Category: Income Tax

Clipped from: https://www.perplexity.ai/search/can-any-guidance-be-given-on-r-TuooPkXFQfi4te.nXIRbHA#0 Yes, regular remittances by a son to his parents in India are permitted and are a commonly used practice for family maintenance. The

*******Receiving money from your NRI relative? How to use it and its taxation – Z-Connect by Zerodha

Clipped from: https://zerodha.com/z-connect/varsity/receiving-money-from-your-nri-relative-how-to-use-it-and-its-taxation India is one of the top countries with the largest diaspora residing in nations like the UAE, the US, and Saudi Arabia. We

*******Monthly remittances by a son to his parents –some case laws

Yes, Anil — here are some relevant case law references and interpretations that help clarify the non-taxability of gifts from relatives, especially in the context

*******Tax Treatment of Gifts– IT Department Note

18. Tax treatment of gifts.pdf https://incometaxindia.gov.in/Tutorials/18.%20Tax%20treatment%20of%20gifts.pdf

*Reassessment under s.147 and s.68 sustained for alleged LTCG due to lack of genuineness and documentary insufficiency

The ITAT upheld reassessment under s.147, finding the AO’s formation of belief was based on independent, cogent material from the Investigation Wing and not on

*******Section 56(2) exemption upheld for funds from spouse of assessee’s sister; treated as gift, not taxable income

ITAT allowed the assessee’s appeal and deleted the addition under section 56(2) arising from a purported gift, holding that the amount received from the spouse

*******Wife gets tax notice for purchasing Rs 51 lakh property but not filing ITR, she fights back and wins in ITAT Ahmedabad – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/wife-gets-tax-notice-for-purchasing-rs-51-lakh-property-but-not-filing-itr-she-fights-back-and-wins-in-itat-ahmedabad/articleshow/125162578.cms Wife was sent tax notice as she did not file ITR and registrar records shows her purchasing Rs 51 lakh property, wins case

*******Now get faster tax refunds and easier ITR corrections: New CBDT rules explained – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/tax/now-get-faster-tax-refunds-and-easier-itr-corrections-new-cbdt-rules-explained/articleshow/125163417.cms The Central Board of Direct Taxes (CBDT), issued a notification on October 27, 2025, empowering the Commissioner of Income Tax (CPC), Bengaluru, to exercise concurrent

*******Wife gets tax notice for purchasing Rs 51 lakh property but not filing ITR, she fights back and wins in ITAT Ahmedabad – The Economic Times

*******Taxation of Capital Gain in India – FAQs

lipped from: https://taxguru.in/income-tax/taxation-capital-gains-india-frequently-asked-questions-faqs.html Summary (Approx. 300 Words):A capital asset refers to any property owned by a taxpayer, whether or not related to business or profession, and

*****Delhi HC Quashes Reassessment Based on New Grounds Not Mentioned in 148A(b) Notice

Clipped from: https://taxguru.in/income-tax/delhi-hc-quashes-reassessment-based-grounds-mentioned-148ab-notice.html Ernst And Young Emeia Services Limited Vs ACIT (Delhi High Court) The Delhi High Court addressed a petition filed by Ernst And Young Emeia Services Limited

*****NRI Property Sale: Decoding Capital Gains, TDS Obligations under IT Act, and Repatriation Compliance under FEMA

Clipped from: https://www.taxscan.in/top-stories/nri-property-sale-decoding-capital-gains-tds-obligations-under-it-act-and-repatriation-compliance-under-fema-1436452?TRN300=SvkwjnCuCAuPbdYIsAfMSBgwaCjdWDMKUyycAFnhGJgMvUfsIMSkzyDPbMSAsh&LKD333=3134337 NRI sellers must ensure the buyer provides a copy of the TDS certificate in a timely manner, as this document is essential for

*****Tax Audit u/s 44AB Not Applicable When Turnover is Below ₹60 Lakh: ITAT Deletes Addition [Read Order]

Clipped from: https://www.taxscan.in/top-stories/tax-audit-not-applicable-when-turnover-is-below-lakh-itat-deletes-addition-1436438?TRN300=SvkwjnCuCAuPbdYIsAfMSBgwaCjdWDMKUyycAFnhGJgMvUfsIMSkzyDPbMSAsh&LKD333=3134382 The Tribunal held that the requirement for auditing account books under Section 44AB was not applicable for the Assessment Year 2016-17 if the

*******Wife wins case against tax department after getting Rs 1.85 crore compensation from builder for construction delay; ITAT Mumbai rules in her favour – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/wife-wins-case-against-tax-department-after-getting-rs-1-85-crore-compensation-from-builder-for-construction-delay-itat-mumbai-rules-in-her-favour/articleshow/125075258.cms A husband-wife duo entered into a development agreement with a builder from Mumbai, which stated that they would receive a certain number of apartments

*******I built a house on inherited land, how will I be taxed if I sell it now? – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/tax/i-constructed-a-house-on-inherited-land-how-will-i-be-taxed-if-i-sell-it-now/articleshow/125082692.cms Capital gains taxation on property sale Our panel of experts will answer questions related to any aspect of personal finance. If you have

*******Taxation of Capital Gain in India – FAQs

Clipped from: https://taxguru.in/income-tax/taxation-capital-gains-india-frequently-asked-questions-faqs.html Summary (Approx. 300 Words):A capital asset refers to any property owned by a taxpayer, whether or not related to business or profession, and

*No Hypothetical Income Can Be Taxed: Bombay HC on Cancelled Land Sale Agreements

Clipped from: https://taxguru.in/income-tax/hypothetical-income-brought-tax.html CIT Vs Lok Housing & Constructions Limited (Bombay High Court) Bombay High Court held that no hypothetical income of the assessee could have been

*******Bought Property Over ₹50 Lakh? Ensure your PAN-Aadhaar Link to Avoid High TDS Liability