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Joint Property Purchase: How Co-Owners Can Claim Separate Capital Gains Tax Benefits
5+ hour, 57+ min ago (252+ words) With the rising real estate cost, especially in metropolitan areas, the trend of purchasing a property jointly is increasing. Under co-owning a property, two or more persons are equal owners, though it brings an intriguing aspect to the tax planning concerning capital gains. One of the confusions that remains among joint property owners is the exemption from capital gains. Experts clarified News18 that Sections 54 and 54F under the Income Tax Act, remain available for co-owners but in proportion to their ownership share. Rai said that under Section 54F, the exemption depends on each co-owner's net consideration invested, and any violation of conditions'like purchasing additional property'affects only that individual's claim, not the others. Anurag Goel, Director, Goel Ganga Development explained that if two partners sell a property held in common and later on buy new residential property exclusively with their respective shares of the…...
Prepare for a Pandora's Box of tax transparency in 2026
18+ hour ago (1000+ words) For many global companies, accounting and tax data have long been compartmentalized, tracked in legacy systems, governed by local teams and reviewed retrospectively. This model is no longer sustainable. From 2026 onward, IFRS 18 will introduce a restructured income statement format, while mandatory e-invoicing and e-reporting regimes will push tax data into real-time transmission. At the same time, the OECD's Pillar 2 global minimum tax rules will begin to take effect and require multinationals to calculate and disclose effective tax rates by jurisdiction. These reforms will have a big impact on how global companies present their financial performance, manage their taxes and assess risk across their organizations. Once the flow of data to the outside world begins, it will be hard to stop. This new structure is designed to bring greater comparability to income statements, but may also reveal discrepancies in how companies…...