How to treat cost of long service awards in form of gold coins received by employees. Whether it is taxable in the hands of the employees or not ? Pls explain in detail with reference to sections of Income Tax act, 1961 as amended till date.
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.
I am a govt servant and has joined only 1yr back. My mother is bedridden for past 4yr due to bleeding in brain. Her medical expences are nearly 1lakh per year. Pls give necessary advice to regarding 80dd anr 80ddb
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?
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.
I am working as a full time employ for IT company. Got a freelancing offer for which I can make up to 1 lakh monthly. The client is based in Cyprus and he is willing to pay directly into account. Please I need to some one who can advice me on this. You can call me directly on 9818009518.Thaks
Hi, I have been living abroad for over 8 years now and I have a few questions that I need to clarify. I am a Canadian citizen now and about to surrender my Indian passport. 1. I am still maintaining the savings accounts in India. Shall I close them or I can maintain them? 2. NRE – it is my understanding that deposits cannot be made in India and I can only transfer money into this account from here. Are there any taxes if I deposit large sums of money? 3. NRO – it is my understanding that deposits can only be made from India. How much can I deposit before I am asked questions from the tax department? If I give money to my friend here and his parents deposit cash into my NRO account, am I liable for anything? If I transfer money to my relatives in India and if they want to deposit that money (when they return my money) into NRO account, can they do that? How much can they deposit?
NRI son gifting his father by money transfer from Geneva to Hyderabad India. Rs. 2L & Rs. 4L by separate transfers. Can Two Cash Gifts be made in one financial year? Also, can Gifts be given every year by son to father? Father is Retired Engineer, & his taxable income is below 2.5L.
Dear Sirs, Good Evening. Request to pls do guide : which amounts I can give as gift to my wife ( house wife),daughter (student),Son (student) per year ( in cash or in shape of Bank FD).Thanks in Advance, Surjeet Singh
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
If an NRI invests in equity based mutual fund and stay invested for more than one year will he be liable to pay 1. Capital Gains Tax on redemption? 2. Tax on dividend if he chooses to invest in div payout schemes such as MIP?
If an NRI invests in equity based mutual fund and stay invested for more than one year will he be liable to pay
1. Capital Gains Tax on redemption?
2. Tax on dividend if he chooses to invest in div payout schemes such as MIP?
If a resident indian visits germany on official assignment for a period of 3 months. The salary received in Germany is taxed there. The balance remittance made to india. Whether this income is taxable in India
My company overpaid Rs. 160000 to me during the FY 2015-16. The said amount was recovered in the current FY. Can I now reduce that amount from my gross salary this year or is there another procedure to adjust the recovery. I have already paid tax in 2015-16 for the said amount.