Have you inherited a home or are planning to sell it? In such tax planning It is very important to understand, because with the right strategy Capital Gains Tax Big savings can be made. First of all know that There is no inheritance tax on inherited property.—Income Tax Act Section 56 It’s completely under tax free Is. But when you sell the house, the profits Capital Gains Tax Have to give. it Long Term Or Short Term will happen, which Previous Owner’s Purchase Date Is decided from. if property older than 24 months yes, then Long Term Capital Gain It will take. to save tax Section 54 Can buy a new house in or Section 54EC under NHAI/REC Bonds Can invest in. Tax can also be reduced by adding maintenance and improvement expenses.

If you have not yet filed your Income Tax Return (ITR) and are hoping that the deadline of September 15 will increase, then be alert. No extension has been received so far and if you do not file returns till the scheduled time, you may have to suffer the penalty of late filing. Under Section 234F, if your annual income is more than ₹ 5 lakhs, late returns will be fined up to ₹ 5,000. At the same time, a penalty of ₹ 1,000 will have to be given even if the income is less than ₹ 5 lakh. Not only this, filing the Belated Return also increases the possibility of delay in refund, loss of interest, and audit. If you continuously delay, there may be difficulty in achieving loans, visas, and other financial facilities in the future. The last date for Belated Return is 31 December 2025, but it would be better to keep the ITR in time to keep the profile strong.