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Capital gains tax on inherited property in India arises only when the inherited asset is sold. While inheritance itself is not taxable under the Income Tax Act, 1961, any profit from selling such property is treated as a capital gain. The tax liability depends on the property’s holding period, the original owner’s purchase cost, and the method of calculation—indexed or non-indexed. Understanding these rules helps taxpayers compute accurate capital gains, apply eligible exempt

Filing Income Tax Returns (ITR) for capital gains from shares and mutual funds requires careful reporting of profits earned from...

Filing ITR-2 online for AY 2025-26 requires careful preparation, accurate reporting of income sources, and proper bank account validation. Individuals and HUFs with capital gains, multiple properties, foreign assets, or directorships must follow the correct process to ensure smooth filing and timely refunds. This guide provides a detailed, step-by-step overview, covering all schedules, bank account sections, e-verification methods, and common issues, while highlighting how se

Employee Stock Option Plans (ESOPs) and Restricted Stock Units (RSUs) are popular forms of employee compensation in India, offering potential wealth creation alongside salary. Filing Income Tax Returns (ITR) for individuals holding ESOPs or RSUs requires careful reporting of perquisites, capital gains, and foreign assets to comply with the Income Tax Act, 1961. Choosing the correct ITR form is crucial to ensure accuracy, avoid penalties, and prevent delays in processing. Ac

How can taxpayers stay ahead of potential tax notices while ensuring their income tax returns are filed correctly? TaxBuddy leverages AI...

Filing ITR-2 without reporting capital gains can immediately trigger scrutiny by the Income Tax Department under Section 143(2). Any...

Filing Income Tax Returns (ITR) for taxpayers with multiple sources of income, such as capital gains and rental income, can be...

Non-Resident Indians (NRIs) have unique tax obligations in India, which can make the Income Tax Return (ITR) filing process more complex...

Capital gains form a critical component of taxable income, especially for investors dealing with stocks, mutual funds, or real estate....

Reporting capital gains accurately is an essential part of filing Income Tax Returns (ITR) for individuals and businesses involved in...