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The Latest Breaking News from Tax Exemption

Selling Gold? Your tax bill depends on how you own it; ETFs, SGBs, jewellery and digital gold compared

Unlike Gold ETFs, both physical gold and digital gold have longer required holding periods for realizing long-term gains. Additionally, Sovereign Gold Bonds will see changes in capital gains tax exemption starting April 2026. Tax implications for inherited or gifted gold depend on how and when the gold is sold.

The Economic Times

Income tax guide: Allowance and reimbursement exemption limits every salaried employee should know

Salaried employees should know income tax exemption limits for various allowances. Leave Travel Allowance is exempt for self and family travel within India. Children Education Allowance offers exemption up to three thousand rupees per child. Phone bill reimbursements are generally not taxable for employees. Meal card benefits are exempt up…

The Economic Times

The Estate Tax Exemption Rises to $15 Million in 2026—Who Actually Needs to Care?

A bigger estate tax exemption is coming in 2026, and the headline number sounds like something pulled from a luxury real estate listing. The federal estate tax exemption will increase to $15 million per person, meaning far fewer families will face a federal estate tax bill when transferring wealth after…

The Free Financial Advisor

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Polygamy to invite welfare benefits bar, dismissal from govt service: Assam budget

Assam's budget proposes barring polygamous individuals from state welfare schemes. Government employees practicing polygamy will face dismissal from their service. The state aims to promote women's empowerment and gender justice through these measures. Welfare schemes will be delivered through a unified digital beneficiary architecture. The budget also includes tax exemptions…

The Economic Times

Same-sex couple challenges Income Tax provision that exempts gifts only between spouses

The Karnataka High Court has requested a response from the Union government concerning a petition that challenges a tax exemption clause. This clause grants gift exemptions solely to married heterosexual couples, neglecting same-sex partners. Arguing for constitutional equality, the petitioners seek change, with the next hearing set for July fifteenth.

The Economic Times

Child education allowance tax benefit in ITR filing for FY 25-26: Know when you can claim it

Salaried employees can claim child education allowance tax exemption under the old tax regime. This exemption is available for up to two children per taxpayer. For FY 2026-27, the monthly limit increases significantly to Rs 3,000 per child. Self-employed individuals and those opting for the new tax regime cannot claim…

The Economic Times

Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT Chennai

A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially denied by the tax department. The Income Tax Appellate Tribunal (ITAT) ruled in his favour, citing the COVID-19 pandemic as an extraordinary circumstance beyond his control. The tribunal emphasized a…

The Economic Times

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IRS Announces $15 Million Estate-Tax Exemption for 2026 and a $19,000 Annual Gift Exclusion—How to Plan Now

A new year often brings fresh tax rules, and 2026 delivers a few changes that could make estate planning a little less stressful for many families. The IRS has set the federal estate tax exemption at $15 million per individual and $30 million for married couples, while the annual gift…

The Free Financial Advisor

Boston’s $1,000 Property Tax Break: Who Qualifies After Age 65?

Property taxes in Boston keep climbing, and for many older homeowners living on fixed incomes, that annual bill can feel like a growing threat to...

Saving Advice

Delhi EV Policy aims to cut ownership costs, boost adoption: CM Rekha Gupta

Delhi's new EV Policy 2026 aims to make electric vehicles economically attractive for citizens. Chief Minister Rekha Gupta highlighted that the policy combines purchase incentives, scrappage benefits, and tax exemptions to significantly reduce upfront and lifetime ownership costs. Subsidies are prioritized for two-wheelers, three-wheelers, and goods carriers, benefiting middle and…

The Economic Times

Working abroad? You may pay zero tax on selling Indian shares if you meet this condition

Indians working abroad can now potentially avoid paying tax on selling Indian shares. The key is to have purchased these shares using convertible foreign exchange. This provision, under Section 215 of the Income Tax Act, 2025, allows for tax exemption if the sale proceeds are reinvested in specified Indian assets…

