Section 54F exemption of the Income Tax Act helps taxpayers save long term capital gains tax on sale of assets like gold or shares. Investing the sale proceeds in a residential property allows you to claim an exemption up to Rs 10 crores.Key HighlightsOnly the proportion of sales proceeds invested in the new residential property can be claimed as an exemption.The new residential house should be situated in India.The exemption can be claimed even by non-residents.Eligibility to claim Exemption under Section 54FCapital Gain exemption under section 54F is subject to certain conditions, which are:Taxpayer should invest the net sales amount of the old asset in purchase of a new residential house.The new residential property must be:Purchased: either 1 year before or 2 years after the sale of asset or Constructed: within 3 years of sale of old assetTaxpayer should not own more than one residential house on the date of sale, other than the one bought for claiming exemption under this section.Taxpayer should not purchase any other house within 2 years or construct one within 3 years from the transfer date.If the above conditions are not satisfied, then exempt Capital Gains taxable in the year in which such other residential house is purchased/ constructed.Net Sale ConsiderationNet sale consideration means the sale value of property after reducing the transfer expenses like legal fees, commission, registration charges, etc.,How to Calculate Exemption u/s 54F?Exemption u/s 54F is available to the amount invested proportionate amount of sales consideration. It can be arrived using the formula below.54F Exemption = Capital Gains * Amount invested in residential property / Net Sale ConsiderationNote:When the amount invested in residential property exceeds Rs. 10 crore, the maximum amount taken for exemption calculation should be restricted to Rs. 10 crore.

Section 54 of the Income Tax Act provides exemptions from long-term capital gains tax, if you reinvest the capital gains in another residential property. You can either purchase another house within 2 years or construct one within 3 years from the date of sale. Exemption can be claimed up to Rs. 10 crore. This helps taxpayers save tax by reinvesting the sale proceeds in a new home, subject to conditions under the Act.Key HighlightsImportant criteria to claim exemption under :Section 54 Exemption can be claimed only on long term capital gain on sale of residential house property.Up to Rs.

The Capital Gain Accounts Scheme (CGAS) allows taxpayers to save tax on long-term capital gains by depositing the gains within the ITR due date in a special bank account until they buy a new property or asset.Latest UpdateAs per the latest notification by the department, private sector banks and small finance banks can accept deposits under this scheme. Deposits through UPI, BHIM, NEFT, RTGS, debit cards and credit cards are now accepted under Capital Gains Account Scheme.What is Capital Gains Account Scheme?The Capital Gains Account Scheme (CGAS) was introduced by the Central Government in 1988 to help taxpayers claim exemptions on long-term capital gains. Often, the time needed to reinvest capital gains exceeds the due date for filing income tax returns. In such cases, taxpayers can deposit the unutilised capital gains in a Capital Gains Account under CGAS to remain eligible for exemption.Investing the gains in this account is treated the same as direct reinvestment for exemption purposes. However, short-term capital gains are not eligible for the capital gains account scheme (CGAS), as exemptions under Sections 54 to 54GB apply only to long-term capital gains.Who Can Deposit in Capital Gains Account Scheme?Any taxpayer who earns long-term capital gains and wants to claim exemption under Sections 54 to 54GB can deposit in the Capital Gains Account Scheme (CGAS). This includes Individuals, Hindu Undivided Families (HUFs), Companies, Trusts, and any other person eligible for capital gains exemption.

ESOP (Employee stock option plan) offers employees equity shares of the company, on satisfaction of vesting conditions. They are treated as a part of salary for the purposes of taxation.Terms on ESOPs Before you understand the taxation of ESOPs and RSUs, here are some key terms you must know:ESOP – Employee Stock Option Plan, allows an employee to own equity shares of the employer company over a certain period. The terms are agreed upon between the employer and employee.ESPP - Employee Stock Purchase Plan allows an employee to own equity shares of the employer based on the agreed purchase price. Employees pay for such stock at a discounted price which is paid directly from their bank account or deducted on a monthly basis from the payroll or payslip.RSU - Restricted Stock Units are usually issued by those companies listed outside India. In the case of RSU, it is issued to employees as a reward when the employee achieves a milestone or target.

