Re: Income of My spouse
by Raj Khatri on May 11, 2009 12:40 PM Permalink
no if ur wifes income crosses the slab rate (180000) then ur liable to prepare ITR for her ,u cannot club her income since she is a separate entity under section 64(i)2 of income tax act .but for the income tax records u can file a nil return for ur wife.
First i would like to know that if i pay 45000/- to my father who is retired and not comes under tax commitment,will i get a tax rebate on thses 45000/- and how i should claim it if yes. Second, i have a car which i bought last year june 5, wether i get any tax rebate on depriciation and how.
RE:Pls advice
by Amitabh on Apr 11, 2007 12:09 PM Permalink
No tax benefit for Rs 45000.Depreciation on car is allowed only if you use it for business purposes and you have income taxable under the head PROFITS AND GAINS FROM BUSINESS AND PROFESSION.
A salaried person who can not evade any tax payment. since the tax is deducted by the employer and balance is given to the person .I feel no other taxes should ever by applicable. With his salaried income if has purchased an house/fixed deposit or any other form of investment all such income should be tax free.
RE:Income Tax
by Vikas Vadgama on May 02, 2007 12:16 PM Permalink
I agree with you but our inhuman Mr. Chidambaram has also removed standard deduction which was some relief for salaried people. We cannot expect of him to pass any such law.
RE:What a useless article by Rediff (As usual)
by Vikas Vadgama on May 02, 2007 12:20 PM Permalink
Mr.Nimish This article may seem rubbish or boring to you may be becuase you may be an expert in tax laws or may be you are a practising consultant. However, such articles are of usefulness to people who do not know the tax laws thoroughly like you. Let's not criticise rediff as everybody doesn't know everything. And it is good that we share our thoughts and knowledge through such articles.
All the salaried class should be exempted from Income Tax as they have a fundamental right to live and hence do service for salary. Make them pay a nominal SERVICE TAX, by exempting them from Profession Tax. Professtion taax should be limited to professionals not earning salary, like lawyers, attorneys, chartered accountants, doctors, tailors, hoteliers, cobblers, milk vendors,politicians, etc who dont earn salary. A driver of a vehicle if he is not paid salary, should be considered a professional. All cricketers should be considered professionals and charged exorbitantly who are in the limelight. Better make a law that any one who is seen on the TV screen should pay a special APPEARANCE TAX to the government. This is to compensate loss of revenue in the form of Income tax to salaried class. Will the leftists who control the salaries class unions take up this suggestion and bring a revolution in the real sense.
RE:RE:Income tax
by Kamalaksh on Apr 08, 2007 08:42 PM Permalink
Your message was excellent, great idea, but you have concluded it with a statement to leftists which does not go down my throat. You should have better known that for the last 5 years this anti-salaried class government was trying its level best to squeeze maximum from the salaried class, and the leftists were mute spectators even if they were in the coalition government. Infact they have been playing acting with the congress. Congress brings in the rule, left opposes it and then after a few days when people forget about the rule, they meekly accept the rule.
If a person bought some shares and then transfered them to his spouse.Does that person need to pay capital gains tax or tax would be paid by spouse when shares are sold.
RE:Transfer of shares
by nilesh velani on Dec 16, 2007 12:38 PM Permalink
if share is sold after 12 months, then no tax liabilities is arise because its treated as capital gain
RE:Transfer of shares
by Amitabh on Apr 06, 2007 02:28 PM Permalink
I think the answer is very clear in the article itself.If an individual transfers an asset to his wife, who in turn, sells it for a profit, then the capital gains accrued is charged to the husband.Till the shares remain with the wife,there is no question of any capital gain but when the shares are sold by the wife,the capital gain,if any,will be charged to the husband.
RE:Maintenance to My Parent
by SRINIVASAN N on Apr 06, 2007 09:41 PM Permalink
There is a move to make a law that senior citizens should be taken care of by their wards. In such a case is it not fair to give tax eexemptions to those who maintain parents.? Who will take up this matter ? the senior citizen definition be limited to parents of both husband and wife, and include all female dependant relatives. Womens council should take up this issue on a priority basis to put an end to abuse of women.
RE:Maintenance to My Parent
by arun kumar shukla on Apr 07, 2007 04:51 PM Permalink
I strongly agree with Srinivasan and apeal to the FM to kindly consider this and if this relief would be possible then believe me no parents on earth will ever have problem of financial insecurity and kids would be also blessed for the same. Please do it at the earliest.
I request you to inform if the son pays an amount of RS20000/- TO HIS FATHER TOWARDS HIS MEDICINES AND MEDICAL CHECKUP, WHETHER THE FATHER HAS TO SHOW THIS AMOUNT IN HIS INCOME OR IF FATHER SENDS RS20000/- TO HIS SON FOR HIS SON'S EDUCATION AS A GIFT [FOR GRAND CHILD], WHETHER THE SON HAS TO INCLUDE THIS IN HIS INCOME. SHALL BE VERY MUCH THANKFUL IF ANYBODY CLARRIFIES FOR THIS 2. IS IT THE FINANCE MINISTRY'S INSTRUCTIONS THAT W.E.F 1/4/2007,ALL THE INVESTMENTS MADE IN BANK/MF ETC SHOULD BE NOTED WITH PAN NUMBER FOR ANY AMOUNT? SHALL BE THANKFUL IF ANYBODY CLARRIFIES ON THIS. S.LAKSHMANAN
RE:money given by the son to the father
by Amitabh on Apr 03, 2007 03:31 PM Permalink
Any gift received in excess of Rs 25000 is taxable.However gifts received from relatives as defined in the act are excluded.Gifts made by father to son or vice versa may be shown in the return as incomes exempt from tax just for record and no tax is to be paid on the same.
RE:RE:money given by the son to the father
by Amitabh on Apr 06, 2007 04:00 PM Permalink
As per the new provisions introduced in this year's budget,the amount of Rs 25000 has been raised to Rs 50,000.However,if in the aggregate,any amount more than rs 50,000 is received,whole of it would be taxable,unless received from a relative as defined in the relevant provision.
