Case Overview Case Title: D.K. Brothers vs. Income Tax Officer (ITO)Court: Income Tax Appellate Tribunal (ITAT), MumbaiAppeal Number: ITA No. 2183/M/2023Date of Judgement: November 10, 2023Assessment Year: 2011-12 Introduction In a pivotal ruling, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has overturned the order issued by the National Faceless Appeal Centre (NFAC) in the case...
capital gains tax
Overseas Citizenship of India (OCI) holders, often individuals of Indian origin residing abroad, enjoy several privileges in India, including purchasing and selling real estate. However, these transactions are governed by specific legal and regulatory frameworks to ensure compliance with Indian laws. This blog delves into the nuances of buying and selling property in India as an OCI holder and highlights...
In India, the Tax Deducted at Source (TDS) provisions under the Income Tax Act apply to the sale of property. These provisions ensure that the government collects tax at the time of the transaction, rather than waiting until the seller files their income tax return. Whether it’s residential, commercial, or any other type of property, TDS provisions vary slightly, but the basic concept remains the...
When you sell a property in India, the profit you make is classified as either short-term capital gain (STCG) or long-term capital gain (LTCG), depending on the holding period of the property. The tax treatment of these gains is significantly influenced by whether the sale happens under the new tax regime, which was introduced in the Union Budget 2024. Let's break this down with examples to help you...
Capital gains in India refer to the profit earned from the sale of a capital asset, such as property, stocks, or mutual funds. The taxation on capital gains is a critical aspect of financial planning for individuals and businesses. This blog delves into the different types of capital gains, tax implications, exemptions, and key considerations for managing capital gains in India. What are Capital...
