Understanding capital gains calculation on inherited property: Key considerations for selling a plot of land

Understanding capital gains calculation on inherited property: Key considerations for selling a plot of land

My late father bought a plot of land in 1999. The exact cost he paid is not available. He gifted it to me in August 2022 through a duly executed gift deed on which proper stamp duty was paid. Now, I am planning to sell this plot for two Crore rupees in November 2024. Can … Read more

Planning to exchange old jewellery for new? Know the income tax rules

Planning to exchange old jewellery for new? Know the income tax rules

When you sell your old piece of jewellery to buy a new one, you are meant to pay capital gains tax on the sale. It is vital to note that the sale of gold, even for the purpose of buying a new ornament, is seen as the sale of an old asset. In Budget 2024, … Read more

How to turn stock market losses into tax savings

How to turn stock market losses into tax savings

Stock market losses are never pleasant—whether through direct equities or mutual funds—but they offer a rare silver lining: the potential to reduce your tax liability through capital loss set-offs. Here’s how savvy investors can use this to their advantage. Set-off against gains Capital losses can be set off against capital gains, allowing investors to reduce … Read more

Tax implications of property gift and sale explained for family members

Tax implications of property gift and sale explained for family members

My mother-in-law owns the residential property where we all reside. My husband passed away last year, leaving behind a daughter and a son. The daughter is now 21 years old, and the son is 15 years. She has decided to sell the property to fund the purchase of a house for me and my children. … Read more

There’s been a surge in income tax notices. Here’s why, and how to respond.

There's been a surge in income tax notices. Here's why, and how to respond.

There has been a marked increase in the number of income tax notices issued to taxpayers across India in recent months. These communications – on everything from defective returns to demands for additional taxes – have caused anxiety and confusion, especially among individual taxpayers.  This article delves deeper into the reasons behind the increase in … Read more

FMV, circle rates and capital gains: A guide for property sellers

FMV, circle rates and capital gains: A guide for property sellers

The list of valuers registered with the Income Tax Department for valuation of immovable property is generally uploaded by the chief commissioner of income tax in charge of the particular region and can be found on the income tax website.  However, it is not mandatory to obtain the value as on 1 April 2001 from … Read more

How you can save 60% in taxes by selling listed bonds after 12 months

How you can save 60% in taxes by selling listed bonds after 12 months

Fixed-income investments such as fixed deposit (FD) interest, bond interest, and debt mutual funds are typically taxed at the marginal rate (slab rate). The 2023 budget had abolished the benefit of long-term capital gains tax or LTCG for debt mutual funds. However, there’s a notable exception in the tax system for certain bond transactions. If … Read more

In most scenarios, people will benefit from capital gains tax rejig: CBDT chief

In most scenarios, people will benefit from capital gains tax rejig: CBDT chief

The changes in the capital gains tax announced in the Union budget for FY25 are rational decisions that will benefit people in most scenarios, and it is for the government to decide on the suggestions that come up, Central Board of Direct Taxes chairperson Ravi Agarwal said in an interview.   “We feel that this … Read more