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Capital Gains

Deduction u/s 54F of Income Tax Act can be Allowed on Substantiating Assessee’s Intention to Repay Borrowed Funds with Capital Gains: Kerala HC [Read Order]

The Kerala High Court has held that deduction under Section 54F of the Income TaxAct, 1961 can be allowed when assessee substantiate her intention to...

Should You Join Infosys’ Buyback? Know the Tax Implications First

Income Tax Portal Rejects Returns with S.54/54F Deductions for FY 24-25: Practitioner Flags Issue to...

Countdown to 15th September: Here’s what Every Income Taxpayer Should Know

House sold for ₹67 lakh but only ₹1,690 shown in ITR: Know how Section 54 exemption helped secure...

Five Key Income Tax Changes for Salaried Employees: August 2025 Edition

Salaried employees witnessed important changes in income tax rules during August 2025, with the Central Board of Direct Taxes ( CBDT ) and recent legislative updates introducing measures that alter...

ITAT fixes FMV of Land at ₹60/sq.m for Capital Gain Calculation, directs AO to Verify Deduction u/s 54 [Read Order]

The Surat Bench of the Income Tax Appellate Tribunal (ITAT) has partly allowed the appeal by fixing the fair market value (FMV) of land at ₹60 per sq.m as on 01.04.1981 for capital gain computation...

Vintage Car Sale Liable to Capital Gains Tax if No Proof of Personal Use: Bombay HC [Read Order]

In a recent ruling, the Bombay High Court held that the sale of a vintage car is liable to capital gains tax if the assessee cannot prove that the car was used for personal purposes. Narendra...

ITAT remands Matter back to AO for Determination Fair Market Value Valuation in Distress Sale [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench has set aside the assessment for Satya Pal Khurana, directing the Assessing Officer (AO) to re-evaluate the fair market value of a shop sold...

Zero Tax up to Rs. 12.75 Lakh u/s 87A, But Will Short-Term Capital Gains Still Attract Income Tax?

Introduction Imagine earning ₹12.5 lakh a year from your salaried job and not paying a single penny as income tax. Sounds incredible? This is exactly what the government promised with the...

ITAT Weekly Round-up[July 26th - August 1st]

This weekly round-up analytically summarises the key stories related to the Income Tax Appellate Tribunal (ITAT) reported at Taxscan during the previous week, from July 26th, 2025 to August 1st,...

ITAT Remands Capital Gains Dispute to AO: Faults Revenue on Legal Oversight, Upholds Principles of Justice [Read Order]

The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT) has remanded the matter of capital gains taxation involving agriculturist Harwant Singh Grewal back to the Assessing Officer (AO) ...

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