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PROPERTY CASH INCOME TAX RULES
Rs 48 lakh in cash received from the sale of two properties, paid capital gains tax but received an income tax notice; taxpayer wins the case in ITAT Cuttack for this reasonMr. Purushottam residing in Kabisurya Nagar, encountered a penalty for accepting cash payments linked to his property sales. He sold two pr...- Daughter took father’s land by paying Rs 7.25 lakh in cash to her brothers and abandoned father, he filed a court case; Karnataka HC gives back the land to himMr. Bairappa had given his land to his daughter with the understanding of receiving care. However, she betrayed him by denying assistance a...
- Rs 8.02 lakh leave encashment tax exemption denied: Retired employee wins case in ITAT SuratRetiree Mr. Patel from Bharuch, Gujarat, sought a complete tax exemption on Rs 8.02 lakh of leave encashment. Initially, his company certif...
- Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT SuratMr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The In...
- Rs 21.6 lakh speculative trading loss in stock market triggers Income Tax notice for no tax audit; Trader wins case at ITAT CuttackMr. Kumar, a diligent stock trader, faced considerable financial setbacks but overlooked the necessity of a tax audit. In response to his f...
- Insurance agent deposits Rs 35 lakh cash collected from policyholders in his bank account, gets tax notice; he fights and wins in ITAT JaipurPolicyholders gave Rs 35 lakh cash as insurance premiums which agent deposited in his bank a/c; Income Tax Dept sent agent notice for unexp...
- Son gets income tax notice for Rs 33.23 lakh in property investment and cash; he gets relief in ITAT Jaipur for this reasonMother sold 642 grams gold jewellery, gifts the amount to son via notarised gift deed, son buys property and deposits cash in bank but gets...
- $700 million tax bill vs $4.15 million image: The court case that saved Michael Jackson’s heirsA US Tax Court judge has determined that Michael Jackson's name, image, and likeness are worth $4.15 million. This valuation is considerabl...
- LTCG tax relief for these mutual fund investors proposed by SEBI; know how switching funds for portfolio rebalancing can save taxThe Securities and Exchange Board of India (SEBI) has put forth a proposal to exempt long-term capital gains tax for investors who switch m...
- Paris Jackson net worth: How rich is Michael Jackson’s daughter as she seeks $600 million from father's estate after 17 years?Paris Jackson has approached a Los Angeles court seeking a $600 million transfer from her late father Michael Jackson's estate to a family ...
- ₹16 lakh jewellery, ₹3.88 lakh cash treated as unexplained income; here’s why the taxpayer wins at ITAT HyderabadIn a significant ruling, the Hyderabad ITAT absolves Mr Chintakunta of tax additions regarding unexplained cash and jewellery found during ...
- Rs 3.2 crore found in blue drums buried in UP village; police probe brothers' Mumbai, Pune linksThe recovery of Rs 3.2 crore from three buried blue drums in Uttar Pradesh's Nawabganj has prompted investigators to examine two brothers' ...
- Rs 60 lakh cash deposit in widow's bank account triggers income tax notice for unexplained credit; she fights back and wins in ITAT PuneMs Parve’s counsel argued in ITAT Pune that she is a housewife and never filed her income tax return (ITR) as she had no independent source...
- Delhi techie couple donates Rs 50 to political party, claims Rs 40 lakh ITR deduction, evades Rs 5.3 crore income tax, faces IT probeA Delhi-NCR techie couple allegedly claimed Rs 40 lakh in tax deductions after donating just Rs 50 to a political party. An Income Tax Depa...
- Sold property? You may pay zero tax if these Section 82 rules under Income Tax Act 2025 are metFor Tax Year 2026-2027, Income Tax Act, 2025 is applicable and this means you need to be versed with the renumbered Sections in order to co...
- Family members can reject sale of joint HUF land and treat it as void if Karta sells it solely for personal benefit; Key legal rules you must knowIn a Supreme Court ruling from earlier this year, the sale of joint ancestral property was deemed invalid if it only benefited one family m...
- RS bypoll affidavit: Wife wealthier than Hardeep Singh Puri, owns Geneva apartmentHardeep Singh Puri filed his nomination papers for the Rajya Sabha bypoll scheduled on November 12. His affidavit reveals his wife, Laxmi P...
- India's ESOP tax rules need reform to ease employee burdenIndia’s ESOP tax rules impose tax on unrealised gains before employees receive cash, creating liquidity pressures. Reforming taxation throu...
- ₹20.45 lakh cash deposits, ₹12.64 lakh capital gains from property sale questioned by Income Tax Department; here’s why woman wins relief at ITAT HyderabadA Telangana woman successfully challenged an income-tax dispute involving substantial cash deposits and a property sale. The ITAT Hyderabad...
- Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can doUAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to asse...
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