Clipped from: https://www.financialexpress.com/money/your-loan-queries-answered-paying-sisters-emi-get-deed-registered-for-part-ownership-4052059/ Get expert answers to critical personal finance questions, including the legalities of paying EMIs for a sibling’s home loan and transferring the property.
Category: Income Tax
*Ignoring mismatch notice may result in a tax demand – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/ignoring-mismatch-notice-may-result-in-a-tax-demand-4052070/ Taxpayers are increasingly getting system-generated intimations under Section 143(1)(a) for discrepancies in returns filed and annual information statement (AIS) or Form 26AS. They must respond by
*******Your wrong tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid it – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/your-wrong-tax-refund-claim-can-raise-a-red-flag-leading-to-tax-notices-and-even-jail-in-case-of-under-reporting-of-income-heres-how-to-avoid-it/articleshow/125453570.cms Your tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid it
*******Is it legal to transfer money to wife’s account to save taxes? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/is-it-legal-to-transfer-money-to-wifes-account-to-save-taxes/articleshow/125438086.cms Many taxpayers find various ways to save tax, but sometimes they follow unconventional ways, such as transferring the amount to another person’s account
New Income Tax Act: Simplified ITR forms and rules effective from April 1, says CBDT chief – Income Tax News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-new-income-tax-act-simplified-itr-forms-and-rules-effective-from-april-1-says-cbdt-chief-4047459/?ref=hometop_hp The Income Tax department will implement simplified ITR forms and rules under the new Income Tax Act, 2025, effective April 1, 2026, CBDT
*Homeowners, not housing society, must pay capital gains tax on sale of development rights to builders, rules ITAT Mumbai – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/homeowners-not-housing-society-must-pay-capital-gains-tax-on-sale-of-development-rights-to-builders-rules-itat-mumbai/articleshow/125343041.cms On October 27, 2025, the Income Tax Appellate Tribunal (ITAT) Mumbai ruled that short term capital gains (STCG) from transferring development rights to a builder under a registered agreement,
*******Flat, FDs worth Rs 69 lakh and a tax shock — ITAT Mumbai ends 6 year tax standoff with this twist – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/flat-fds-and-a-tax-shock-itat-mumbai-ends-6-year-tax-standoff-with-this-twist-502302-2025-11-14 A modest ITR but big-ticket investments triggered a massive tax probe for one Mumbai engineer. The ITAT has overturned the case, raising questions
*******Reopening Beyond Four Years Without New Material Invalid: Gujarat HC Quashes Section 148 Notice
Clipped from: https://taxguru.in/income-tax/reopening-years-material-invalid-gujarat-hc-quashes-section-148-notice.html Unique Tags Private Ltd Vs ACIT (Gujarat High Court) The Gujarat High Court in Unique Tags Private Ltd v. ACIT quashed a reassessment notice issued
*******SEBI flags digital gold risks here are tax rules that might bite investors harder – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/sebi-flags-digital-gold-risks-here-are-tax-rules-that-might-bite-investors-harder-502083-2025-11-13 Digital gold is taxed like physical gold: sold within two years, gains are STCG taxed at slab rates; held longer, LTCG taxed at
*******Petrol pump owner declares Rs 37 lakh income from Rs 37 crore turnover, gets tax notice for Rs 14 lakh unexplained cash deposit, wins case in ITAT Bangalore – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/petrol-pump-owner-declares-rs-37-lakh-income-from-rs-37-crore-turnover-gets-tax-notice-for-rs-14-lakh-unexplained-cash-deposit-wins-case-in-itat-bangalore/articleshow/125317886.cms Man gets tax notice for Rs 14 lakh unexplained cash credit, says his business nature is such that his bank has several crores
*******8 key facts every grandchild should know about inheriting grandfather’s property
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/8-key-facts-every-grandchild-should-know-about-inheriting-grandfathers-property/who-inherits-a-grandfathers-property-in-india/slideshow/125291643.cms Who inherits a grandfather’s property in India? Under Indian law, a grandson does not have an automatic right to his grandfather’s house or
*******Bought land above Rs 30 lakh? Tax department may send you income tax notice if you make this simple error and how to avoid it? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/buying-land-why-your-dream-plot-could-turn-into-a-tax-nightmare-and-how-to-avoid-it/articleshow/125224394.cms Buying a plot of land can quickly turn from a significant milestone in life into a tax nightmare if you come under the
*******Joint Development Agreements (JDA) and Tax Implications
Clipped from: https://taxguru.in/income-tax/joint-development-agreements-tax-implications.html A Joint Development Agreement (JDA) is a registered contract between a landowner and a developer, wherein the landowner allows the developer to develop
*******New Aadhaar App launched: Carry your Aadhaar on phone, share ID securely with face scan – Know key features – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/new-aadhaar-app-launched-carry-your-aadhaar-on-phone-share-id-securely-with-face-scan-know-other-key-features-4037769/ New Aadhaar App: Carrying your Aadhaar card everywhere is now a thing of the past. The Unique Identification Authority of India (UIDAI) has introduced a new Aadhaar
*******Now fix ITR errors faster — here’s how CBDT’s latest move speeds up your tax refund – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/now-fix-itr-errors-faster-heres-how-cbdts-latest-move-speeds-up-your-tax-refund-501344-2025-11-08 Taxpayers struggling with refund delays or errors in their income tax returns may soon find the process far less cumbersome. The government has
*******can any guidance be given on remittances by a son to his parents in India on…
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
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