Tax Planning

Forums Tax Planning


Question Category : Tax Planning

    • Tax on gift received from parents by cash on monthly basis

      I am a govt.serviceman. My wife run a business and file her ITR every year. But apart from the business income, she invested in mutual funds approx Rs.10000/- pm for five years from 2011-2015 with the help of cash which she received in cash from her parents every month. She did not show this income and investment in her ITR and business cash books. Her MF investment now doubled in 2018. She redeemed all MF in march 2018. How can she show this investment and LTCG in her ITR and business cash books?????”

      Profile photo of sonu Asked By: sonu 1 replies 1 helpful answers Last Updated: 3 weeks, 6 days ago
    • Clubbing of FD Interest Income – Valid Options

      I have been querying this forum to avoid clubbing of FD interest income ( One’s salary income is invested in her wife’s name ) with valid options but could not get any inputs. However,based on discussion with our corporate auditor, below are possible options:
      Split the value into two major parts. A. Say 10 lacs, bought in cash mode, from her dad/mom for those X yrs of married life, for household expenses.
                  –  The expenses amount was compensated by hubby, by transferring amount to her bank account and she booked FD etc 

      B. Sold ( Not loan ) her excess X sovereign of jewels to hubby for 10 lacs, for investment purpose
           Transactions:
               – Say 10 lacs transferred from hubby account to her own account on various dates/given date and FD booked etc
        Lets discuss!

      Profile photo of sunil Asked By: sunil 2 replies 1 helpful answers Last Updated: 3 weeks, 6 days ago
    • Money Gifted to Parents and In-Laws – How is it taxed

      Under Gift Tax Laws, can a Daughter-in-law OR Son-in-law give gifts by way of amounts in the form of NSC/Sr. Citizen Scheme/Bank FDs to their respective Mother / Father In Laws? If yes, is it taxable at the hands of the respective In Laws/Parents or Not – under Gift tax laws. Also what is the tax implication of interest coming from such govt securities or bank fixed deposits. Please advised… Thanks Shobha

      Profile photo of Shobha Asked By: Anonymous 2 replies 0 helpful answers Last Updated: 4 months, 3 weeks ago
    • Who will be charged for interest on FD invested from gift?

      I propose to gift a sum of Rs 20,00,000/- (Rupees twenty lakh) to my wife in the Financial Year 2107-2018. She will invest this money in a FD in her exclusive bank account where I am not a joint account holder. My wife is filing her own Income Tax Return even though she is not working and earning.Her source of income is gifts only.Please clarify the following:- 1. Will her earnings on the gift amount be charged to me for income tax . 2. If I will be charged for the income she earns on the gift,will it be charged to me for income tax for Financial Year 2017-2018 only or for all times to come.

      Profile photo of Sagar Dalavi Asked By: Sagar Dalavi 2 replies 2 helpful answers Last Updated: 4 months, 3 weeks ago
    • Tax implications on Gifting amount to parents

      What is the tax implications on me, if I gift let say 15 Lakhs to my mother who is senior citizen and not working (so no annual income) and she decides to invest that amount in FD which earns interest > 2 lakhs. Do I have to pay any taxes on that interest earned? Do I need to make any gift deed in this case? If yes, do I need to get it registered?

      Profile photo of vishwanath uppala Asked By: vishwanath 1 replies 0 helpful answers Last Updated: 5 months, 3 weeks ago
    • LTC U/S 10 me, wife & dependent parents when flight tick

      Me and my family including parents are flying to New Delhi from Chennai for a Holiday on 19th May 2018. After 9 days my parents will take flight to Kolkata and me and my wife will take flight to Chennai. My question is if I will be allowed to claim LTC for return tickets for my parents from New Delhi to Kolkata and eligible for exemption U/S 10

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 6 months ago
    • Applicability of GST on rent paid by a society working for S

      We are a registered society, philanthropic organisation working for the senior citizens in East Midnapore Dist of WB. Haldia Development Authority (HDA) Durgachak has allotted a space/ room measuring 370 sft. at a monthly rent of Rs 1500/- which is being paid regularly. HDA has now charged GST on rent and claimed rent to the tune of Rs.1 801/-. HDA has also asked us for taking GST Registration and intimate the Regtn No. to them. Are we supposed to take GST Registration at all and to pay GST ? Specific provision of the GST act kindly be mentioned .