RSU stands for Restricted Stock Units. These are units of stocks (or shares) given to employees with vesting conditions. RSU's are given to employees free of cost, and treated as salary for taxation purposes when it is received.What is RSU?Restricted Stock Units (RSUs) are a restricted form of equity incentive that an employer grants to its employees. Since the employee in question gets them in the form of an incentive, they don't have to pay any money for it. It is provided to them on satisfaction of vesting conditions, usually over a vesting schedule. Vesting ConditionsVesting conditions are criteria fixed by the company, satisfaction of which the RSUs will be granted to the employee. It may be based on certain years of service, achievement of certain performance targets, or other restrictions. If these conditions are satisfied, the shares will be ‘vested’ on the employee, he or she will have ownership rights to sell the shares or exercise complete rights over the shares only on vesting of shares.Vesting ScheduleVesting schedule is usually the time frame set by the company, during which gradually the shares become vested to the employee.Let us new understand the working mechanism of RSUs with example.Example of Restricted Stock UnitLet’s say an employee Rishi is promised 3,000 company shares as RSU. As per the vesting schedule, he will receive 1,000 shares every year for 3 years once he completes 1 lakh sales and 1 year with his employer. In this case, the vesting conditions are: Completion of 1 year of service (and)Completion of 1 lakh salesOnce he meets both these conditions, he will start receiving the stocks as per the vesting schedule. In this case, the vesting schedule is as follows:Vesting ScheduleNumber of SharesAt the end of year 11,000At the end of year 21,000At the end of year 31,000To know how to calculate RSU value, always take the fair market value of the share into consideration. Taxation of RSU in IndiaThe tax implications occur at two events for RSUs in India.

The due date for filing original return for FY 2024-25 is already passed. If you still have not filed your returns, you can file a belated return under section 139(4) of the Income Tax Act. Ensure that you choose the ‘belated return’ option during the filing process.Simple Steps to file ITR OnlineYou can file your ITR following these simple steps:Step-1: Login to the Income Tax PortalStep-2: Go to ‘File Income Tax Return’Step-3: Select Assessment yearStep-4: Select 'Filing Status"Step-5: Select ‘ITR Type’Step-6: Select reason for filing the returnStep-7: Validate the detailsStep-8: E-verify the returnDocuments Required for Filing ITRBefore filing ITR, there are a few documents and details that you need to gather in order to file ITR.PAN and AadhaarBank StatementsForm 16Donation receiptsStock trading statements from the broker platformInsurance policy paid receipts related to life and healthBank account information linked to PANAadhaar registered mobile number for e-verifying the returnInterest certificates from banksHow to File ITR Online?The step-by-step guide on how to file ITR online for AY 2025-26 through the Income Tax Portal:Step 1: Log in to the Income Tax PortalLog in to the income tax portal by entering your PAN and password. Step 2: Select the relevant Assessment Year and mode of filing ITRSelect ‘Assessment Year’ as ‘AY 2025-26’ if you file for FY 2024-25 and click on Online, then "Continue".Step 3: Select your filing statusSelect your applicable filing status i.e., Individual, HUF, or others and click "Continue".Step 4: Select the applicable ITR FormBefore filing your income tax return, it's important to choose the correct ITR form based on your income sources. ITR 1 to ITR 4 are meant for individuals and HUFs. For instance, if you have capital gains income but no income from business or profession, you should file using ITR 2.Step 5: Choose the Reason For Filing ITRIn the following step, you will be prompted to specify the reason for filing your returns.

