sales offer significant tax redu...
- ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claimBuilder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent ...
- Inherited property taxation: Know how to save capital gains tax on sale of inherited property or landInheriting property doesn't trigger immediate taxes, but selling it does incur capital gains tax, with exceptions. Tax laws allow using the...
- Supreme Court admits petition on imposition of GST on joint development pactsThe Supreme Court admits a petition challenging GST imposition on transfer of development rights in joint development agreements, impacting...
- Realty redevelopment projects GST ruling likely to hit cost dynamics across marketsTelangana High Court dismisses a legal challenge by a real estate developer regarding the GST on transfer of development rights; real estat...
- Assam govt deems tea garden workers eligible for 10% compensationIssuance of Assam Taxation (On Specified Lands) (Amendment) Ordinance, 2022, this will enable the extension of tax exemption on green tea l...
- Developed land sold as plots will attract GST: AARThe AAR has also concluded that sale of developed plots will be covered under the clause 'construction of a complex intended for sale to a ...
- What is the tax implication of sale of ancestral property?"You and your siblings will have to pay capital gains tax for your respective share received from the sale of the house. "
- DoT, Tata Communications close to sealing deal to hive off, monetise land parcelThe government may raise around Rs 15,000 crore from monetising this land as per some estimates. Tata Comm did not respond at the time the ...
- Haryana issues notice to Robert Vadra seeking details of DLF land dealNotably IAS officer Ashok Khemka had cancelled the land mutation of 3.53 acres, which Vadra had sold to DLF for Rs 58 crore.
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