Money

Buying property from an NRI gets easier from October 1: Check key rule changes for residents and HUFs

• From October 1, resident individuals and HUFs buying property from non-residents can use their existing PAN for TDS compliance
• Simpler TDS compliance may ease transactions in India’s residential property market

Grain trader deposited Rs 5.2 crore cash in bank, filed ITR declaring Rs 7.65 lakh income, got unexplained deposit income tax notice; won case in ITAT Delhi for this reason

₹85.30 lakh cash gifts from relatives: ITAT says donors’ low income alone isn’t enough to reject genuine gifts

• Chennai ITAT deleted a tax addition of ₹85.30 lakh on cash gifts
• Taxpayer produced gift deeds, donors’ ITRs and financial statements
• The ruling may guide Indian taxpayers facing scrutiny of family gifts

Can money collected for someone else be taxed as your income? ITAT ruling on ₹20.33 lakh cash deposits

• An 89-year-old retired principal said ₹20.33 lakh in deposits were hostel fees collected for an education society
• He said only ₹2,251 was his own income

Expecting nil tax liability this year? Know which form to submit to avoid TDS on bank interest, rent and dividend income

• Taxpayers with nil estimated tax liability can submit Form 121 to avoid TDS on certain incomes
• The declaration applies to bank interest, rent and dividend income

Sold house, land, shares or mutual funds? Know 9 reinvestment options to claim capital gains tax exemption

• The Income-tax Act provides nine exemptions for capital gains from asset sales
• The exemptions may affect tax planning by Indian investors selling property, shares or mutual funds

CA submitted your tax audit report? The process doesn't end there—here's what you still need to do by 30 September

• Taxpayers need to check the tax audit report on the income-tax e-filing portal and complete remaining steps by 30 September

Salary earned abroad, credited to NRE account: Does that make it taxable in India? ITAT ruling explained

• Bengaluru ITAT ruled that foreign salary credited to an Indian NRE account alone cannot make it taxable in India
• The taxpayer’s employment was overseas
• The ruling may inform tax treatment for Indians working abroad and their financial advisers