RE:RE:What abt taking money from my father?
by sanju vg on Apr 24, 2007 08:02 PM Permalink
sir if i get money frommy mother. i further invested in stock market ,will i have to pay taxon gains(short term);what is tax applicable for intraday trading? i fall in 10%taxbracket. thank you.
RE:What abt taking money from my father?
by Amitabh on Apr 25, 2007 01:59 PM Permalink
If you receive a gift from your mother that won't be taxed in your hands but if you invest the same in shares and earn short term capital gain,you will be taxed at the rate of 10 % on the capital gain.And this gain will be treated as your income and taxed accordingly.
RE:Waht about NRI Tax ?on bank deposite interest rece
by Amitabh on Apr 22, 2007 09:59 AM Permalink
Normal bank interest would be taxable.If the account is Non resident (external) account or non resident (non repatriable) rupee deposit scheme,then interest therefrom is exempt.
pls clarify if a person (son of family) earn for totaly income of his family( father is not earing) if son pay lic policy amount to his sister why it not accept for tex deduction from
his tax.
As my feel is that i had expenses the money for
lic to my sister so i made expenses from my income for that where should i take for account.
RE:Tax exemption
by Mohit Kapoor on Apr 21, 2007 08:57 PM Permalink
you are very much entitled to claim the LIC premium benfeit. make sure that your sister doesn't claim it. as per law, only one can claim it and you are very much entitled to.
RE:[object]
by baber on Apr 26, 2007 09:04 PM Permalink
Dear sir
very kind thank of u sir.
i discuss with the tax deduction issue with our company accounts person .he is saything that
it not possible to claim as per the indian law.
i would help me to give me the decision as per india law. because i had made my investment for my two sister for her future life. whne once she will marry then they are going to take care
of their policy up to marraige i have to take care for that i had paid for one year near about
rs 20000/- per annum. i submit the lic policy for my tax deduction they rejected my sister policy.
awaiting for your kind suggestion to avoid the tax .
RE:RE:Tax exemption
by Amitabh on Apr 22, 2007 10:00 AM Permalink
Kindly check again.The reading of Sec 80C(2),(3) and (4a) shows that premium has to be paid on the life of the assessee himself or his spouse or children.In case the assessee is an HUF,premium paid on any member of the family will be deductible.
I am staying in rented flat from October 2006, I pay a House Rent of 4500p.m. My agreement is valid till September 2006(11 months). Is this rent taxable?
RE:House Rent
by goldie gaba on Apr 23, 2007 11:52 AM Permalink
Your rent is taxable subject to exemption allowed by the income tax act. If your salary income comprises of House Rent Allowance (HRA), some (or all) portion of your rent could be tax-free. however, u need to have certain facts in hand to determine that. Lowest of below three is tax-free: 1. You live in 4 Metros or not. If yes, upto 50% of basic salary ( Dearness Allowance i.e. DA, if any) (otherwise 40%) 2. Actual rent paid over 10% of salary ( DA) 3. HRA received
You need to calculate the above for each month, and add to find your tax free rent. The exemption is calculated for financial year basis, i.e. for 2006-07 and 2007-08 separately.
w.r.t to point 15. Long-term capital gains of transfer of securities - Section 10(38), what is the implication when I had done off-market transfer to my friend and he sold on my behalf and paying STT. later gave the money to me. will i have to pay any Tax for the money I had recieved.
RE:UN Salary
by Amitabh on Apr 21, 2007 12:04 PM Permalink
Salary from UN and related bodies has been exempt from tax as per Sec 18(b) of the United Nations (Privileges and Immunities) act 1947.(Article V), You can download the text of the Act and read.I do not think there is anything given in Income tax Act for this.
RE:Money from NRI to his Indian parents.
by Amitabh on Apr 21, 2007 11:38 AM Permalink
NRI's income that he has earned abroad will not be taxable in India.And mere bringing that income to india does not make it taxable if it has first been earned abroad.And if it sent to parents,it constitutes gift to parents.This will not be taxable in the hands of the NRI or the parents.
