I bought a land for Rs 22k and sold it for Rs 17 lakh, how can I save capital gains tax on this?

ET Wealth Reader's Query: I am a homemaker who sold a residential plot for Rs 17.4 lakh, which I had purchased in 1989 for Rs 22,000. What is my tax liability on this sale and available options to save on capital gains tax?

from Tax-Wealth-Economic Times https://ift.tt/xHZh5oS

I am an NRI, is investing in MFs through NRO and NRE accounts the most tax-efficient way?

ET Wealth Reader's Query: I hold NRO and NRE accounts and invest in mutual funds, is this the most tax-efficient way to manage these investments?

from Tax-Wealth-Economic Times https://ift.tt/d2cYfmn

Check income tax refund status online via PAN card: Step-by-step process for I-T Department, NSDL portals

ITR Refund Status Check: Many taxpayers are experiencing delays in receiving their Income Tax Return (ITR) refunds this year. The Income Tax Department offers online methods to check refund status via PAN on the e-filing or TIN websites. Refunds are typically processed within four to five weeks after e-verification, but delays can occur due to various reasons.

from Tax-Wealth-Economic Times https://ift.tt/9ukcHTO

I want to sell a flat bought in wife’s name. What is the best way to claim capital gain exemption?

I bought an apartment in my wife's name and am planning to sell it now. We are salaried employees and have opted for the old tax regime. What is the best way to claim tax exemption on capital gains from the sale of the property?

from Tax-Wealth-Economic Times https://ift.tt/46ZqVfc

Good news: Soon Capital Gains Account Scheme accounts can be closed online; Here’s how property sellers can benefit

Exciting news for property sellers! Starting April 1, 2027, you can now effortlessly close your Capital Gains Account Scheme accounts online. This fantastic update from the Central Board of Direct Taxes eliminates previous bottlenecks that required tedious in-person applications. Enjoy a hassle-free experience as you manage your tax exemptions for property sales right from your living room!

from Tax-Wealth-Economic Times https://ift.tt/hwZyebX

Major update on Capital Gains Account Scheme: 19 new banks authorised to offer CAGS services for saving income tax by property sellers

Nineteen new banks are now authorized to offer Capital Gains Account Scheme Services. This expansion provides more options for taxpayers to deposit unutilized capital gains and claim tax exemptions. Homebuyers will benefit from increased flexibility in choosing banking services for these transactions. The move aims to simplify the process for individuals seeking tax relief on asset transfers.

from Tax-Wealth-Economic Times https://ift.tt/PRJXVkH

Your wrong tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid it

Employees who attempt to cheat the system with bogus tax deductions risk facing severe repercussions. The Income-Tax Department is now harnessing cutting-edge data analytics to uncover exaggerated refund requests. This scrutiny could result in tax audits, significant fines, or even criminal charges. If taxpayers realize they've made errors, they should promptly submit amended returns to mitigate these risks.

from Tax-Wealth-Economic Times https://ift.tt/UG0hD1v

Is it legal to transfer money to wife’s account to save taxes?

When it comes to transferring funds to your spouse for tax benefits, it's crucial to understand the rules involved. Any income generated from assets given to your spouse is considered taxable income for the husband. This taxation persists even if the nature of the asset changes. Furthermore, any losses from these investments are also combined for tax purposes.

from Tax-Wealth-Economic Times https://ift.tt/pb4tzXE

Income Tax Refund Status: When will your ITR refund be credited to your account and why is it getting delayed?

Income tax refunds for the 2025-26 assessment year are being credited. Some taxpayers are still waiting for their refunds. The CBDT Chairman explained that delays occur due to reviews of deduction claims. Taxpayers can check their refund status online. Incorrect bank details or ITR errors can also cause delays. The department aims to release remaining refunds soon.

from Tax-Wealth-Economic Times https://ift.tt/sjIlw1i

GST department can freeze your bank account! Here's what you should do if it happens with you

To ensure the integrity of tax collection, the GST department can provisionally seize a taxpayer's bank account. This precaution is crucial during probes into suspected tax evasion or fraudulent practices, often linked to bogus Input Tax Credit claims or overdue GST payments. Taxpayers are entitled to challenge these measures and request the unlocking of their funds.

