Leave a Legacy, Not a Burden
Your legacy is like a garden. You plant the seeds, nurture them, and hope they bloom beautifully for generations. Succession planning is the careful gardening that ensures your wealth grows strong and healthy, rather than becoming tangled weeds of confusion and conflict.
What is Succession Planning?
That’s where succession (or estate) planning comes in — it’s the thoughtful way to pass on your wealth, values, and responsibilities, especially when life gets complex.
For most people, this often means:
✅ Keeping family harmony alive
✅ Managing multiple assets
✅ Handling business interests
Without a plan? Your legacy might face storms — family disputes, legal delays, or high taxes.
Here’s how to protect your garden:
- Complex assets and taxes? Use trusts and expert advice to keep things simple and save money.
- Family disagreements? Set clear family rules and talk openly to keep everyone on the same page.
- Business succession? Train and choose future leaders carefully, with legal tools like Buy-Sell Agreements to avoid surprises.
Wills are like the basic map of your garden, showing who gets what.
At HFI, we offer a simple free Will format used by many fellow officers. Get your copy and customise it as per your needs — it’s a smart first step toward protecting your legacy. You can ask for it here: https://humfauji.in/claim-the-sample-will/
(Contributed by MF Alam, Lead Research Analyst, Hum Fauji Initiatives)
More Time, Less Stress: ITR Filing Deadline Extended to September 15, 2025
Here’s a breather for all taxpayers!
The Income Tax Department has extended the ITR filing deadline for Assessment Year 2025–26 — from 31st July to 15th September.
Why the extension?
New, simplified ITR forms have been rolled out to make compliance easier and more accurate. But with system upgrades underway and TDS credits taking time to update, this extra window helps avoid filing in a rush.
⚠️ But there’s a twist.
The department is stepping up its verification game under the old tax regime. Your claims will now be auto-verified using your PAN and Aadhaar through a robust backend system.
Your data will be cross-checked with:
- Banks
- Government records
- Vehicle databases (like mParivahan)
- Employers and insurers
What’s new?
For tax benefits like HRA or deductions under 80C, 80D, or 80E, you’ll need extra details — landlord’s PAN, policy numbers, loan documents, even your EV’s registration number!
👉 So, don’t wait till the last minute. Use this time wisely to gather the right documents.
(Contributed by Anjeeta, Financial Planner, Team Arjun, Hum Fauji Initiatives)
Why you must defer property sale from March to April
Thinking of selling your house or land?
Hold off till April, and your wallet will thank you!
Here’s the smart scoop:
If you sell on 28th March 2025, your capital gains (profit from the sale) fall in the current financial year (FY 2024–25). You’ll need to pay the full tax before 31st March — that’s just a few days away!
But if you wait and sell on 2nd April 2025, those gains shift to the next financial year (FY 2025–26). What does that mean for you?
- You can pay advance tax in four easy instalments (June, Sept, Dec, March).
- You get more time to reinvest the profit to save tax
- Smoother cash flow and less tax-time stress
💡 Thinking of buying another home with the profit?
You can claim tax exemption under Section 54 — but only if you reinvest the capital gains in a new residential property. The catch? If you sell in March, the clock starts ticking fast. Sell in April, and you get an extra year to plan your next move!
So, if you’re not in a hurry, selling in April instead of March could be the smartest real estate decision you make this year.
(Contributed by Anchal, Financial Planner, HNI Desk, Hum Fauji Initiatives)
What did our clients ask in last 7 days
Question – I’m selling my ancestral property (held 20 years, worth ₹2crore) and want to buy two residential houses jointly with my wife using the sale money. Can I claim tax exemption for both properties?
Our Reply –
Yes, you may be able to claim full capital gains tax exemption under Section 54 of the Income Tax Act, subject to the following conditions:
- Capital Gain Limit:
The actual capital gain (sale price minus indexed cost) must be ₹2 crore or less. If it exceeds ₹2 crore, exemption is allowed on only one house. - Two-House Exemption – One-Time Option:
You can avail the two-house exemption only once in your lifetime. - Joint Purchase with Spouse:
Buying the houses jointly with your wife is fully allowed and will not affect your claim. - Reinvestment Timelines:
- Buy the new properties within 1 year before or 2 years after the sale
- Or finish construction within 3 years
- The capital gain amount must be reinvested
- ITR Declaration:
You’ll need to opt for this exemption in the Income Tax Return filed for the year of sale.
Next Steps:
This is a great opportunity to reduce your tax outgo—if done right.
Let us help you calculate the gain, structure the purchases, and make sure all timelines and documents are aligned.
You only get this exemption once—let’s make it count.
(Contributed by Team Vikrant, Hum Fauji Initiatives)
📌 Get in touch with us to structure the transaction right and turn your tax liability into long-term savings.
