SHOCKING: Tax exemption - You Need To See This

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

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

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