ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Section 56 exemption.
The case clarifies that capital gains tax arises upon execution of a registered sale deed, even if payment is not received. It highlights that the right to receive consideration is sufficient to trigger tax liability.
The Income-tax Act, 2025 introduces Form 141 to replace Form 26QB from April 2026. The change aims to reduce reporting mistakes and simplify TDS compliance in property transactions.
Budget 2026 restricts capital gains exemption on SGB redemption to original subscribers only. Secondary market investors redeeming after 1 April 2026 will now face capital gains tax.
The Bombay High Court held that failure to furnish a lender’s certificate cannot justify reopening of assessment for a let-out property. It clarified that the certificate requirement under Section 24(b) applies only to self-occupied properties.
The Draft Income Tax Rules 2026 offer a number of welcome benefits and procedural clarity for taxpayers. These draft rules are open for public comments until 22 February, after which the Government is expected to notify the final rules for implementation.
Judicial rulings clarify that Section 54 focuses on timely investment of capital gains, not rigid legal ownership milestones. The exemption depends on when and how the investment is made.
Capital gains exemptions on property sales often lead to litigation due to Section 54 timelines and unclear date of transfer in transactions.
The new labour framework mandates restructuring of wages to ensure basic pay and dearness allowance form at least half of remuneration. This mainly affects fixed-term and contract workers, while permanent employees see limited change.
The 2025 amendments scrap key lock-ins and vesting conditions, allowing earlier and more flexible exits. The ruling links withdrawals to corpus size, giving subscribers greater control over timing and form of payouts.
