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Long Term Capital Gains (LTCG) on Sale of a House – Calculation and Income Tax

Sale of a house often results in long term capital gains. But its calculation is not very simple – the cost of acquisition has to be indexed using the cost inflation index numbers. The cost of improvement also has to be added before calculating the capital gain. This article guides you through … [Read more...]

Long Term and Short Term Capital Gain – Income Tax Calculation

We often hear the term “Capital Gains”. What is capital gain or loss? How is it classified into long term and short term? What is its treatment as far as income tax goes? Read on... … [Read more...]

Income Tax (IT) Return Filing – Which ITR form to use?

This article clarifies the most important question this time of the year: Which ITR form to use to file the income tax return? The forms are also available for a free download. … [Read more...]

Public Provident Fund (PPF) – Plan Your Retirement and Save Tax

This article illustrates the features of Public Provident Fund (PPF), and explains how it can be used for long term wealth creation. … [Read more...]

Saving Income Tax – Understanding Section 80C Deductions

This article explains how the deductions under Sec 80C of the Income Tax (IT) Act can help reduce your income tax liability. It also helps you decide where to invest to claim deductions under Sec 80C. … [Read more...]

Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage

Many of us have taken home loans / mortgages to buy our house. And one of the most important motivators for going in for a housing loan is the Income Tax (IT) benefits that it entails. This article explains in detail how a home loan saves you Income Tax. … [Read more...]

Income Tax (IT) Jargon – Financial Year (FY), Assessment Year (AY) and Previous Year (PY)

Financial Year (FY), Assessment Year (AY) and Previous Year (PY) are terms very commonly heard during the Income Tax (IT) returns filing season. This article defines these terms, and explains the difference between them. … [Read more...]

Equity Linked Savings Scheme (ELSS) is not for someone else

  This article tells you how to save taxes along with equity investments, using Equity Linked Savings Scheme (ELSS) MF. … [Read more...]

Tax sops for Post Office schemes, bonus on PO MIS

  The government has announced that some of the tax sops on Post Office schemes would be restored. A bonus of 5% would also be paid on the Monthly Income Scheme (MIS) / Monthly Income Account (MIA). … [Read more...]