Owner Dies After Sale – Will New House Bought by Legal Heir Get Capital Gain Exemption?
Owner Dies After Sale – Will New House Bought by Legal Heir Get Capital Gain Exemption? [Query] I had…
Capital Gain
Can F&O loss be set off against capital gains?
Can F&O loss be set off against capital gains? Question: Whether loss incurred from trading in futures and options…
Capital Gain Indexation Begins From Date of Agreement, Not Possession
Capital Gain Indexation Begins From Date of Agreement, Not Possession Recently, in a significant ruling, the court has held…
Dealing in shares- business income or capital gains?
Dealing in shares- business income or capital gains? 1. Introduction: The Income Tax Act, 1961 classifies income under distinct heads…
LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP.
LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP. Income Tax Appellate…
New Income Tax Bill – 2025: No Proposed Change in Capital Gains
New Income Tax Bill – 2025: No Proposed Change in Capital Gains The Bill retains the current tax rates for…
New Income Tax Bill 2025 : Exemption against Long-term Capital “Gain” & not against Long-Term Capital “Asset”
New Income Tax Bill 2025 : Exemption against Long-term Capital “Gain” & not against Long-Term Capital “Asset” While over viewing the…
Shares Income: Should it be classified as Business Income or Capital Gains?
Shares Income: Should it be classified as Business Income or Capital Gains? [Query 1] I remember reading in one…
House Property
Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54: ITAT Mumbai
Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54: ITAT Mumbai Renu…
Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013
Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013 There are cases…
Capital Gain Exemption u/s 54F allowable If Property in Question Found to be Commercial Nature: ITAT
Capital Gain Exemption u/s 54F allowable If Property in Question Found to be Commercial Nature: ITAT The Income Tax…
Agreement to sale entered prior to introduction of section 43CA –No addition even though the amount was received in cash if the stamp duty valuation was less at the time of agreement
Agreement to sale entered prior to introduction of section 43CA –No addition even though the amount was received in cash…
In order to get the benefit under Section 54F, taxpayer need not complete the construction of the house and occupy the same: Madras High Court
In order to get the benefit under Section 54F, taxpayer need not complete the construction of the house and occupy the…
Different flats sold by builders to different persons at different rates: Whether AO can apply a higher rate to all the flats?
Different flats sold by builders to different persons at different rates: Whether AO can apply a higher rate to all…
Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed
Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the…
Interest on Housing Loan: Possibility of double deduction cannot be overruled
Interest on Housing Loan: Possibility of double deduction cannot be overruled CA Naresh Jakhotia There are often various issues…
Salary
Excellent Representation by CTC on Online procedure for making application for lower deduction certificate under section 197
Excellent Representation by CTC on Online procedure for making application for lower deduction certificate under section 197 (Pdf-embedder…
Club expenditure as a Perquisite
Club expenditure as a Perquisite It has become common in today that employer get their employees registered in clubs…
Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG
Claim deduction @ Rs. 5,000/- pm if living in a rented premises- Section 80GG Query 1] I am not…
New option for saving Long Term Capital Gain Tax
New option for saving Long Term Capital Gain Tax Query 1] My agreement of sale for flat in a…
Reduce the tax liability on arrears of salary by claiming relief u/s 89
Reduce the tax liability on arrears of salary by claiming relief u/s 89 tax liability Query 1] I am working…
Other Source of Income
Union Budget 2023: Extension of date of incorporation for eligible start-up for exemption
Union Budget 2023: Extension of date of incorporation for eligible start-up for exemption The existing provisions of the…
Union Budget 2023- Ensuring Payment to MSME within due date
Union Budget 2023- Ensuring Payment to MSME within due date Section 43B of the Act provides for certain…
Union Budget 2023: Maturity proceeds of Life Insurance Policies of premium exceeding Rs. 5 Lakh made taxable
Union Budget 2023: Maturity proceeds of Life Insurance Policies of premium exceeding Rs. 5 Lakh made taxable The…
Interest earned by cooperative society from a cooperative bank is eligible for deduction: ITAT Mumbai
Interest earned by cooperative society from a cooperative bank is eligible for deduction: ITAT Mumbai Amore Commercial Premises…
Section 80P does not make a distinction between the long term investments and short term investments: Interest income or dividend income should be earned by a co-operative society from another cooperative society is eligible for deduction U/s 80P
Section 80P does not make a distinction between the long term investments and short term investments: Interest income or dividend…
ITAT Delhi upheld the power of CPC in making the disallowance U/s 36(1)(va) in respect of payment of PF/ESIC after the due date under the respective Law
ITAT Delhi upheld the power of CPC in making the disallowance U/s 36(1)(va) in respect of payment of PF/ESIC after…
Penalty imposed on the Auditor for non classification & disclosure of the loans in the Audited Financial Statements
Penalty imposed on the Auditor for non classification & disclosure of the loans in the Audited Financial Statements ROC…
Limit of Rs. 5,000 applicable on interest income to report in Statement of Financial Transactions (SFT) by the reporting entities abolished
Limit of Rs. 5,000 applicable on interest income to report in Statement of Financial Transactions (SFT) by the reporting entities…
Business Profession
Ensuring Timely payment to Micro & Small Enterprises through Income Tax Law: Pros & Cons
Ensuring Timely payment to Micro & Small Enterprises through Income Tax Law: Pros & Cons MSME are growth engines…
Systematic Investment Plan (SIP) of Mutual fund vs. Taxation on withdrawals
Systematic Investment Plan (SIP) of Mutual fund vs. Taxation on withdrawals Systematic Investment Plan (SIP) is considered as one…
Not all Minor income is subject to the Clubbing Provision
Not all Minor income is subject to the Clubbing Provision Youtube, Instagram, Facebook, Snapchat, LinkedIn etc have become an…
Gift by the Builders & Developers of the PU Land to the Trust & Applicability of Section 43CA
Gift by the Builders & Developers of the PU Land to the Trust & Applicability of Section 43CA Section…
TAXATION OF YOUTUBER, CONTENTS WRITER & SOCIAL MEDIA INFLUENCERS
TAXATION OF YOUTUBER, CONTENTS WRITER & SOCIAL MEDIA INFLUENCERS Youtube, Instagram, Facebook, Snapchat, LinkedIn etc have become an…
Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA: ITAT
Amount received from Sale of Software Products not Royalty as per Article 12(3) of India -USA DTAA: ITAT Facts:…
Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013
Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013 There are cases…
Taxation of amount withdrawn from Systematic Investment Plan (SIP) of Mutual fund
Taxation of amount withdrawn from Systematic Investment Plan (SIP) of Mutual fund Query] I have been investing in mutual…
Assesment
Section 54B Exemption on Multiple Agricultural Lands: Can Capital Gain Relief Be Restricted to One New Land?
