A guidebook on income from Capital Gains India

Concept of Capital Gain

The profit earned from the selling of a capital asset is referred to as the capital gain. The profit earned from the transaction is charged to income tax for the specific year when the transmission of the capital asset took place. However, in case of capital gains, which are not acquired by selling of asset, but is inherited, …

Authentication of Cash Deposit by Income Tax Department

After the scenario of demonetization, large cash deposits were done. As a result, income tax department initiated a robust inspection and maintained documents such as bank statements, passbooks, sales and land records. Furthermore, the income tax department shall make the documents available to the taxpayer, so that he or she can claim the large cash deposited by them. This amount can be …

Tax on House Property in India

What is income from house property?

Income from House Property comprises of the rent received from the House property. This income is chargeable as per tax rules. In case, the property is not on the lease, then the owner may have to pay tax on 'deemed rent’. In order to include the income from house property in the assessor’s aggregate total income, three essential …

Income Tax proposition for NRIs in india

How is Residential Status determined?

The following conditions are followed when residential status is determined for a financial year:When an individual is an Indian citizen, who is working abroad or is an associate of a troop on an Indian ship, from the above-mentioned conditions, only the first condition is applicable to them. This condition is also applicable to a Person of Indian Origin …

How to E-File for Income Tax Return?

What do we mean by E Filing?

Electronic filing or e-filing as we often call it is a medium via which income tax returns can be submitted online. There are two ways provided, by which taxpayers may file their income tax returns. The old way by which it can be filed involves the individual going to the Income Tax Department’s office to personally …