Thinking of giving or receiving a gift? First, read this!
👉 Gifts up to ₹50,000 from non-relatives are completely tax-free.
But if it’s above ₹50,000, the entire amount becomes taxable as per your income tax slab.
💡 But here’s the best part…
If the gift is from any of these 7 close relatives, there’s NO TAX at all, no matter how big the amount:
Spouse
Parents
Siblings
Spouse’s parents/siblings
Your children's spouses
Grandparents
Grandchildren
✅ So, if your mom or brother gifts you ₹5 lakh — it’s 100% tax-free!
But if a friend gives you ₹60,000 — then the entire ₹60,000 is taxable.
⚠️ Before celebrating that surprise gift, be sure you’re not surprising the Income Tax Department too!
Husband wife duo wins Rs 1.3 crore long term capital gains tax exemption case under Section 54 despite selling two houses to buy a joint property; ITAT Mumbai case - The Economic Times
https://m.economictimes.com/wealth/legal/will/husband-wife-duo-wins-rs-1-3-crore-long-term-capital-gains-tax-exemption-case-under-section-54-despite-selling-two-houses-in-mumbai-to-buy-a-joint-property-itat-mumbai-case/articleshow/121053424.cms
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Now India attacks Sialkot, Lahore, Karachi... full.blown war....
We should be aware of activation of Sleeper Cells.
Be Alert. Immediately inform the police
Question:
I’m an IT professional earning ₹15 lakh per year. Recently, I incurred a short-term loss of ₹4 lakh in the stock market. How can I make use of this loss to reduce my tax?
✅Answer:
Good news—you can use this loss to reduce your tax in future years!
According to current tax laws, your ₹4 lakh short-term capital loss can be adjusted against any future capital gains—whether short-term or long-term—for the next 8 years (up to the tax year 2032-33).
But here’s what you must do:
File your Income Tax Return (ITR) on time this year. This step is essential to legally carry forward the loss.
Prepare for tax law changes – The old Income-tax Act will be replaced by the Income Tax Bill 2025 next year. So ensure your losses are carried forward properly under the new rules.
💡Bottom line: Don't worry—your ₹4 lakh loss isn’t wasted. Just file your ITR on time and track it each year to reduce your future tax bills when you make profits!
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A foodie always finds an excuse to indulge, but a gold lover doesn’t even need one to add Gold!!!—Akshaya Tritiya is truly their biggest festival!
However, Akshaya Tritiya is about more than just buying gold;
Want to know the secrets behind this special day?
Watch the video here: https://youtu.be/WMqGnINyD8A
New Ease for Taxpayers: ‘e-Pay Tax’ Feature Now Live on Income Tax Portal
The Income Tax Department has launched a new ‘e-Pay Tax’ feature on its official portal, making it easier and quicker for taxpayers to pay their taxes online.
Key Highlights:
No need to log in for basic payments like advance tax, TDS, self-assessment tax, etc.
Multiple payment modes available: Net Banking, Debit Card, UPI, NEFT/RTGS, and even Payment Gateways.
Taxpayers can track payments instantly with real-time confirmation.
This move is aimed at simplifying the tax payment process and enhancing user convenience—especially for salaried individuals and small business owners who want a faster, login-free option.
🏠 GST Alert for Apartment Owners!
If your monthly maintenance charge is above ₹7,500, your RWA (housing society) may charge you 18% GST 💸
But wait… there’s a way to avoid this – even if you pay more than ₹7,500/month!
👉 If the society’s annual turnover is below ₹20 lakh, GST is not applicable – regardless of how much you pay.
So it all depends on your RWA’s total yearly collections – not just your individual bill.
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Markets are Volatile. Gold & Silver are Dicey. Trump’s Tariffs are Creating Ripples.
In times like these, your investment strategy needs just ONE mantra:
👉 Heads I WIN, Tails I SURVIVE.
📉 If markets fall — I survive.
