Clipped from: https://economictimes.indiatimes.com/wealth/tax/do-i-have-to-pay-income-tax-if-i-gift-a-flat-to-my-wife/articleshow/124151569.cms Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us
Category: Income Tax
*Wedding Gifts Not Taxable under Income Tax: ITAT deletes ₹10 Lakh Cash Deposit Addition [Read Order]
ITAT held that the wedding gifts were customary and exempt from tax. They also deleted ₹10 lakh under section 69A, and allowed ₹10,000 deduction under
*JDA Does Not Constitute Transfer u/s. 2(47): ITAT Deletes Capital Gains Addition on Security Deposit [Read Order]–[ Read the last para which says it was a security deposit which was refundable ]
Clipped from: https://www.taxscan.in/top-stories/jda-does-not-constitute-transfer-u-s-itat-deletes-capital-gains-addition-on-security-deposit-1433422 The tribunal examined the collaboration agreement which revealed that the ₹5 crore was a security deposit and not sale consideration, and that possession
*******Section 148 Reassessment Notices Must Follow Faceless Procedure: Delhi HC
Clipped from: https://taxguru.in/income-tax/section-148-reassessment-notices-follow-faceless-procedure-delhi-hc.html Mehak Jagga Vs ITO (Delhi High Court) The Delhi High Court has dismissed a petition filed by Mehak Jagga challenging a reassessment notice issued by
*******In a clear change of strategy, govt turns to tax benefits to boost demand
Clipped from: https://www.business-standard.com/opinion/columns/govt-turns-to-tax-benefits-to-boost-demand-faces-fresh-challenges-125092301396_1.html The ‘Festival of Savings’ appears to be the new policy instrument to revive and sustain growth A major takeaway from Prime Minister Narendra
*******Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D
Clipped from: https://taxguru.in/income-tax/unexplained-income-provisions-sections-68-69-69a-69b-69c-69d.html Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D of the Income-tax Act, 1961 Executive Summary This article analyses Sections 68,
Time-Barred Reassessment Notices Quashed: Limitation Period Enforced
Clipped from: https://taxguru.in/income-tax/time-barred-reassessment-notices-quashed-limitation-period-enforced.html Seema Goel Vs CIT(A) (ITAT Delhi) Strikes Down July 2022 Notices for AYs 2015-16 & 2016-17- No Escape from Limitation Assessee, an individual,
*Tax Dept gives big relief to income taxpayers regarding Section 87A tax rebate claim
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-dept-gives-big-relief-to-income-taxpayers-regarding-section-87a-tax-rebate-claim/articleshow/124048219.cms Tax Dept. waives interest on tax demand notices issues for claiming Section 87A tax rebate on special rate incomes The Central Board of
*******Income Tax Department Website–Frequently Asked Questions–
*******Joint Property Bought by Husband, Entirely His Investment: ITAT Deletes Addition in Wife’s Hands
Clipped from: https://taxguru.in/income-tax/joint-property-bought-husband-investment-itat-deletes-addition-wifes-hands.html Smt. Mita Chatterjee Vs ITO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, has sided with an individual assessee, Smt. Mita Chatterjee,
*******F&O trader shock: Why even your losses could trigger a ₹1.5 lakh audit penalty – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/fo-trader-shock-why-even-your-losses-could-trigger-a-rs15-lakh-audit-penalty-494983-2025-09-21 F&O trading is considered non-speculative business income. That means it falls under “Profits & Gains of Business or Profession,” and traders must maintain
*******Who really needs a tax audit? CA demystifies audit rules, clears confusion on ITR 3 & 4 – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/who-really-needs-a-tax-audit-ca-demystifies-audit-rules-clears-confusion-on-itr-3-4-495012-2025-09-21 In an explanatory post, the financial advisor broke down the rules around turnover thresholds, due dates, and audit requirements, making compliance clearer for
*******Selling dad’s old house? How you can pay Rs 9.08 lakh instead of Rs 12.25 lakh in capital gains tax – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/selling-dads-old-house-how-you-can-pay-rs-908-lakh-instead-of-rs-1225-lakh-in-capital-gains-tax-494937-2025-09-20 Selling an inherited property can be costly if you don’t know the rules, but a few tax-saving strategies can help preserve your wealth.
*Top five changes in income tax audit form 3CD for AY 2025-26; Check details – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/top-five-changes-in-income-tax-audit-form-3cd-for-ay-2025-26-check-details/articleshow/124012292.cms September 30, 2025, is the deadline for for eligible taxpayers. including certain individuals, to submit their income tax audit reports. Just to give you a
*****HRA Claim Restricted to 50% as Rent Agreement in Joint Name with Brother, rules ITAT Despite Assessee Bearing Entire Rent [Read Order]
Clipped from: https://www.taxscan.in/top-stories/hra-claim-restricted-to-as-rent-agreement-in-joint-name-with-brother-rules-itat-despite-assessee-bearing-entire-rent-1432977 Despite the assessee’s submission that the entire rent of ₹1,26,500 was paid by him and that his brother had not claimed any HRA
*****CBDT issues SOP to track capital gains from JDAs, reports due Oct 31 | Industry News – Business Standard
lipped from: https://www.business-standard.com/industry/news/cbdt-sop-capital-gains-jda-october-deadline-125091701218_1.html CBDT has issued an SOP for field officers to track capital gains from JDAs using RERA data, cross-checking with ITRs and requiring reports
*****ITR deadline gone: How a slight mismatch can lead to tax notices; key things to note – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-gone-how-a-slight-mismatch-can-lead-to-tax-notices-key-things-to-note-494372-2025-09-17 Even small mistakes in your Income Tax Return (ITR), like missing a few thousand rupees of interest income, can trigger a notice from
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