from Tax-Wealth-Economic Times https://ift.tt/SNMeWm6

Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief

New Income Tax Return forms and rules will be notified by January. These changes will be effective from April 1, 2026, replacing the old Income Tax Act of 1961. The Income Tax Department aims for simple and easy-to-comply forms. Tax refunds are expected by December. Taxpayers can check refund status online.

from Tax-Wealth-Economic Times https://ift.tt/En1pYNZ

ITR refund not credited yet? Here's how much interest you may be owed

Waiting months for your income tax refund? The government may owe you interest. Learn when you qualify for this interest, common reasons behind refund delays, and the steps you can take to expedite your pending ITR refund.

from Tax-Wealth-Economic Times https://ift.tt/O8rvBJD

Getting expensive wedding gifts? They’re tax-free, but only if you keep these proofs handy

Wedding gifts are a fantastic way to start your new life without the worry of taxes hanging over your head! You can receive gifts in any form, and as long as they're given on your wedding day, they're tax-exempt—even from your broader circle. Of course, don’t forget to document everything; it's vital to validate these gifts' sources.

from Tax-Wealth-Economic Times https://ift.tt/dv87YaL

I sold equities with capital gains of Rs 25 lakh, can I save tax by reinvesting it in property?

ET Wealth Reader's Query: I earned Rs 25 lakh in capital gains from equities and mutual funds in 2024–25 and paid the tax. Can I now revise my ITR to claim a refund since I'm buying my first home?

from Tax-Wealth-Economic Times https://ift.tt/nVuJ8or

Buying land? Why your dream plot could turn into a tax nightmare and how to avoid it

Many people are receiving unexpected income tax notices questioning how they funded their land purchases. As the tax department has access to data related to property registrations, a simple mismatch between your purchase price and declared income can trigger investigations. Here's what's happening and how to save yourself from penalties.

from Tax-Wealth-Economic Times https://ift.tt/hkGbHaw

Deadline to file TDS/TCS correction statement announced: File your request on time or risk missing credit in Form 26AS or AIS

The Income Tax Department has set a crucial deadline for filing TDS and TCS correction statements. Taxpayers must ensure all corrections for specific financial years are completed by March 31, 2026. After this date, filing will be time-barred. Failure to correct errors means TDS credit may not reflect in Form 26AS or AIS.

from Tax-Wealth-Economic Times https://ift.tt/GO7Hm2Z

Now get faster tax refunds and easier ITR corrections: New CBDT rules explained

New CBDT rules empower the Commissioner of Income Tax (CPC), Bengaluru, to rectify obvious errors. This move aims to expedite the correction of accounting mistakes, reduce administrative delays, and ensure timely and accurate refunds for taxpayers, enhancing compliance and transparency. Read below to know how this helps taxpayers.

from Tax-Wealth-Economic Times https://ift.tt/foEb9Xu

Received income tax notice despite being a salaried taxpayer? Don’t panic; here’s how you can respond

Income tax notices can be stressful for salaried employees, but most are routine queries that can be resolved quickly. From understanding why, you received a notice to responding correctly within deadlines, this guide breaks down everything salaried professionals need to know about handling tax department communications.

from Tax-Wealth-Economic Times https://ift.tt/32DPexB

I built a house on inherited land, how will I be taxed if I sell it now?

My father purchased a plot in 2016 for Rs 50,65,000. I inherited the property as his sole heir and constructed a house. I am currently residing in this house. If I sell it now, how will the capital gains be taxed?

from Tax-Wealth-Economic Times https://ift.tt/okTFyZj

Infosys buyback: What investors must know about hidden cost due to taxation

Infosys announced a significant share buyback. Investors considering tendering shares must understand the tax implications. The new rules treat buyback proceeds as a deemed dividend, taxed at 30%. Selling shares in the market offers different tax treatment with capital gains tax. The article compares these scenarios to help investors make informed decisions.

from Tax-Wealth-Economic Times https://ift.tt/5fYqOPk

Infosys buyback: What investors must know about taxes and hidden charges

Infosys announced a significant share buyback. Investors considering tendering shares must understand the tax implications. The new rules treat buyback proceeds as a deemed dividend, taxed at 30%. Selling shares in the market offers different tax treatment with capital gains tax. The article compares these scenarios to help investors make informed decisions.

from Tax-Wealth-Economic Times https://ift.tt/x60szp1