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Foreign investments in your portfolio? Follow this ITR checklist to avoid tax scrutinyResident and Ordinarily Resident (ROR) taxpayers with foreign assets or income must carefully disclose overseas investments, dividends and ...- Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reasonA Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled...
- Can a Karta sell joint family property to one relative? Here’s what the law allowsThe Supreme Court upheld a Madras High Court ruling stating a Karta cannot transfer joint family property to one member without genuine nec...
- Ancestral land sale: Tax department issues notice over Rs 8 crore share, taxpayer wins case in ITAT Delhi; here's what happenedA man received Rs 8 crore from the sale of ancestral land, but the tax department issued a notice for tax evasion. The Income Tax Appellate...
- Pay zero income tax on capital gains: CA explains how you can save tax by re-investing up to Rs 10 crore LTCGSelling capital assets can lead to taxable gains, but strategic reinvestment can eliminate tax liability. Individuals and HUFs can offset l...
- Father sold family land for daughter’s marriage; first son alleged father was alcoholic and filed a case but lost in Supreme Court due to this reasonThe Supreme Court addressed the sale of HUF land by its Karta, Sharanappa, challenged by his first son. The court overturned the High Court...
- House property received by an individual as a gift is taxable in these situationsGifting property to close family isn't taxed for the recipient, but rental income tax depends on the relationship. Gifts to spouses or daug...
- Get full tax exemption on sale of farm land by using this tax provisionIndian taxpayers, especially individuals and HUFs, can save on taxes by reinvesting capital gains from agricultural land sales into new agr...
- Sold your house property or land? These nine sections in Income Tax law can help save capital gains taxIndians can save capital gains tax on property sales. The Income Tax Act offers nine sections for tax reduction or zero tax. Sections cover...
- How to file ITR if you have sold house or land in FY 2024-25For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Ch...
- How one real estate investor saved Rs 10 lakh LTCG tax on a Rs 50 lakh property sale with a simple hackIndian property sale gains are taxed under capital gains rules, varying with holding period. Long-term gains, especially for properties acq...
- Advance tax without CII: Indexation helps property sellers save LTCG tax, but CII not being notified for FY26, what should they do?Property sellers who bought property before July 23, 2024, can lower capital gains tax using the cost inflation index (CII). However, the C...
- Joint-ownership in existing flat will not bar tax benefit on investments in another house: ITATWhen a taxpayer earns long-term capital gains from sale of any asset (other than a house property), the tax arising on the gains can be sav...
- After death of karta in the Hindu Undivided Family (HUF), can his wife become a karta?Readers' estate planning queries answered by Raj Lakhotia, Founder, Dilsewill.
- Are there tax benefits to forming an HUF?One of the primary reasons for creating an HUF is to save tax. Here are some points to keep in mind while doing so.
- Inheritance rights of women in own, husband's ancestral property, coparcenary propertyA widow's share in the joint family property of the deceased husband is only up to the share that would have come to him out of that family...
- ITR filed in wrong form will be 'defective': Here's the ITR form which applies to youJuly 31 deadline for individual ITR filing is knocking on our doors but as you rush to file your return make sure you choose correct form.
- How to use HUF for as a tax planning toolThe Hindu Undivided Family structure is a great tax planning tool that can divide your tax liability and multiply the benefits. Find out ho...
- Pick up the right form to file your tax returnsOur expert offers tips on various tax-related issues in this weekly column.
- Keep in mind valuation rules while gifting propertyOur Expert offers tips on various tax-related issues in this weekly Column.
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