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Unreported property sales often trigger capital gains notices because the Income Tax Department cross-verifies transaction details through the Annual Information Statement and Form 26AS . When a sale appears in AIS but not in the return, the system flags a mismatch, leading to notices under Section 143(1) or detailed scrutiny under Section 143(2) . Capital gains must be calculated and reported in Schedule CG of the appropriate ITR form, regardless of taxable income after exem

High-value property purchases frequently trigger income tax notices because these transactions appear in the Annual Information Statement (AIS) and compliance portal. When the reported value crosses preset thresholds—often around ₹30 lakh or more—the system automatically checks whether the declared income supports such an investment. If the records don’t align, the department requests clarification on the source of funds. The purpose isn’t to penalise but to ensure the payme

The Rent Control Act in India outlines the rights and responsibilities of both tenants and landlords. It regulates rent prices, prevents unfair evictions, and ensures fairness in rental agreements. While the federal law has been around since 1948, each state has crafted its own version, adding rules that reflect the specific needs of its communities. It is important to be aware of tenant protections and landlord rights in the legal structure of rental agreements and the appli

Section 24(b)  of the Income Tax Act, 1961 allows taxpayers to claim deductions on the interest paid for home loans taken to purchase, construct, repair, or renovate residential properties. It provides substantial relief for homeowners by reducing taxable income through interest deductions, subject to specific limits and eligibility conditions. For self-occupied houses, the maximum deduction is ₹2,00,000 per year, while for rented properties, there is no upper limit. This sec

Property taxes must be paid to the local municipality or other civic body by anyone who owns a home or piece of land. The Ahmedabad...

The choice between the old and new tax regimes has become increasingly important for salaried individuals and homeowners, especially with...

For real estate professionals, understanding the correct way to report income and file Income Tax Returns (ITR) is crucial to avoid...

Non-Resident Indians (NRIs) often face unique tax obligations in India, especially when it comes to capital gains from the sale of...

When you own a second property and earn rental income, you are required to report it in your Income Tax Return (ITR). Properly reporting...

Filing Income Tax Returns (ITR) requires careful attention to various deductions and exemptions, especially when dealing with interest...