📈 If markets rise — I win.
WATCH THE VIDEO TO KNOW THIS MANTRA
https://youtu.be/8GBlU0ImNqw
For Mutual Fund NRI investors, this is a significant positive that you should note
Now, Capital Gains on MF Units can't be taxed in India under the tax treaties with specific countries like Singapore, UAE, Mauritius Netherlands etc.
This is an article in TOI, where the ITAT has passed this Order and hence no tax is payable in India for this Singapore resident on her short term and long term capital gain both from debt and equity mutual funds. It is taxable only in the country of residence (Singapore in this case)
Significant Positive for NRI MF investors!
🏡 Tax Benefits on Home Loans — A Family-Sized Advantage!
Buying a home with your spouse or parents? Here’s how you can smartly split ownership and multiply tax benefits:
1️⃣ Interest Deduction (Sec 24b):
Each co-owner can claim up to ₹2L annually on interest paid.
💡 Example: On an ₹80L loan at 8.1%, interest is approx. ₹6.5L/year.
If 3 people are co-owners + co-borrowers, all 3 can claim ₹2L each = ₹6L tax benefit!
2️⃣ Principal Repayment (Sec 80C):
Each owner can claim up to ₹1.5L on the principal repayment.
✅ But remember: The property must not be sold within 5 years.
3️⃣ For First-Time Buyers (Sec 80EE):
Get an extra ₹50,000 deduction on interest if:
– Loan is ≤ ₹35L
– Property value ≤ ₹50L
– Loan taken from a financial institution.
4️⃣ Affordable Housing Boost (Sec 80EEA):
Additional ₹1.5L interest deduction if:
– Property stamp value ≤ ₹45L
– Loan sanctioned between Apr 1, 2019 and Mar 31, 2022
– Not availing benefit under Sec 80EE.
📌 Note: These benefits are available only when you're both co-owners and co-borrowers.
🧠 Tax planning is as important as loan planning. Talk to your advisor and save smartly as a family!
🧾 Selling a Property? Big Tax Rule Change You Should Know!
From 23 July 2024, the old rule of 20% tax with indexation (which adjusted your property's purchase price for inflation) was replaced by a flat 12.5% tax without indexation. But here’s the good news:
If you bought your property before 23 July 2024, you can still use indexation — and go with whichever option gives you the lower tax.
🧠 Indexation = Adjusting cost to inflation = Lower taxable gain, so it's great if your property’s price grew slowly (like 6-8% annually). But if your property appreciated fast (10-12%+), then the new 12.5% flat rate may actually save you more tax.
📌 Only resident individuals and HUFs can claim indexation. NRIs and companies cannot.
🏗 For under-construction properties, indexation is only allowed if ownership/registration happened before 23 July 2024.
📉 With the new rule, any capital losses (without indexation) can be used to offset other gains and even carried forward for 8 years.
However, losses due to indexation can't be used anymore to set off or carry forward.
✅ Bottom line: If you bought a property before 23 July 2024, you can choose the method that saves you more tax — 20% with indexation or 12.5% without.
Best to consult your CA for the right calculation before selling.
At higher income levels, CTC & in-hand salary hikes don't move in sync.
This is due to tax & variable pay. The budget 2025 tax cut has helped.
Story by Shipra Singh
Kind attention Taxpayers!
CBDT notifies ITR-Form 2 for AY 2025-26 vide Notification No. 43/2025 dated 03.05.2025.
Key updates:
🖋️ Schedule-Capital Gain split for gains before/ after 23.07.2024 (post changes in Finance Act, 2024)
🖋️Capital loss on share buyback allowed if corresponding dividend income is shown as income from other sources (post 01.10.2024)
🖋️Asset & liability reporting limit raised to ₹1 crore of total income
🖋️Enhanced reporting for deductions [80C,10(13A)], etc.
🖋️TDS section code to be reported in Schedule-TDS
Details available at: egazette.gov.in/(S(tg5lp5fiiwq…
💡 Sold property but not reinvested the capital gains yet?