The Economic Times

Do You Still Need a Trust? Why the Permanent $15 Million Estate Exemption Changes the Math

The new permanent $15 million federal estate tax exemption means far fewer families will ever owe federal estate tax. In fact, experts estimate that only a tiny fraction of estates will be large enough to face the tax under the new law. But that doesn’t necessarily mean trusts have become…

The Free Financial Advisor

Senior citizen mistakenly paid tax on tax-free VRS compensation; wins complete relief from ITAT Chennai on this ground

A senior citizen wrongly paid tax on Rs 24 lakh retrenchment compensation received under a BSNL Voluntary Retirement Scheme. Despite a significant delay, the Income Tax Appellate Tribunal (ITAT) in Chennai granted him full tax exemption, recognizing the compensation as tax-free under Section 10(10B). This ruling offers relief and highlights…

The Economic Times

Virginia Approves First-of-Its-Kind Data Center Power Consumption Tax

The first statewide tax in the United States specifically tied to data center electricity consumption comes with a bit of a catch.

Kiplinger

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The Economic Times

Can me and my wife claim LTCG tax exemption on gains from residential property sold in 2025?

ET Wealth Reader's Query: In 2025, I sold a residential property, which was purchased in 2008 in the joint names of my wife and I. However, my wife did not contribute financially to the purchase. I would like to know if both of us can claim long-term capital gains tax…

The Economic Times

Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief

When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption…

Kiplinger

Florida Voters to Decide on $250,000 Property Tax Exemption This Fall

The proposed exemption is designed to lower annual tax bills for primary residences, but critics warn cities could hike local service fees to offset revenue losses.

The Texas Tribune

Abbott recommends sweeping data center regulation, including eliminating sales tax exemption

The recommendations for legislative action amount to a striking call for industry regulation by the Republican governor in a state that has long prided itself on being a favorable environment for business.

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The Economic Times

From tax exemption to FCNR(B) deposits: How India is trying to attract foreign capital

India is taking steps to attract foreign investment and boost its economy. The Reserve Bank of India and the government have introduced new measures. These aim to bring in more dollars and stabilize the rupee. The initiatives include special swap facilities and tax exemptions for foreign investors. These actions are…

The Economic Times

FPI inflows into FAR securities rise by Rs 8,795 cr after govt tax exemption move

Foreign investors are pouring money into Indian government bonds. This follows a tax exemption on interest and capital gains for investments in Fully Accessible Route securities. The government's move aims to attract foreign capital and support the rupee. These measures are opening up India's bond market to global investors. This…

Ballotpedia

Florida voters to decide expanded homestead tax exemption amendment in November

The Florida State Legislature voted to place a constitutional amendment on the general election ballot on June 2, 2026. The amendment would expand the homestead exemption for non-school property taxes, reduce the cap on assessment increases for non-homestead properties, and limit how local governments can spend property tax revenue.

TechRadar

Ohio suspends data center tax breaks after losing $1.5 billion in revenue – but ongoing projects will still get the benefits

Ohio State Governor puts a pause on data center tax exemptions as lawmakers review the losses, which were higher than projected.

The Economic Times

Leave encashment tax rules for AY 2026-27: How much exemption salaried employees can claim

ITR Filing 2026-27: Salaried employees can claim tax exemption on leave encashment at retirement. While government employees enjoy full exemption, private sector employees have a limit of Rs 25 lakh, subject to specific calculations based on earned leave and salary. This income is reported under 'Income from Salary' in the…

The Conversation

Australia needs thousands more kerbside EV chargers. Here’s how to roll them out fast and fairly

Electric vehicles (EVs) are no longer a niche technology. Australians are buying them in growing numbers as petrol prices bite and the federal government continues its tax exemption until 2029.

Saving Advice

Washington State Lets Low-Income Seniors Exempt up to 60% of Their Home Value or $60K — Are You Eligible?

Rising property taxes are quietly pushing many retirees to the financial breaking point, especially in areas where home values have surged over the past few...

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