Tax Planning

Forums Tax Planning


Question Category : Tax Planning

    • 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: 1 month, 3 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: 2 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: 2 months, 2 weeks 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: 3 months, 1 week ago
    • questions about NRE and NRO account

      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?

      Profile photo of Anish Singla Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months, 1 week ago
    • Nri son gifting to father by money transfer.

      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.

      Profile photo of Vepa Samba Siva Rao Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 3 months, 2 weeks 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 1 replies 0 helpful answers Last Updated: 4 months, 2 weeks ago