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SALES TAX
Man constructs a house before selling his old property and claims income tax exemption under Section 54; Income Tax Department sends notice; he wins case in ITAT DelhiConstructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays no tax, tax dept sent notice, man w...- Income tax dept has identified suspicious entities that sent money abroad, launches verification drive; Know what to doBased on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspicious entities who sent money abroad...
- Property Tax: Selling your property too early after buying it? 5 small mistakes can wipe out your tax savings
- 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 ...
- SBI's error in depositing TDS cost landlord Rs 2.7 lakh in TDS credit; Landlord fights in ITAT Agra and wins the caseSBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's PAN, leading to tax dept denying ...
- Should I sell my flat and invest to earn interest, or keep it and earn rent in my retirement?ET Wealth Reader's Query: I own a two-bedroom flat in Bengaluru, which is about 10 years old, and have no outstanding loan. I am a senior c...
- Suraj Estate Developers Q1 sales up 74%, adds Dadar land parcelSuraj Estate Developers saw sales value rise seventy-four percent year-on-year. Sales area also increased seventy-four percent, showing str...
- Moving back to India? What NRIs need to know about US tax obligationsFrom RSUs to retirement accounts, what returning Indians must settle before—and after—they land. The first thing to understand is that immi...
- UK based employee sold ESOP worth Rs 26 lakh, declared Rs 1 lakh short-term capital loss, Income Tax dept treated it as unexplained gains; He fights and wins case in ITAT MumbaiUK-based Indian employee sold 1,540 L&T Infotech shares for Rs 26 lakh which he had acquired through ESOPs, declared Rs 1 lakh short-term c...
- Inherited mother's land, converted it into business stock, and invested over Rs 5 crore in a new home; ITAT Surat grants Section 54F tax exemption relying on a 1983 CBDT circular; Know whySon inherited 50% of mother’s land and took it in his real estate business as business stock; brought an even larger plot for Rs 2 crore cl...
- From Varuni to bhang: How India’s ancient drinking traditions became a colonial tax machineThroughout history, ancient Indian cultures embraced intoxicants such as toddy and cannabis, weaving them into the fabric of religious and ...
- US retail sales unexpectedly fall in JulyJuly saw a surprising dip in US retail sales, reversing the trend of recent strong performances. The earlier surge in consumer spending, fu...
- Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know whyProperty buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in...
- SC to examine whether states can impose additional sales tax levyA Supreme Court bench will hear a key question on September 22. This concerns states' power to impose an additional sales tax levy. The Odi...
- NRI selling property in India: Should sale proceeds go to an NRE or NRO account? Know repatriation limits and RBI rulesAre you an NRI looking to sell your property in India after relocating abroad? It's essential to understand the process of repatriating you...
- Himachal imposes 60 paise/litre widow, orphan cess on petrol, dieselThe Himachal Pradesh government has imposed a new cess on fuel. This levy of sixty paise per litre applies to petrol and diesel. The Widow ...
- 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...
- Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT AhmedabadFamily member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedaba...
- Sold property for Rs 94 lakh despite a stamp value of Rs 1.93 crore, received an income tax notice under Section 50C; ITAT Chennai grants relief for this reasonChennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differe...
- Texas parents are ditching the tax-free weekend—here's whyTexas parents are shopping early for school supplies, bypassing the tax-free weekend. Houston families anticipate spending significantly mo...
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