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BIZARRE: Tax exemption - What They Never Told You

In the Name of Tax Fairness, Politicians Propose Special Tax Penalties on Data Centers

State and federal policymakers are attempting to exclude data centers from run-of-the-mill tax exemptions.

Reason · Sep 18

8th Pay Commission news: Pensioners demand 67% of last pay drawn, Rs 69,000 minimum pay, 3.83 fitment factor

8th Pay Commission latest news: Pensioners proposed a 67% pension of last pay drawn and a minimum pay of Rs 69,000. They also recommended one-rank-one-pension for all central government employees. The association suggested reducing the pension commutation period to eleven years. Defence pensioners' qualifying service should also be reduced on…

The Economic Times · Sep 11

Retiring early? Know how much tax exemption can employees claim for VRS

You can claim full tax exemption on VRS if the scheme was launched under special framework; Know how it works for employees claiming VRS.

The Economic Times · Aug 28

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Everything Veterans Should Know About Tax Exemptions Based on Disability

A VA disability rating can affect far more than a monthly benefit payment. For many veterans, that rating can also open the door to valuable tax advantages, including tax-free VA disability compensation and, depending on the state, significant property tax relief. The tricky part? Not every benefit follows the same…

Everybody Loves Your Money · Aug 27

Man constructs a house before selling his old property and claims income tax exemption under Section 54; Income Tax Department sends notice; he wins case in ITAT Delhi

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays no tax, tax dept sent notice, man wins case in ITAT Delhi; Know how. This Paschim Vihar property was purchased on July 20, 2005 for Rs 6.48 lakh (including stamp duty).

The Economic Times · Aug 19

Inherited mother's land, converted it into business stock, and invested over Rs 5 crore in a new home; ITAT Surat grants Section 54F tax exemption relying on a 1983 CBDT circular; Know why

Son inherited 50% of mother’s land and took it in his real estate business as business stock; brought an even larger plot for Rs 2 crore claimed Section 54F tax exemption; tax dept denies it; Here’s how a 1983 CBDT circular (No. 359 dated May 10, 1983) helped him win…

The Economic Times · Aug 17

Term Insurance vs Endowment Plans: What Every Indian Must Know Before Buying a Policy

The Coverage Gap Nobody Talks About at the Time of PurchaseA 32-year-old earning Rs 12 lakh a year buys an endowment plan with a sum assured of Rs 10 lakh. The premium is Rs 40,000 a year for 20 years. The family feels protected. They are not. Ten lakh rupees…

Times Life · Aug 12

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Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT Ahmedabad

Family member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedabad; Know how Google earth photos and Revenue Records helped him win. Read the article.

The Economic Times · Aug 10

Texas parents are ditching the tax-free weekend—here's why

Texas parents are shopping early for school supplies, bypassing the tax-free weekend. Houston families anticipate spending significantly more than the national average this year. The state's tax holiday offers savings on clothing and traditional school items. However, technology costs are rising and excluded from the current tax exemption. Lawmakers are…

The Economic Times · Aug 7

Lok Sabha passes Taxation and Other Laws (Amendment) Bill to boost foreign investment, electronics manufacturing

The Lok Sabha passed a bill to attract foreign investment and promote domestic manufacturing. This legislation aims to provide greater tax certainty for businesses operating in India. It simplifies tax frameworks for offshore investment funds and fund managers. The bill also extends tax exemptions for electronics manufacturing and diamond trade.

The Economic Times · Aug 6

Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT Mumbai

Wife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai rules that a property transaction between spouses does not become sham merely because they are related. Know how she won the case in ITAT Mumbai.

The Economic Times · Aug 5

Household savings rise to 21.7% of GDP in FY25: Govt

Household savings increased to 21.7 percent of GDP in 2024-25. Government and RBI measures aim to boost incomes and financial security. RBI enhanced financial system resilience by adjusting consumer credit risk weights. Income tax exemptions and GST rationalization support household disposable incomes. Focus on ease of doing business fosters overall…

The Economic Times · Aug 4

Taxation laws amendment bill tabled in Lok Sabha: What the new tax bill changes for foreign investors

Finance Minister Nirmala Sitharaman introduced the Taxation and Other Laws (Amendment) Bill, 2026, proposing simpler rules for offshore investment funds managed from India to claim tax exemptions. The bill removes several eligibility conditions, including investor and corpus limits, while offering tax incentives for electronics, diamond trade and foreign investors.

