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?

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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?

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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.

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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?

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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!

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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