Tax Exempt News

Investors can claim long-term capital gains exemption by purchasing two residential properties if the gains do not exceed Rs. 2 crores. Inheritance of assets is tax-free for recipients.

Income tax Budget 2025 Highlights: Finance Minister Nirmala Sitharaman announced new tax slabs in the new tax regime 2025, so there will be no income tax for those drawing ₹12 lakh and less

High income tax is one thing that has been pinching India's middle class, especially over the last few months since the cost of living and inflation has been high. Now, as per what government sources told news agency Reuters, India is considering reducing income taxes for those earning up to ₹15 lakh in the upcoming budget in February. This is an attempt to provide relief to the middle class and specially to stimulate consumption amid an economic slowdown, as per the reports.

The tax break offered to municipal bond investors is coming under threat as Republicans are closer to taking control of both the White House and Congress.

India Is Preparing The Groundwork For Its Own Carbon Border Tax To Strike Back Against A Similar Move By The European Union (Eu), Two People Aware Of The Discussions In The Government Said. New Delhi Is Peeved By The Eu’s Move To Link The Environment With Trade, Though There Were No Such Considerations While Europe Industrialised. The Finance And Commerce Ministries Are Discussing The Contours Of Such A Mechanism, Particularly About Measuring The Carbon Content In Products Imported From Europe, Said One Of The People Cited Above, Both Of Whom Spoke On Condition Of Anonymity.

There are many changes in the income tax rules effective from this financial year. Changes in income tax slabs to tax rebate limit raised, No LTCG tax benefit on some debt mutual funds are some of the major changes effective from 1 April 2023.

Already owning a residential house property in India shall not disentitle the person to claim the rollover exemption under Section 54F

Budget 2020 gives Income Tax payers the option to choose a lower tax regime if they give up all tax exemptions. Leaving aside the debate over whether the new tax regime reduces taxes, the very idea of removing exemptions is bad economics. Tax exemptions are an important policy tool for the government to nudge citizens to adopt economically significant habits, especially that of saving. This savings pool is crucial for both government and private investment. Exemptions can also be used to stimulate particular sectors of the economy, such as housing or medical insurance.

The finance minister says the government intends to remove all I-T exemptions in the long run

Under Section 80C of the Income Tax Act, borrowers can claim tax exemptions of up to Rs.1.5 lakh on the annual home loan principal repaid.