Can I withdraw my EPF to repay home loan principal; will I have to pay tax on it?

ET Wealth Reader's Query: Can I withdraw my Provident Fund to repay my home loan principal? Will I have to pay taxes on PF withdrawal? How long can I retain the money in my EPF account and continue earning interest—up to three years from the date of my last contribution or until I turn 58?

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Jointly owning property to save tax? Why married couples must also plan for ownership and inheritance

Couples should focus on establishing shared ownership of assets and developing a continuity plan to access these in case of emergencies. It's crucial to clearly identify the funding sources for joint properties to avert any tax conflicts. Supreme Court rulings clarify that a nominee serves as a custodian rather than an owner. Drafting a Will detailing asset ownership helps avert disputes among nominees and legal heirs.

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Retired employee received income tax notice for Rs 9.04 lakh leave encashment; she wins case in ITAT Jaipur, know how leave encashment is taxed

Retired employee sent income tax notice for Rs 9.04 lakh leave encashment, she wins case in ITAT Jaipur; Know how leave encashment is taxed for private and government employees in India.

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VRS offer in hand? Check these tax rules before you accept the package

Contemplating a Voluntary Retirement Scheme (VRS)? Prior to making your decision, it’s crucial to analyze the overall financial implications, including taxation aspects and the treatment of different package components. Be clear on the eligibility for tax breaks and ensure that your financial security after retirement is adequately planned.

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Capital gains on debt funds and bonds updated: What changes for Tax Year 2026

For many investors, debt products like debt mutual funds, debentures, listed and unlisted bonds, market linked debentures still hold utmost importance. However, before investing, know the income tax treatment of different types of debt assets.

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Cement trader deposits Rs 14.74 lakh during demonetisation, gets tax notice over Rs 5.72 lakh unexplained cash; wins case in ITAT Cuttack

Mr. Patra, a cement trader from Balasore, encountered problems with the Income Tax Department over cash deposits that were deemed unexplained. Following an injury, he challenged the authorities' findings by presenting evidence from his cash books. The Income Tax Appellate Tribunal reviewed the case and confirmed that he had sufficient cash on hand, ultimately deciding to classify the disputed amount as explained, resolving the legal troubles.

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Rs 48 lakh in cash received from the sale of two properties, paid capital gains tax but received an income tax notice; taxpayer wins the case in ITAT Cuttack for this reason

Mr. Purushottam residing in Kabisurya Nagar, encountered a penalty for accepting cash payments linked to his property sales. He sold two properties totaling Rs 47.54 lakh and declared these earnings accurately. Despite paying the required capital gains tax, an investigation by the Assessing Officer into the cash dealings led to a penalty.

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Rs 8.02 lakh leave encashment tax exemption denied: Retired employee wins case in ITAT Surat

Retiree Mr. Patel from Bharuch, Gujarat, sought a complete tax exemption on Rs 8.02 lakh of leave encashment. Initially, his company certified only Rs 3 lakh as exempt. The Income Tax Department later imposed tax on an additional Rs 5.02 lakh. To challenge this ruling, Patel approached the Income Tax Appellate Tribunal in Surat, which sided with him, citing the Department's failure to provide justifiable reasons.

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Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT Surat

Mr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The Income Tax Department attempted to levy taxes on an Rs 18.24 lakh discrepancy, but his Chartered Accountant opposed this claim. The case was sent to the Departmental Valuation Officer, who appraised the land at Rs 14.08 lakh.

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Incorrect HRA or deduction claims? How Section 270AA may offer relief from 200% penalty

Incorrect tax claims may expose taxpayers to a 200% penalty for misreporting and prosecution in appropriate cases. Section 270AA offers conditional relief upon prescribed payments. For indefensible claims, this route may be preferable to litigation, subject to eligibility.

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Rs 21.6 lakh speculative trading loss in stock market triggers Income Tax notice for no tax audit; Trader wins case at ITAT Cuttack

Mr. Kumar, a diligent stock trader, faced considerable financial setbacks but overlooked the necessity of a tax audit. In response to his failure to comply with audit rules, the Income Tax Department slapped him with a penalty. After an unsuccessful appeal to CIT (A), he sought relief from ITAT Cuttack, which determined that Kumar's trading did not equate to business income needing an audit.

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Gold jewellery at home: How much can you keep without fear of Income Tax seizure?

People can legally own gold without a prescribed maximum quantity if they explain its source. The Income Tax Department has guidelines regarding the non-seizure of gold jewelry during searches. Married women can own up to 500 grams, while unmarried women are allowed 250 grams and male members 100 grams. These limits do not automatically exempt individuals from income tax liabilities.

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Cancelled flight ticket? GSTAT says airlines can refund GST to passengers and claim it back from the government

Taxpayer wins GST refund denial case after depositing GST on airline ticket with the govt and later refunding the GST back to passengers due to cancelled ticket; GSTAT orders GST department to issue GST refund with interest to taxpayer

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