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Manuals Income Tax
Whether a person is allowed HRA exemption even if he do not have the HRA component in his salary but...
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HRA exemption: tenants without an HRA salary component may claim rent relief by meeting Section 80GG conditions.
An individual who does not receive House Rent Allowance as part of salary may claim the deduction for rent paid under Section 80GG, provided the statutory conditions and documentation for that provision are met.
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HRA exemption: rent paid to family members can qualify for tax relief, but payments to a spouse are not allowed.
HRA exemption is available when an individual pays rent to family members and resides with them, provided the standard conditions for claiming HRA under salary exemptions are met; rent paid to a spouse is not accepted for HRA exemption.
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Tax treatment of termination payments from unrecognised provident funds: employer contributions treated as salary; employee contributions exempt.
Employee contributions on termination from an un-recognised provident fund are exempt from tax, while interest on those employee contributions is taxable as Income from Other Sources. Employer contributions and interest thereon are treated as salary income; recipients may claim available relief for the salary-characterised portion under the statutory relief mechanism for salary receipts.
Manuals Income Tax
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Leave Travel Allowance exemption: spouses may each claim from their employers but not for the same journey.
Both spouses may claim exemption for Leave Travel Allowance (LTA) from their respective employers as a salary-specific exemption, but both cannot claim exemption for the same journey.
Manuals Income Tax
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Leave Travel Allowance (LTA) claim limited to one journey per year; two journeys in a block cannot both be claimed together.
Leave Travel Allowance (LTA) under section 10(5) permits two journeys in a block of four years, but the exemption can be claimed for only one journey in a single year, so both journeys cannot be claimed in the same year.
Manuals Income Tax
Can the Leave travel concession u/s 10(5) be carried forward?
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Leave Travel Allowance carry forward permitted, claimable in first year of next block under income tax rules.
Carry forward of Leave Travel Allowance under the income tax exemption regime is permitted when the allowance remains unused and may be claimed in the first year of the next block, preserving the tax-exempt benefit for the taxpayer into the subsequent block.
Manuals Income Tax
Can an individual claim the LTA u/s 10(5) in case of Switch of JOB?
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Leave Travel Allowance entitlement can be claimed from both current and former employer if prior LTA remains unutilized.
An individual who switches jobs may claim Leave Travel Allowance (LTA) from both the current employer and the former employer provided the former employer's LTA concession remains unutilized; the entitlement is limited to recovery of that unutilized salary-specific exemption and does not extend beyond the unutilized LTA benefit.
Manuals Income Tax
What type of expenses are covered under Leave Travel expense u/s 10(5)?
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Leave travel expense covers only the cost of travel; accommodation and meals are excluded from tax exemption.
Leave travel benefits under section 10(5) are confined to the cost of travel itself and do not extend to ancillary expenses; incidental outlays such as food, hotel accommodation, and similar subsistence expenses are excluded from the scope of the travel expense exemption.
Manuals Income Tax
Whether the exemption u/s 10(38) is avaliable if the transaction is undertaken on a stock exchange l...
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Exemption under section 10(38) available when transaction is on an IFSC exchange and consideration is in foreign currency.
Exemption from long term capital gains under 10(38) applies despite non payment of Securities Transaction Tax if the transfer is on a recognised stock exchange in an International Financial Service Centre and the consideration is paid or payable in foreign currency.
Manuals Income Tax
Whether Shares acquired as Gift from someone, are eligible for exemption u/s 10(38) at the time of s...
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Exemption under Section 10(38) applies to gifted shares on sale if the prior owner did not acquire them in a disqualifying manner.
Shares received as a gift are eligible for exemption under Section 10(38) on sale, provided the previous owner did not acquire the shares in a manner or under conditions that disqualify them from the exemption.
Manuals Income Tax
Whether an enhanced compensation by any court or other authority shall be included u/s 10(37)?
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Exemption for enhanced compensation confirms enhanced compensation falls within exempted compensation under income tax law.
Enhanced compensation is treated as part of "compensation" for the purposes of the exemption under 10(37); amounts characterized as enhanced compensation are encompassed by the exemption framework and are not taxable under that provision, as stated in the income tax manual guidance on exempted income.
Manuals Income Tax
Whether the income on transfer of units is also exempt u/s 10(35)?
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Income on transfer of units is not exempt under section 10(35); such transfer income remains taxable.
Income arising on the transfer of units is not covered by the exemption under 10(35); proceeds from disposal of units are not exempt under that clause and must be treated as taxable transfer income under ordinary tax provisions.
Manuals Income Tax
Whether the exemption u/s 10(34A) on income arising due to buyback of shares applies on Long Term Ca...
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Exemption on buyback income applies irrespective of short term or long term capital gains for shareholders under income tax law.
The exemption on buyback income applies to a shareholder's receipt irrespective of the holding period; buyback proceeds are exempt from income tax in the shareholder's hands whether classified as short term or long term capital gains.
Manuals Income Tax
What are the cases where any sum received for life insurance policy u/s 10(10D) shall be exempt.
Show AI Summary
Life insurance exemption under section 10(10D) lists categories where policy receipts are fully tax-exempt from income tax.
Exemption under Section 10(10D) covers amounts received on life insurance policies in defined categories: proceeds on insurance of a dependent handicapped person, proceeds under key man policies, and proceeds where annual premiums exceed specified proportions of the actual capital sum assured for policies issued in particular periods; proceeds under the premium ratio exceptions are stated to be fully exempt if received on the death of the person.
Manuals Income Tax
What type of incomes shall be exempted u/s 10(8)?
Show AI Summary
Income exemption under Section 10(8): foreign government remuneration for duties in India and foreign-sourced taxable income.
Exemption under Section 10(8) covers two categories where agreements provide relief: remuneration paid by the foreign State for duties performed in India, and any other income arising outside India that the individual is required to tax as income or social security tax in that foreign State.
Manuals Income Tax
What are the conditions specified u/s 10(23A) for claiming exemption on Income of some Professional ...
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Exemption for professional institutions under section 10(23A) requires Central Government approval and exclusive application of income to objects.
Exemption under section 10(23A) requires that an institution apply its income, or accumulate it for application, solely to the objects for which it is established, and that the institution be approved by the Central Government; both conditions are cumulative for claiming the exemption.
Manuals Income Tax
What are the conditions as specified u/s 10(21) to avail exemption of any income of a research assoc...
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Exemption for research association income requires exclusive application to objects and permitted investments with corpus exceptions.
Exemption requires that the research association apply its income, or accumulate it, wholly and exclusively to its objects, and that funds not be invested or deposited during the previous year except in forms permitted for trusts; exceptions to the investment restriction include assets forming part of the corpus, accretions to shares forming the corpus, and voluntary contributions maintained in kind such as jewellery or furniture.
Manuals Income Tax
As per section 10(19A), if the annual value of any one palace in the occupation of a former ruler, i...
Show AI Summary
Letting of former ruler's palace results in taxable income under section 10(19A), not eligible for exemption.
If any palace or portion occupied by a former ruler is let out, the rent or annual value of that let-out portion is not exempt and is taxable rather than eligible for the exemption applicable to former rulers.
Manuals Income Tax
Whether any amount received as family pension by any member of the family of an individual who has b...
Show AI Summary
Family pension exemption shields dependents of government servants or decorated servicemen from taxable income under income tax law.
Any amount received as family pension by members of the family of an individual who has been in Government service or has been awarded the Vir Chakra is fully exempted under the relevant income tax provision, and therefore excluded from the recipient's taxable income as an assessee-specific exemption.
Manuals Income Tax
A partner of the firm/LLP receives interest on capital and remuneration from the firm/LLP. Whether s...
Show AI Summary
Share of profit exemption: interest on capital and partner remuneration are not covered under the provision.
The exemption is confined to a partner's share of profit from the firm or LLP and does not extend to interest on capital or to remuneration paid to the partner; such receipts must therefore be treated separately from the profit-share exemption.

