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Mumbai tenant wins Rs 1.1 crore STCG tax fight after surrendering tenancy for new flat

Mumbai tenant wins Rs 1.1 crore STCG tax fight after surrendering tenancy for new flat

A Mumbai tenant who surrendered tenancy to move into a new flat in a redeveloped building fought an Income Tax notice alleging Rs 1.1 crore in short-term capital gains. The ITAT Mumbai ruled the alleged taxable event, the surrender of tenancy rights, did not occur in the assessment year cited, overturning the demand.

Summarised by Beize from a story on The Economic Times on 14 May 2026
Australia shares slide as CBA sinks 10% after earnings miss and housing tax shakeup

Australia shares slide as CBA sinks 10% after earnings miss and housing tax shakeup

Australia stocks fell as Commonwealth Bank plunged about 10% following an earnings miss, dragging the broader market. The move comes alongside major housing tax changes in the federal budget: negative gearing is proposed to be restricted to newly built homes, while a 50% capital gains tax discount would be replaced with inflation indexation to steer demand toward new properties.

Summarised by Beize from a story on The Economic Times on 13 May 2026

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ITR forms for FY 25 26 get major overhaul for capital gains trading and foreign assets

ITR forms for FY 25 26 get major overhaul for capital gains trading and foreign assets

The Income Tax Department has revised ITR forms for FY 2025-26, adding fresh disclosure requirements around capital gains, buyback-related losses, F&O and intra-day trading. The changes also include reporting of foreign assets, aiming to standardize filing across different taxpayer categories, including individuals and presumptive income earners, while simplifying the overall process.

Summarised by Beize from a story on The Economic Times on 9 May 2026
Wealthy Americans rushed to gift money early and now some regret it after tax rules changed

Wealthy Americans rushed to gift money early and now some regret it after tax rules changed

Some wealthy US families accelerated gifting to claim temporary tax advantages before new rules were expected to change. But lawmakers later made those benefits permanent, turning the early rush into regret for some. Experts caution that unwinding gifts is difficult, yet legal and financial options may still help certain households adjust.

Summarised by Beize from a story on The Economic Times on 6 May 2026
Wipro buyback at Rs 250 could reshape your 2026 tax bill with one key change

Wipro buyback at Rs 250 could reshape your 2026 tax bill with one key change

Wipro plans a share buyback at Rs 250 per share, pricing above the current market level. The bigger surprise is the timing: from April 1, 2026, buyback proceeds will be treated as capital gains under new tax rules. That shift can make tendering shares more tax-efficient than selling in the open market for both promoters and non-promoters.

Summarised by Beize from a story on The Economic Times on 30 Apr 2026
ITAT rules Rs 9.82 crore discount on DLF flat is not taxable income

ITAT rules Rs 9.82 crore discount on DLF flat is not taxable income

The Income Tax Appellate Tribunal (ITAT) has ruled that a property purchase discount is not taxable as income. In this case, a homebuyer received a Rs 9.82 crore discount on a Rs 32.95 crore DLF Camellias flat, after which the tax department issued a notice. The ITAT also allowed a Rs 9.65 crore capital gains exemption, reversing the lower authority’s view.

Summarised by Beize from a story on The Economic Times on 25 Apr 2026

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ITAT Ahmedabad backs taxpayer who earned Rs 8.75 crore capital gains but filed no ITR

ITAT Ahmedabad backs taxpayer who earned Rs 8.75 crore capital gains but filed no ITR

An ITAT Ahmedabad ruling favoured a man from Bharuch, Gujarat, who sold two agricultural plots for Rs 8.75 crore and claimed capital gains. Though he paid no income tax and did not file an ITR, the Income Tax Department issued a notice. The tribunal set aside the action based on the notice and process rather than the gains alone.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Retro tax ghost buried as India moves to cut old indirect transfer demands

Retro tax ghost buried as India moves to cut old indirect transfer demands

A new Bill introduced in the Lok Sabha removes tax demands linked to indirect transfer of Indian assets for transactions before 28 May 2012. Instead, the rule will operate prospectively, taxing gains from selling foreign company shares only when those shares draw value from Indian assets. The move aims to end uncertainty over retro claims while preserving the policy’s core intent.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
New ITR forms add secondary address field for AY 2026 27 taxpayers must update details

New ITR forms add secondary address field for AY 2026 27 taxpayers must update details

The Income Tax Department has released new ITR forms for Assessment Year 2026-27. The biggest update is a new secondary address field alongside the primary contact details. The process for representative assessees has also been simplified. Meanwhile, taxpayers no longer need to split capital gains based on transfers before or after July 23, 2024.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
India’s STT hike revives a 2004 tax and spooks Gen Z futures traders

India’s STT hike revives a 2004 tax and spooks Gen Z futures traders

India’s recent Securities Transaction Tax increase brings back a 2004-era levy meant to curb speculation and reduce capital-gains leakage. Originally designed to replace LTCG, STT now sits alongside it, aiming at a booming Gen Z-driven F&O market. The result: higher trading costs, cooler volumes, and pressure on market intermediaries.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

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12% surcharge on share buyback gains now hits promoters as tax department issues clarification

12% surcharge on share buyback gains now hits promoters as tax department issues clarification

The Income Tax Department has clarified that capital gains from share buybacks will attract a new 12% surcharge for promoters, introduced under the Finance Bill 2026. For non-promoter shareholders, the surcharge treatment remains tied to their normal income-based rules. The clarification aims to standardize how buyback transactions are taxed across categories.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
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