RE:income tax computed
by Ravi Shankar S. on Jul 15, 2007 04:16 PM Permalink
If the aggregate of the gains and losses results in a positive income, the same will have to be returned as Business income and you have to pay tax on the same at regular rates. The amount paid as STT can be claimed as a rebate u/s 88E. Income from day-trading cannot be capital gains.
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Hi, I am an NRI and my wife stay's in India and she has invested in stocks in India. She has no other income than what I send her from outside India montly. Will she have to pay tax other than what is deducted by her finance company during selling ?Thanks in advance.
Sir What will be the status of income tax on the cash money received from my mother/ father who died in last financial year and she parted that money a few days before her death.
RE:Money received from late mother
by Amitabh on Jul 15, 2007 02:36 PM Permalink
Any amount received as inheritance is exempt from tax without any limit.
R/ Sir, I am a teacher with income of following :Annula 1,37,483/- Intrest 5100/-, short term cap gain loss (-)4619.12 day trading 3137/- dividend 3313/- ppf saving 6500/- kindly advise about net tax payable. Is dividend recd is taxable and how much. where to show above income in ITR2. In my view I have a loss of appox 1500/- fdrom shares kindly advise
I had taken a FD for 5 years for Rs.50000/- My father is principal applicant and my mother&myself are co-applicants.Will I be eligible for tax deduction u/s.80C
RE:Tax Deduction 80 C
by voona kumar on Jul 15, 2007 03:51 PM Permalink
Dear Sharma, Exemption will be given to those people on whose name the bond is taken. If the bond consists all of the three persons then that Rs 50,000 will be divided into three equal parts and you can take the exemption based on that. Remember that if the bond is on your fathers name then in no case you can take any exeption.
Hi everyone..My case is almost same as of Ashwini above. I am employed by a UK company and my salry gets transferred from UK itself directly into my account..However the contract that I have is in Indian rupees...Is my salary still taxable??.Please advise
RE:Income from Abroad- Ashwani Gautam
by arun subramanian on Jun 22, 2007 02:23 PM Permalink
No tax for the money received from abroad, because it is forex income to the country.
RE:Income from Abroad- Ashwani Gautam
by Amitabh on Jun 29, 2007 07:21 PM Permalink
You are a resident in India and whatever income you earn anywhere in the world is taxable in India.In this case,your salary is being given for work done in India and is being received by you in India as well.It is fully taxable in India.
RE:exemption on Insurance premia payment
by Amitabh on Jun 21, 2007 09:53 AM Permalink
It qualifies under Sec 80C within the overall limit of Rs 1 lac.
I have a query that total exemption limit u/s.80C is Rs.1 lac, does it include premium paid under 80CCC (pension plan) or it can be claimed over and above 80C amount.
RE:Query on benefit u/s.80C & 80CCC
by Amitabh on Jun 12, 2007 02:14 PM Permalink
No,Sanjeev.The total deduction available under sec 80C and 80CCC taken together can be only Rs 1 lac.But yes,if you are having medical insurance,the deduction on the premium is available separately under Sec 80D.