The Economic Times · Aug 4

Govt tables tax amendment Bill with FII relief, electronics manufacturing push

The Taxation and Other Laws (Amendment) Bill, 2026, was tabled, proposing significant changes to tax laws. Banks and payment providers will not charge for notified electronic payment modes. Tax exemptions are proposed for foreign investors in government securities and for electronics manufacturing. The bill also aims to simplify tax for…

The Economic Times · Aug 4

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The Economic Times · Aug 3

Taxation laws amendment bill: Government proposes simplified exemption framework for offshore funds

A bill will soon simplify offshore investment fund rules. This aims to attract more foreign capital into India. Tax exemptions will be offered for global income of funds. Foreign companies storing electronic components will also get exemptions. These measures will boost India's position as an investment hub.

The Economic Times · Aug 1

Man was denied Section 54F income tax exemption as builder delayed villa construction by 4 years; Telangana HC grants relief, says taxpayer can't suffer for builder's fault

Builder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebuyer; Telangana HC says homebuyer can't be penalised for builder's fault and gives him 54F tax exemption. Know how homebuyer won Section 54F tax exemption case in Telangana High Court.

The Economic Times · Jul 30

Has government scrapped Long Term Capital Gain (LTCG) tax for foreign investors? Finance Ministry replies

The government has clarified no LTCG tax scrapping for foreign investors. Only investments in Government Securities now receive tax exemptions. This measure aims to attract foreign portfolio investors to the G-Secs market.

The Economic Times · Jul 27

Save income tax when filing ITR for AY 2026-2027 by claiming Section 54 or 54F benefits if you sold land, house property or equity shares; Know how

Indian taxpayers can claim capital gains tax exemptions by reinvesting sale proceeds. Section 54 and 54F allow exemptions for residential property sales and other assets. Specific timelines and conditions must be met for claiming these tax benefits. Unutilised amounts must be deposited in the Capital Gains Account Scheme. Reporting these…

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The Economic Times · Jul 16

Selling Gold? Your tax bill depends on how you own it; ETFs, SGBs, jewellery and digital gold compared

Unlike Gold ETFs, both physical gold and digital gold have longer required holding periods for realizing long-term gains. Additionally, Sovereign Gold Bonds will see changes in capital gains tax exemption starting April 2026. Tax implications for inherited or gifted gold depend on how and when the gold is sold.

The Economic Times · Jul 13

Income tax guide: Allowance and reimbursement exemption limits every salaried employee should know

Salaried employees should know income tax exemption limits for various allowances. Leave Travel Allowance is exempt for self and family travel within India. Children Education Allowance offers exemption up to three thousand rupees per child. Phone bill reimbursements are generally not taxable for employees. Meal card benefits are exempt up…

The Free Financial Advisor · Jul 11

The Estate Tax Exemption Rises to $15 Million in 2026—Who Actually Needs to Care?

A bigger estate tax exemption is coming in 2026, and the headline number sounds like something pulled from a luxury real estate listing. The federal estate tax exemption will increase to $15 million per person, meaning far fewer families will face a federal estate tax bill when transferring wealth after…

The Economic Times · Jul 10

Polygamy to invite welfare benefits bar, dismissal from govt service: Assam budget

Assam's budget proposes barring polygamous individuals from state welfare schemes. Government employees practicing polygamy will face dismissal from their service. The state aims to promote women's empowerment and gender justice through these measures. Welfare schemes will be delivered through a unified digital beneficiary architecture. The budget also includes tax exemptions…

The Economic Times · Jul 10

Same-sex couple challenges Income Tax provision that exempts gifts only between spouses

The Karnataka High Court has requested a response from the Union government concerning a petition that challenges a tax exemption clause. This clause grants gift exemptions solely to married heterosexual couples, neglecting same-sex partners. Arguing for constitutional equality, the petitioners seek change, with the next hearing set for July fifteenth.

The Economic Times · Jul 10

Child education allowance tax benefit in ITR filing for FY 25-26: Know when you can claim it

Salaried employees can claim child education allowance tax exemption under the old tax regime. This exemption is available for up to two children per taxpayer. For FY 2026-27, the monthly limit increases significantly to Rs 3,000 per child. Self-employed individuals and those opting for the new tax regime cannot claim…

The Economic Times · Jul 6

Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT Chennai

A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially denied by the tax department. The Income Tax Appellate Tribunal (ITAT) ruled in his favour, citing the COVID-19 pandemic as an extraordinary circumstance beyond his control. The tribunal emphasized a…

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