Section 54B Exemption on Multiple Agricultural Lands: Can Capital Gain Relief Be Restricted to One New Land? One…
Interest Is Not a Penalty, Yet It Can Be Costly! Understanding the Charging of Interest under the Income-tax Act, 2025
Interest Is Not a Penalty, Yet It Can Be Costly! Understanding the Charging of Interest under the Income-tax Act, 2025…
No Exempt Income, No Section 14A Disallowance: Bombay High Court Upholds Deletion of ₹17.57 Crore in HCC Concessions Case
No Exempt Income, No Section 14A Disallowance: Bombay High Court Upholds Deletion of ₹17.57 Crore in HCC Concessions Case …
From Permanent Registration to Five-Year Renewal: Legislative History and Evolution of Charitable Trust Registration under the Income Tax Act, 1961 (1961–2026)
From Permanent Registration to Five-Year Renewal: Legislative History and Evolution of Charitable Trust Registration under the Income Tax Act, 1961…
GST Writ Petition Dismissed: Chhattisgarh High Court Reiterates Importance of Section 107 Appeal in Rohan Tanna Case
GST Writ Petition Dismissed: Chhattisgarh High Court Reiterates Importance of Section 107 Appeal in Rohan Tanna Case Bypass…
Accepted Return, ₹73 Crore Fresh Claim: Can a Section 234A Ground Keep the Appeal Alive?
Accepted Return, ₹73 Crore Fresh Claim: Can a Section 234A Ground Keep the Appeal Alive? Case Law: Ajay…
Tax on Selling Gold in India in 2026: How Much Tax Will You Pay?
Tax on Selling Gold in India in 2026: How Much Tax Will You Pay? Gold has always occupied…
Diwali Gifts Under the Income-tax Act, 2025: Tax-Free Employer Gift Limit Increased to ₹15,000 – A Festive Relief for Employees!
Diwali Gifts Under the Income-tax Act, 2025: Tax-Free Employer Gift Limit Increased to ₹15,000 – A Festive Relief for Employees!…
Tax Planning
Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of tax
Disallowance u/s 40(a)(ia) can be invoked only in event of non–deduction of tax and not for lesser deduction of…
No additon towards higher share premium sustainable – valuation certificate prescribes only minimum sum to be collected : Mumbai ITAT
No additon towards higher share premium sustainable – valuation certificate prescribes only minimum sum to be collected : Mumbai ITAT…
Capital gain liability on Leasehold rights in a plot granted as compensation in pursuance of compulsory acquisition of agricultural land belonging to assessee’s deceased father
Capital gain liability on Leasehold rights in a plot granted as compensation in pursuance of compulsory acquisition of agricultural land…
Excellent publication : Technical Guide on GST Audit by ICAI
Excellent publication : Technical Guide on GST Audit by ICAI
No religion like “Hinduism” & worship of Hindu Gods is not “religious purpose” – Trust is eligible for 80G: Nagpur ITAT
No religion like “Hinduism” & worship of Hindu Gods is not “religious purpose” – Trust is eligible for 80G: Nagpur…
Income Tax Law as applicable for the first installment of advance Tax.
First installment of the advance tax is due on 15th June. Taxpayers have to ensure payment of 15% of anticipated annual…
Taxation of investments in Bonds, Debentures & Mutual Funds -CA Naresh Jakhotia
Taxation of investments in Bonds, Debentures & Mutual Funds -CA Naresh Jakhotia thetaxtalk’s Weekly Update Taxation of investments in Bonds, Debentures…
TAXABILITY OF ALLOWANCES- OVERVIEW
TAXABILITY OF ALLOWANCES-OVERVIEW An allowance is a fixed amount of money paid regularly in addition to salary for meeting specific…