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Exemption of income on compulsory acquisition of any land under the RFCTLARR Act.

1 February, 2026

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Union Budget 2026-27 - Finance Bill, 2026

Existing Section 11 read with Schedule III of the Act provides exemption to certain eligible persons on their total income. The said Schedule inter alia provides exemption to an individual or a Hindu undivided family on any income chargeable under the head “capital gains” arising from the transfer of agricultural land subject to the conditions specified therein.

2. Section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARR Act) inter alia provides that income- tax shall not levied on any award or agreement made (except those made under section 46) under the said Act.

3. In order to resolve any ambiguity, CBDT vide Circular No.36/2016 clarified that compensation received in respect of award or agreement which has been exempted from levy of income-tax vide section 96 of the RFCTLARR Act shall also not be taxable under the provisions of Income-tax Act, 1961 even if there are no specific provisions of exemption for such compensation in the Income-tax Act, 1961.

4. In order to align the provisions of the Act with the RFCTLARR Act it is proposed to amend the said Schedule to provide exemption on any income in respect of any award or agreement made on account of compulsory acquisition of any land, carried out on or after the 1st April, 2026, under the RFCTLARR Act (other than the award or agreement made under section 46 of said Act).

5. These amendments will take effect from the 1st day of April, 2026 and shall accordingly, apply in relation to the tax year 2026-27 and subsequent tax years.

[Clause 108]

 

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Union Budget 2026-27 - Finance Bill, 2026

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Acts Income Tax
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