I had taken a ULIP policy in 2008 and lock in period was 3 years. I paid 4 premiums and surrendered the policy in 2018. whether surrender value received is taxable. Also what will be the impact on deductions taken u/s 80C in those 4 years.
I have my parent’s medical bills which I did not claim in my Office . Can I claim that amount (This includes diagnose report charges ) . I also took personal loan to for home renovation (I already have Home Load) ,in this case can I claim the personal loan interest .
In your site https://www.hrblock.in/guides/gift-tax-india/, I found that Gifts from specified relatives is exempt from Tax. However, at the same time, I also found that the gifts to spouse without adequate consideration is taxable and also income generated out of the gift will be subject to clubbing provisions.
I learnt that a) Rs.25,000/-(Twenty-five thousand only) is exempted from taxable income. If it is true, What is the procedure & documents required for availing the benefit in my ITR-V(Sahaj). Also please explain about Tax Rebate & availing the same.
1)is maturity proceed received under LIC market plus policy purchased in Feb 2008 ,with one time paid premium is taxable.2)is proceed received after seven years on LIC endowment plus unit linked plan purchased in Nov 10 valid for ten years is taxable
I & my 2sons took joint house loan,registered onall the three names.I alone pay EMI.CAN i get tax exemtion on the entire amount paid during the year or only 1/3 of it.as both my sons are not availing exemption on this.What percentage of Principal&interest amt is exempt from taxable Amt.Thanks
Is there any limit prescribed in IT rules for a grand parent for gifting money by cheque from his net income(after payment of tax)to his grand children minor/adult(son’s children) in a financial year without any tax liability to the /children/children’s parents?
The company pays me X amount for HRA, Y amount is 40% of my basic+DA salary & Z is the actual amount of House rent but I failed to submit the rent receipts of my house then what is the amount considered for Tax computation as exemption of HRA in tax return.
Hi, Now that there is no conveyance allowance in income tax, how will be fuel and maintenance will be taxed? Before if I opted for fuel and maintenance reimbursement, conveyance allowance was taxable (Rs 19200), now there is standard deduction of 40000Rs, and conveyance allowance is not there. Now what is the tax applicable? Please let me know
My Employer doesn’t give me provision to upload proof for charity I have done. Therefore I would need to mention them in my returns. could you please tell me how proofs related to charity can be uploaded in returns!
As a grand parent how much amount throgh banking channels(cheque) can be gifted to each grand child( my son’s child) in a financial year under Indian income tax rules without tax liability to the child’s parents?(This gift is proposed to be made from my income after payment of taxes)
I like to gift RS. 25,00,000/-, that is the entire cost and registration of the flat from my savings, for which I have already pay income tax, to my son for purchase a flat in his name. Now I like to know whether the above amount is free from income tax to my student son aged 21years.
During medical post graduation studies as doctor, students get stipend to meet their expenses incurred for study period like books, tution fees etc. Is it considered as scholarship? Currently the stipend amounts for nearly 45000/-Rs per month. So does this income from stipend is taxable? If not do we need to file ITR, as total income is more than minimum tax free income & ask for exemption?