Son sells ancestral land for Rs 8 crore, buys 2 more properties; gets income tax notice but wins at ITAT Chandigarh: Know why

A family from Panchkula owned some ancestral land in a village. A member of this family sold his share of the the said land for Rs 8 crore and purchased two more lands and claimed Section 54B and Section 54F tax exemption. However, he got a tax notice.

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NRI child sending money to parents in India: Why a tax-free gift can still trigger an income-tax notice

Parents receiving money from their NRI children in India may enjoy tax exemptions on gifts, but large transactions can attract scrutiny from the Income-tax Department. Understanding when these transfers could prompt questions and how to document them properly is crucial for avoiding potential tax liabilities or notices. Learn about the necessary safeguards and responses to inquiries.

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Dubai NRI bought Rs 2.31 crore property, didn’t file ITR, got income tax notice; she fights back and wins in ITAT on these grounds

Mrs Chudamasa’s counsel argued that the AO had erred in treating Rs 2,31,20,000 as investment made during financial year 2017-18. He submitted that the actual payments during the year aggregated to Rs 1.85 crore, comprising Rs 1.73 crore paid to the builder and Rs 11.86 lakh towards registration charges and legal expenses. Read on to know on what grounds did she win in ITAT Mumbai.

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Tax audit deadline extended: Key checks taxpayers should make before filing income tax return

The CBDT has announced an extension for tax audit and ITR filing deadlines for Assessment Year 2026-27. Taxpayers must now file their returns by November 21, 2026, while the tax audit report is required by October 21, 2026. Accurate reporting and compliance checks are essential to avoid scrutiny from the income tax department. Companies should reconcile tax details and be mindful of additional reporting obligations.

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Your UPI payment just got a price tag: what it means for GST-registered taxpayers

NPCI, which manages UPI, has brought in a merchant discount rate of 0.4% on certain person-to-merchant UPI payments above Rs 2,000.

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Property bought for ₹1.23 crore, stamp duty value rose to ₹1.46 crore: Why ITAT Kolkata gave homebuyer ₹11.35 lakh tax relief

A recent ITAT ruling highlights a crucial tax issue for property buyers: an increase in stamp duty value between the agreement and registration dates doesn't automatically lead to tax liabilities. Taxpayers can protect themselves by documenting payments through banking channels and ensuring conditions are met. This case emphasizes the importance of strategic financial planning in real estate transactions.

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Medicine shop owner deposits Rs 2.47 crore cash in bank account, gets income tax notice for unexplained cash; wins case in ITAT Delhi for this reason

Mr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisation period, he got an unexplained cash income tax notice. After a long legal fight he won the case in ITAT Delhi. This article explains how.

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Brother-in-law caught with Rs 4.34 lakh worth of foreign currency; income tax officer sends notice; he wins case in ITAT Delhi with help from sister-in-law

Brother-in-law caught with Rs 4.34 lakh foreign currency; tax officer sent notice; Brother wins case in ITAT Delhi as sister-in-law said its her cash which she needed for work travel so kept in brother’s house for safe keeping.

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Rs 9.91 lakh income tax refund for senior citizen after proving that he mistakenly paid income tax on tax-free bonds; ITAT Delhi order explained

Mr Ajay Kumar Bakaya a senior citizen from Gurgaon faced a significant tax issue when he accidentally overpaid income tax on his tax-free bonds’ exempt interest income. After discovering this error, he filed a rectification application, which was initially rejected. He filed a case in ITAT Delhi and won it on September 23, 2026.

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My NRI status changed. Will interest earned on my NRE FDs be taxable in India?

ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status changed to ‘resident’ from FY2025–26. While I was an NRI, I invested in fixed deposits through my NRE account, and these deposits are due to mature in FY27. Will the interest earned on these NRE fixed deposits be taxable in India?

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Man paid lower income tax by setting off business loss against long term capital gains but received income tax notice; wins case in ITAT Delhi

Man pays lower income tax by setting off business loss with long term capital gains but gets income tax notice; Wins case in ITAT Delhi. ITAT Delhi held that since the law does not prescribe any sequence of set-off a taxpayer may choose his own sequence.

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Deadlines for income tax audit and ITR filing extended for AY 2026-2027 to these dates

The Central Government has extended the deadline for filing Income Tax Returns for the Assessment Year 2026-27. Taxpayers subject to audit now have until November 21, 2026 to file their returns. Additionally, the tax audit deadline has been shifted to October 21, 2026, providing more time for compliance. Chartered Accountants must upload the tax audit report on behalf of their clients through the e-filing portal.

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Buying property abroad for your NRI child? Know how much Indian parents can transfer and the tax implications

Navigating overseas property purchases for NRI/OCI children can be complex for Indian parents, entangled in regulations like FEMA and RBI's Liberalised Remittance Scheme. From understanding allowable remittance limits to distinguishing between gifts and loans, families must carefully plan to avoid potential tax and compliance issues. Learn the critical steps to streamline the funding process.

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