Don't lose your tax exemption!
Use the Capital Gains Account Scheme (CGAS) to safely park your long-term capital gains until you're ready to reinvest (under Sec 54, 54F, etc.).
Two types of accounts:
Type A – Savings (like regular SB a/c)
Type B – Term deposit (higher interest, fixed period)
Lock-in: Based on the exemption section – usually 2 to 3 years
Interest: ~4% for Type A, higher for Type B (varies by bank)
Deposit before filing ITR to retain your capital gains exemption.
#DontRetireRich
‘Justice served’: Indian Army strikes terror targets in Pakistan, PoK under 'Operation Sindoor' - https://www.hindustantimes.com/india-news/justice-served-indian-army-surgical-strikes-terror-targets-pok-muzaffarabad-operation-sindoor-pahalgam-101746563163005.html?utm_source=whatsapp&utm_medium=social&utm_campaign=ht_site
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Ready to shine brighter than gold this Akshaya Tritiya?
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With effect from 22nd April, 2025, any (luxury) item purchased, above the value of ₹10 lakh, will attract a 1% Tax Collected at Source.
Wrist watches, art pieces, shoes, handbags, racing horses, antiques, golf kits, are among those covered by this.
NRIs in UAE, Singapore etc don't have to pay tax on Indian mutual funds. That's just how it is.
Even if they had invested in those funds when they were in India and moved abroad later. The account is immaterial, NRO or NRE.
⚠️ Important Insight: TRC Submission is Not Instant
While the tax benefit sounds straightforward, the Tax Residency Certificate (TRC) update process is offline and physical, and typically takes 1–2 months
To avoid unnecessary TDS deductions, it’s crucial to plan your redemptions in advance
What You Should Do:
1. 📝 Apply for a valid TRC from your country of residence
2. 📄 Submit the TRC well in advance to your AMC or RTA
3. ⏱️ Time your redemptions to align with TRC approval
4. 🌐 Pay tax, if any, as per your country of residence's laws
💡 Smart tax planning = Optimized returns & compliance
📢 Share this update with fellow NRI investors to help them benefit from the new tax clarity
🚨 Paying rent above ₹50,000/month? A must-know tax rule!
If you're paying more than ₹50,000 per month as rent to your landlord (whether you're a salaried individual or not), the Income Tax Department expects you to deduct TDS (Tax Deducted at Source) under Section 194IB.
🔹 TDS @ 5% needs to be deducted from the total annual rent.
🔹 This must be deposited with the government using Form 26QC.
🔹 You also need to issue Form 16C to your landlord.
👉 Failure to do so? You may be treated as an assessee in default—which could lead to penalties and interest.
💡 Even if you're not a business owner or salaried person, this rule applies if your rent exceeds ₹50,000/month.
✅ Stay compliant. Avoid unwanted surprises from the tax department.
‘NRI’s cap gains on MF units sale can’t be taxed in India’
https://timesofindia.indiatimes.com/city/mumbai/nris-cap-gains-on-mf-units-sale-cant-be-taxed-in-india/articleshow/120240726.cms
Download the TOI app now:
https://timesofindia.onelink.me/mjFd/toisupershare
What are the tax benefits on personal loans?
While the principal amount of a personal loan is not taxable, borrowers can claim tax deductions on interest payments—provided the loan is used for specific purposes.
Home Renovation or Construction: Under Section 24(b) of the Income Tax Act, interest paid on a personal loan used for home improvement or construction can be claimed as a deduction—up to ₹2 lakh annually for self-occupied properties.
Business Investment: If the loan is used for business-related expenses, the interest paid can be claimed as a deduction under Section 37(1) of the Act.
Education Expenses: Personal loans used for higher education may qualify for tax deductions on interest paid under Section 80E.
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The great epic Ramayana has some amazing Financial Lessons. Lets learn some