Form 26AS is a statement that provides details of all TDS or TCS, advance tax/self-assessment tax paid, and high-value transactions of a taxpayer during the financial year.How to Download Form 26AS Online 2025?Step-1: Login to the Income Tax Portal,Step-2: Go to e-file > Income Tax Returns > View form 26AS. You will be redirected to TRACES website. Step-3: Click on ‘Confirm’ after reading the disclaimer. You will be redirected to TDS-CPC portal.Step-4: Check on the 'Agree' check box and click 'Proceed'.  Step-5: Click ‘View Tax Credit (Form 26AS/Annual Tax Statement)’Step-6: Select the ‘Assessment Year’ and ‘View type’ (HTML or Text)Step-7: Click ‘View / Download’ and then ‘Export as PDF’.What is Form 26AS?Form 26AS is the annual tax statement provided by the Income Tax Department to every taxpayer. It is a consolidated statement which contains all the high value transactions, TDS deducted, TCS collected, corresponding income, refund issued, etc.The scope of the statement has now been expanded to include details of foreign remittances, mutual funds purchases, dividends, refund details, turnover as per GST records, etc.Form 26AS is considered an important and convenient document for tax filing, as it contains most of the required information at one place.Income tax filing can be done without Form 26AS, since it is not a mandatory document for tax filing. But it is highly recommended to have Form 26AS handy while filing the returns, as chances of getting an Income Tax notice is high, even if a miniscule transaction reflected in the form is missed out in the returns.Information Available on Form 26ASForm 26AS is a statement that shows the below information:Details of tax deducted at sourceDetails of tax collected sourceAdvance tax paid by the taxpayerSelf-assessment tax paymentsRegular assessment tax deposited by the taxpayers (PAN holders)Details of income tax refund received by you during the financial year Details of the high-value transactions regarding shares, mutual funds, etc.Details of tax deducted on sale of immovable propertyDetails of TDS defaults (after processing TDS return) made during the yearTurnover details reported in GSTR-3BDetails of specified financial transactionsPending and completed income-tax proceedingsStructure and Parts of Form 26AS PART-I Details of Tax Deducted at SourceTDS on salary, business, profession, interest income etc., shall be reported herePART-II Details of Tax Deducted at Source for 15G/15HTDS on which no TDS is made because of Form 15G/15H due to income being less than the basic exemption limit. Mainly applicable for senior citizen taxpayersPART-III Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194STDS made on payment made in kind (car in a lottery, foreign trips for meeting sales targets etc.)PART-IV Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Contractors or Professionals/ Seller of Virtual Digital Asset)TDS made on sale of house property/rent payment in excess of Rs. 50,000 per month, payment to a contractor/professional services in excess of Rs.50 lakhs/sale of virtual digital asset (cryptocurrency)PART-V Details of Transactions under Proviso to sub-section(1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)PART-VI Details of Tax Collected at SourceTCS made under various sections of 206CPART-VII Details of Paid Refund (For which source is CPC TDS.

Tax benefits on home loan differs based on various factors like nature of the property (self occupied or a let out property), the regime chosen ,the loan is availed individually or jointly, and other factors. The provisions for home loan tax benefits are governed by section 80C and section 24 of the Income Tax Act. Latest UpdatePreviously, a taxpayer can claim up to two of his own property as ‘self-occupied’, only when he is not able to be in his own house due to a different work location. Post amendments in Budget 2025, he can claim his own properties as self occupied, when he is unable to be his own property for any reason. Home Loan Tax Benefits - An OverviewThe maximum limits for deductions available against interest and principal paid during the financial year are presented in a table below: DeductionPrincipal / InterestMaximum LimitSection 80CPrincipalRs. 1.5 lakhsSection 24(b)InterestSelf Occupied Property: Rs. 2 lakhLet Out Property:Entire interest can be claimed - irrespective of regimeSection 80EEInterestRs.

ITR filing last date for individuals not subject to tax audit is 16th September 2025 for FY 2024-25 (AY 2025-26).  Missing this deadline can lead to interest charges under Section 234A and a late filing fee up to Rs. 5,000 under Section 234F. However, if you miss the due date, you can still file a belated return until 31st December of the assessment year.Latest UpdateITR due date for for tax audit assessees for FY 2024-25 is extended to 10th December 2025. Last date for submission of tax audit report for FY 2024-25 is extended to 10th November, 2025.Download CBDT press release on tax audit and ITR due date extensionLast Date to File ITRFor FY 2024-25 (AY 2025-26), the income tax filing last date for non-audit taxpayers is extended to16 September 2025. Many deductions and benefits are not available if you miss this due date.

An income tax refund arises when the tax you have paid to the government is more than your actual tax liability. This excess tax can occur due to higher TDS deductions or advance tax payments during the year.  You can claim the refund while filing your income tax return.Tax refund in India is usually processed through electronic bank transaction. However, refund can be received via cheque as well. Refund status can be checked online on income tax portal or NSDL portal.Why is Income Tax Refund delayed?Income Tax Refund for FY 2024-25 can be delayed because of the following reasons:Stricter scrutiny process and more compliance requirements from FY 2024-25.ITR filed close to due date.Mismatch of information between ITR filed and Form 26AS.There is also a possibility of any other mistakes in your ITR.