FORGOTTEN HISTORY: Tax exemption - The Untold Story

Florida Voters Could Approve a $250,000 Homestead Exemption—Who Would Actually Save Money?

A $250,000 tax exemption sounds like the sort of number that could make a Florida homeowner check their mailbox with renewed optimism. But the proposed change comes with a catch: the exemption would not erase $250,000 from a property tax bill, and not every homeowner would qualify for the full…

The Free Financial Advisor · Oct 27

Retired bank employee claims tax exemption on Rs 9.53 lakh leave encashment, faces income tax notice and wins full relief at ITAT Jaipur

After retiring from the State Bank of India, Chhaju found himself facing a tax exemption cap of Rs 3 lakh on his leave encashment totaling Rs 9.53 lakh. Determined to secure his rightful benefits, he appealed to the ITAT Jaipur, which sided with him and extended full tax exemption. The…

The Economic Times · Oct 23

I have LTCG tax liability of Rs 16 lakh from land sale; should I pay income tax or reinvest to save?

ET Wealth Reader's Query: I am 57. I recently sold a piece of land near Jewar airport, resulting in a long-term capital gains (LTCG) tax liability of around Rs 16 lakh. I am considering two options: reinvesting the proceeds in another property of a similar value to claim the available…

The Economic Times · Oct 20

Estate tax exemption for 2026 is $15 million: Here’s what families need to know about the IRS rules and $19,000 gift limit

The 2026 estate tax exemption is $15 million, while the annual gift tax exclusion remains $19,000 per recipient. Here’s what the IRS rules mean for families planning to transfer wealth, make large gifts or review their estate plans, and how the basic exclusion amount differs from the annual gift tax…

The Economic Times · Oct 4

Son sells ancestral land for Rs 8 crore, buys 2 more properties; gets income tax notice but wins at ITAT Chandigarh: Know why

A family from Panchkula owned some ancestral land in a village. A member of this family sold his share of the the said land for Rs 8 crore and purchased two more lands and claimed Section 54B and Section 54F tax exemption. However, he got a tax notice.

The Economic Times · Oct 3

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

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