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 6 months, 2 weeks ago
    • Income tax deduction for 2018-19

      Hi All,
      I need assistance on Income Tax deduction and tax planning details, following are my details, Total Salary : 620000 + 70000(Bonus) = 690000.00 80C Investment : PF: 30000.00 Approximate Child Education : 25000.00 Approximate LIC : 29000.00 Approximate Post Office : 12000.00 Approximate Home Loan : as per last year Principal : 60000 and Intrest : 140000.00 Approximate Mutual Fund : 15000.00 Approximate My pay details and 80C deduction details, this year im getting 325000.00(Only for this year) for relocation charges and this will fall in my income tax as well. If that is added it will be 690000 + 325000 = 10 Lacks. As per my rough calculation i will be paying 20% of income tax. Is there any other invesment will help in saving my tax. Please assist some tax saving details , any informaiton provided will be help full.
      Thanks!!

      Profile photo of praveenraj Asked By: praveenraj 1 replies 1 helpful answers Last Updated: 8 months, 2 weeks ago
    • Query about Income Tax / Capital Gains Tax

      My son bought a residential land in FY 2009-10.

      He did a settlement of the same residential land to my name, through a SETTLEMENT DEED ( SON – to – MOTHER) in November FY 2017-18.

      The value of the residential land mentioned in the SETTLEMENT DEED is 10,00,000/- INR.

      I sold the same residential land in Feb FY 2017-18 through SALE DEED for INR 10,00,000/- INR

      I am a senior citizen woman aged 65 years.
      I have no other source of Income.

      Should I need to pay Income Tax on the 10,00,000 /- INR , which is the value I received after selling the residential land.
      I did not purchase the land. I received it, through settlement from my Son.

      Should I pay Capital Gains Tax on the same?

      Please advise. Thank you.

      Profile photo of TaxPayer Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 9 months ago
    • GIFT IN CASH RECEIVED FROM IN LAWS AND HUSBAND IN A FINANCIA

      HI,
      CAN YOU PLEASE COMMENT ON THE TAX IMPLICATIONS IN THE FOLLOWING SCENARIOS:
      1) FATHER IN LAW & MOTHER IN LAW GIFT 40,000 RUPEES EACH (TOTAL OF 80000 RUPEES) IN CASH TO DAUGHTER IN LAW IN A FINANCIAL YEAR.
      WHAT IS THE TAX IMPLICATION FOR
      A) FATHER IN LAW ?
      B) MOTHER IN LAW ?
      C) DAUGHTER IN LAW FOR 80000 RUPEES RECEIVED AND SHE REINVESTS THE 80000 IN FIXED DEPOSIT?
      2) IN THE SAME FINANCIAL YEAR HUSBAND ALSO GIFTS HIS WIFE 45000 CASH. WHAT IS THE TAX IMPLICATION FOR
      A) HUSBAND ?
      B) WIFE FOR ADDITIONAL 45000 RUPEES RECEIVED IN ADDITION TO 8000O RUPEES RECEIVED FROM FATHER IN LAW AND MOTHER IN LAW?

      THANKS

      Profile photo of SUMIT Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 9 months, 1 week ago
    • Receiving inheritance-explanation neededg

      We are 2 sisters.My father’s will is unregistered,but signed by 2 witnesses.He is no more.most of his his holdings are in 2 demat a/cs 1.with my sister as joint holder. 2.lone account with my sister as a nominee. The holdings in these 2 accounts hv been moved into my sister’s demat account.as a part of equalisation,she has to transfer some holdings from her demat account into mine. I hv to transfer afew shares to her demat account. From the tax point of view,what documents should i get made and notarised to reflect the transfer between the two of us? Regards.

      Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 10 months ago