Stay updated
During the investigation, Dilip, who also filed that he incurred a loss of Rs 8.7 lakhs, went on to claim a Section 54 long-term capital gains (LTCG) tax exemption. Know how?
When Seema S. sold her property in Patna, Bihar for Rs 4.5 crore back in 2016, she didn’t have to pay any long term capital gains (LTCG) tax. The reason for this is she claimed LTCG tax exemption under Section 54.
In a case that underscores how digital forensics and generative AI tools are transforming tax enforcement, the income tax (I-T) department has unearthed a case of tax evasion involving forged improvement bills submitted to reduce capital gains liability.
When Mr Dwivedi sold his house in Lucknow to buy another one in Delhi back in 2013, he had no idea that his decision would lead to a series of nightmares that would haunt him for nearly 7 years. The first nightmare started when the original owner of the Delhi property passed away and his son contested the legal validity of the sale agreement that had been signed by his father and Dwivedi.
In technical terms, the new income tax bill, 2025 allows any brought forward long-term capital loss (LTCL) incurred up to March 31, 2026, to be set-off against any short-term capital gains (STCG).
The Income Tax Appellate Tribunal (ITAT), Mumbai, on April 17, 2025 held that long term capital gains (LTCG) tax exemption under Section 54 cannot be denied by the income tax department, merely because the property was purchased jointly in the name of a wife and her husband and both of them claimed Section 54 capital gains tax exemption.
The Mumbai bench of Income Tax Appellate Tribunal on March 24, 2025 held that the allotment date and not registration date of a home determines the capital gains (long term or short term) for real estate property sale transactions.
The Lok Sabha on Wednesday passed the Finance Bill 2024 after the central government relaxed the freshly-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with indexation benefit.
The government on Tuesday sought to address a significant concern stemming from the 2024-25 Budget announcement by introducing flexibility in the computation of long-term capital gains (LTCG) tax on unlisted assets, including properties.
Speaking exclusively to ET NOW, Revenue Secretary Sanjay Malhotra, on Sunday, said that there is no proposal before the government…