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SPOUSE GIFT TAX EXEMPTION
Psychology says people who save gift wrappers aren't cheap, they may see potential that others overlookPsychology suggests that people who save gift wrappers aren't trying to be cheap or save money. Sometimes what looks like saving paper is r...- 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...
- Child education allowance tax benefit in ITR filing for FY 25-26: Know when you can claim itSalaried employees can claim child education allowance tax exemption under the old tax regime. This exemption is available for up to two ch...
- Why gifting shares to parents works and why gifting it to your spouse is a different story
- 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. ...
- 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...
- CBDT exempts NCCL settlement fund from taxThe Central Board of Direct Taxes has granted income-tax exemption to NCCL's Core Settlement Guarantee Fund. This tax benefit will continue...
- 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...
- 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...
- Centre scraps TDS on aircraft lease rentals at IFSCsA significant tax relief has been granted to airlines, with India now exempting tax deducted at source (TDS) on aircraft lease rentals paid...
- The income your tax return doesn't need to include; 8+ types of tax-free income in India
- Spouse's FD, shares or gold? You may still have to pay tax under clubbing rules
- Husband has to pay income tax on wife’s earnings from FD, gold, shares under clubbing of income in these casesITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sou...
- Husband trades through wife’s demat account, incurs Rs 1.95 crore loss; tax dept sends notice over clubbing of income, ITAT Lucknow grants him reliefA husband's attempt to offset substantial stock market losses against his income was initially rejected by tax authorities. Despite trading...
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