For listed shares, the holding period is >12 months for LTCG. For unlisted shares and real estate (immovable property), the period was reduced to >24 months. For debt mutual funds, it is >36 months.

Only 5-year Tax Saver Fixed Deposits are eligible under 80C. Standard RDs or FDs less than 5 years do not qualify.

Indexation adjusts the purchase price of an asset for inflation using the Cost Inflation Index (CII), effectively reducing the taxable capital gain. (Note: Recent changes removed indexation for certain debt funds, but conceptually it applies to LTCG on eligible assets).

Section 80D provides deduction for medical insurance premiums paid for self, family, and parents. The limit is higher for senior citizens.

The buyer is required to deduct TDS @ 1% of the sale consideration (or stamp duty value, whichever is higher) if the value exceeds ?50 Lakh.

Gifts from "Relatives" (Spouse, Parents, Siblings, Lineal ascendants/descendants) are tax-free. Gifts from non-relatives > ?50,000 in a year are taxable.

As per Income Tax Act, if tax payable (after TDS) is ?10,000 or more, advance tax must be paid in installments (15%, 45%, 75%, 100%).

For a self-occupied property, the maximum deduction for interest on housing loan is ?2 Lakh per financial year. For let-out property, it is restricted to ?2 Lakh set-off against other income.

Section 54 is for selling a house and buying a house. Section 54F applies when you sell ANY long-term asset (like Gold, Shares, Land) OTHER than a house, and invest the net consideration in a Residential House.

Under Section 64, if an individual transfers assets to their spouse for inadequate consideration, any income from such assets is clubbed with the transferor's income to prevent tax avoidance.

Section 80TTA allows a deduction of up to ?10,000 on interest earned from Savings Accounts (Bank/Post Office). It does not apply to FD interest.

ELSS has the shortest lock-in period (3 years) among all Section 80C tax-saving instruments. (PPF is 15 years, Tax Saver FD is 5 years).

This is a special exemption. For Sec 194-IA, the buyer does not need a TAN. They can file the TDS return (Form 26QB) using their PAN.

Stock-in-trade is meant for sale in the ordinary course of business. Profits from it are "Business Income", not "Capital Gains".

The payments are essentially loan disbursements, not income. Hence, they are tax-exempt for the senior citizen.

The lump sum withdrawal (up to 60%) is tax-free. The remaining 40% must be used to buy an annuity (which is taxable as income when received).

Donations to certain funds like PMNRF or PM CARES Fund are eligible for 100% deduction without any qualifying limit (ceiling) on the donation amount.

Under Section 112A, LTCG on listed equity (held > 1 year) is taxed at 10% on gains exceeding ?1 Lakh, without the benefit of indexation.

The third condition for HRA exemption calculation depends on the location of the accommodation: 50% of salary for Metro cities (Delhi, Mumbai, Kolkata, Chennai) and 40% for other places.

STCL can be adjusted against both STCG and LTCG. However, Long Term Capital Loss (LTCL) can be adjusted ONLY against LTCG.

Individuals/HUFs paying rent > ?50,000 per month must deduct 5% TDS, even if they are not subject to tax audit.

Resident Senior Citizens without business income are not liable to pay advance tax installments; they can pay Self-Assessment Tax before filing returns.

For purchase, the window is 1 year before or 2 years after sale. For construction of a new house, the time limit is 3 years after the sale date.

Under Section 64(1)(iv), income arising from assets transferred to a spouse without adequate consideration is clubbed with the income of the transferor (Mr. X). However, if Mrs. X reinvests the interest, income on that reinvestment belongs to her.

This higher limit (compared to ?10,000 for non-seniors under 80TTA) includes interest from FDs, RDs, and Savings accounts.

LTA exemption applies only to the "travel fare" component (not stay/food) for travel within India, restricted to 2 journeys in a 4-year block.

For non-filers, the threshold is tighter. TDS is 2% for withdrawals > ?20 Lakh and 5% for > ?1 Crore. For filers, it applies only above ?1 Crore.

Principal repayment falls under the overall ?1.5 Lakh limit of Section 80C. Interest repayment falls under Section 24(b) (up to ?2 Lakh).

This was a major change. Debt funds are now taxed at the investor's marginal slab rate, and the indexation benefit for LTCG has been removed for funds purchased after April 1, 2023.