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TAX NOTICE FOR UNEXPLAINED PROPERTY INVESTMENT
Wife paid Rs 58 lakh from Indian bank a/c, husband paid Rs 80 lakh from UAE bank a/c for property purchase; she gets tax notice for unexplained investment, wins case in ITAT Mumbai for this reasonTo purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange...- Are you afraid of getting an income-tax notice? Here's how to avoid it completely
- Son becomes NRI, gifts shares worth Rs 30 lakh to father; should this be disclosed in ITR? What taxpayers must do to avoid tax noticesNRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in ITR? Although a genuine gift of sha...
- ITR filing: Received Section 143(1) intimation with tax demand? Respond within 30 days or risk being treated as an ‘assessee in default’; know how to do itTaxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties...
- Meta under fire over curbs on Delhi protest contentThe Internet Freedom Foundation has concerns about Instagram's handling of protest content. Users report protest reels are marked as sensit...
- Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT saidCan the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party ...
- How to select the right ITR form based on your income for AY 2026-2027Choosing the right income tax return form for AY 2026-27 depends on income sources. Individuals can now report two house properties using I...
- ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax noticesMany taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. T...
- Registration of redevelopment agreement alone doesn’t trigger tax, rules ITATMumbai ITAT ruled agreement registration does not mean property receipt. Tax cannot be levied on future property rights under anti-abuse pr...
- India vs US real estate: Transparency, legal protection, fraud risks, and what NRIs should consider before buying propertyIt is relatively easier to reliably buy or sell property in the United States, compared to the process in India, which can be fraught with ...
- 7 big income tax changes for 2026-27 that may reduce penalties for small mistakesNew income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from Octo...
- Income tax return: How to report capital gains correctly to avoid ITR filing mistakesAll disclosure of capital gains must be filed in Schedule CG. This schedule houses separate sections for different types of gains. For accu...
- NRI woman sold her property in Gujarat for Rs 21 lakh, tax dept sent notices, she missed them as she lived abroad; later she files case and wins in ITAT AhmedabadITAT overturns STCG tax on Gujarat house sale: When Kaminiben, an NRI from Anand, Gujarat, sold her house for Rs 21.4 lakh in AY 2018-19, w...
- Income tax on gifts: Received cash, property or shares? You may have to pay tax and report it in your ITR in these casesGifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain values become taxable under specific ...
- ITR 2026: Common income tax return filing mistakes that cost employees lakhsA careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensur...
- Not spicy food. Not even caffeine addiction. Doctor says the culprit behind stomach cancer is unexpected and surprisingly commonAlthough a diet heavy in rich and oily foods is ultimately bad for your health, it does not necessarily increase the risk for stomach and g...
- Home loan interest column for self-occupied house disabled in ITR utility? Know what to do while ITR filing for AY 2026-2027Home loan interest column for self-occupied house is disabled in ITR utility? Know what to do while ITR filing for AY 2026-2027. The reason...
- Bengaluru landowner sells 17 apartments, earns Rs 11.8 crore LTCG, pays no tax; I-T dept sends notices; he contests and wins in ITAT BangaloreLandowner sells 17 apartments, earns Rs 11.8 crore gains, paid no tax, reinvests gains into 5 properties; tax dept sent notice; he wins cas...
- ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate ...
- ETMarkets Smart Talk | Equity, mutual funds, bonds or property: Tax rules every NRI should know: Ritu ShaktawatNRIs investing in India must understand tax rules and residential status. Double Taxation Avoidance Agreements offer beneficial tax treatme...
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