The Income Tax Appellate Tribunal (ITAT), Bengaluru bench, has clarified this distinction while hearing an NRI's appeal against the income tax department's decision to disallow Rs 12.01 lakh claimed towards travel and accommodation expenses incurred for selling a house property in…
Non-resident Indians (NRIs) travelling to India to complete the sale of a property can claim eligible airfare and accommodation expenses as a deduction while calculating capital gains, provided they establish that the expenditure was incurred wholly and exclusively in connection…
case at ITAT Cuttack The Economic Times When Mr Kumar from Jaunliapatty decided to invest in the stock market, he incurred a loss of Rs 21.6 lakh from speculative trades H owever he had earned about Rs 11.19 lakh but did not…
5 Nov 2026 2:37 PM IST The Bombay High Court, on 2 November, held that the Income Tax Department cannot add the entire purchase cost of a second flat to a taxpayer's income while computing capital gains under Section 54F of the Income Tax Act,…
Diwali Special: Exploring Section 111A, off-market transactions and the Section 87A rebate Diwali is a time to celebrate prosperity, welcome new beginnings and look forward to financial well-being. For some investors, the festive season may bring an unexpected bonus in the form…
Section 236C of the Income Tax Ordinance requires sellers to pay advance tax at the time of property transfer, with exemptions for specified government allottees and overseas Pakistanis. The Federal Board of Revenue (FBR) has outlined rules for the collection of…
Buyers of goods and properties sold through public auctions or tenders will be required to pay advance tax under Section 236A of the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) will collect advance tax on the sale of goods…
QUESTION: I own agricultural land on the edge of a town and have recently been approached by a property developer who is interested in acquiring part of it for housing. The price being discussed is considerably more than the agricultural…
cfo.economictimes.indiatimes.com New Delhi, Indians are increasingly diversifying their income beyond traditional salaries towards income from side hustles, freelancing, trading, and business ventures, as a significant percentage of self-filers on the ClearTax portal reported income from non-salary sources…
1. Prepare a one-page chronology from the last purchase or construction through each death, will, succession, partition, release and sale. 2. Place certified or legible copies of title instruments in chronological order and mark the ownership fraction at every stage. 3. Create separate…
Holding periods, tax lots, harvesting losses, and dividend types.
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