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Thu Nov 21 2024 11:50:07

Tata Steel share price
141.10 1.18%

Tata Motors share price
785.35 0.25%

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775.20 -3.34%

NTPC share price
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321.75 2.13%

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Q&A

You can claim an exemption under Section 54 of the Income Tax Act, provided the investments are made within the prescribed period.

Income tax implications of property sale and gifted proceeds from legal heirs

1 min read . 17 Nov 2024

You have to file your ITR in India whether you have any taxable income in India or not. (iStock)

Do I have to file ITR in India after returning from UK for work?

1 min read . 16 Nov 2024

Section 10(10AA) deals with exemption regarding leave encashment received by an employee. (Pixabay)

Is my employer right to deduct tax on leave encashment after my resignation?

1 min read . 16 Nov 2024

As per the income tax laws, an assesses can have a maximum of two houses as self-occupied.

Claiming home loan tax benefits on multiple properties: What you need to know

2 min read . 02 Nov 2024

The interest on RBI floating-rate saving bonds is fully taxable, and tax at the applicable rate is deducted at the time of interest payment. (iStock)

Investing in tax-free government bonds: What you need to know

2 min read . 02 Nov 2024

Banks offer higher interest rates on fixed deposits to ex-employees and senior citizens.

Should you transfer fixed deposits to a HUF account?

2 min read . 02 Nov 2024

The recent budget has eliminated indexation benefits for the computation of long-term capital gains.

Understanding capital gains calculation on inherited property

2 min read . 31 Oct 2024

Given the low impact that income tax benefits will have, a better approach likely lies outside the realm of the Budget: reduce the burden of GST instead. (Image: Pixabay

Can I offset Long Term Capital Gains with the previous year's losses?

2 min read . 31 Oct 2024

Capital gains arise on the sale or transfer of any capital asset, but the redemption of SGB by an individual with RBI is not treated as a transfer under Section 47(vii) of the Income Tax Act.

Sovereign Gold Bonds: Understanding income tax exemption on early redemption

2 min read . 12 Oct 2024

Though the ITR has been processed under Section 143(1) and you filed the ITR beyond the due date, you can still file a revised ITR claiming the amount of TDS not claimed earlier.

Navigating TDS claims: Options after late ITR submission

2 min read . 09 Oct 2024

You can gift any amount to your brother without any tax implications for you or your brother, as gifts received from specified relatives, including siblings, are not to be treated as income under Indian tax laws.

Remitting money to India: Are funds taxable for you or your brother?

2 min read . 08 Oct 2024

Section 54 B provides an exemption from tax on long-term capital gains on the sale of agricultural land. The capital gains can be invested in buying another agrarian land within two years of the original sale date.

Capital gains tax: Options for non-resident Indians after land sale

2 min read . 01 Oct 2024

An NRI cannot continue his resident savings account. Upon becoming a non-resident under FEMA, he must get such an account into NRO.

NRI status: Income tax rules for PPF and savings accounts explained for parents

3 min read . 01 Oct 2024

Can I revise my income tax return to claim certain DTAA benefits?

1 min read . 23 Sep 2024

The registration of an agreement dates back to the date of execution of the contract.

Understanding dates of purchase for house property and capital gains exemptions

2 min read . 19 Sep 2024

Income taxability depends on residential status, which changes yearly under the income tax laws depending on your physical stay in previous years and the aggregate of your physical stay in the past.

Returning to India from abroad? What to know about bank accounts and taxation

1 min read . 16 Sep 2024

Bank fixed deposits: Any asset received as an inheritance is not treated as the recipient's income and must not be disclosed in the ITR.

Income tax implications for inheriting fixed deposits after father's death

3 min read . 15 Sep 2024

Tax implications explored: As per the income tax laws, the full fact of the complete partition must be recorded by the income tax officer by passing an order.

Can a single coparcener maintain HUF status? Tax implications explored

2 min read . 12 Sep 2024

The exemption under Section 54EC by investing the capital gains in capital gains bonds of specified financial institutions is available only for long-term capital gains arising from land or buildings and not for any other assets.

Understanding capital gains tax exemptions for ESOP share sales

1 min read . 12 Sep 2024

There is no basic threshold up to which you are not required to deduct tax in respect of payments, in the nature of income, made to non-residents. (iStock)

Do I have to deduct tax for paying rent to a non-resident landlord?

1 min read . 08 Sep 2024