Regarding tax
Regarding tax
I am planing to open 10 lakh FD on my mother's name. She is house wife. will she get taxed? or will it be considered her income ? & will she need to pay tax for it. please explain
2 years ago
A. if your mother's total income for year which includes the interest from the FD is less than 5 lakhs then it will not be taxable.
Bank will also ask form 15H for senior citizen.
Better invest in tax saving instruments.
Ankur Goel @ Complete Law Shield
Clarification on income tax liability
Dear Sir, I am AVM M K Guleria (Retd) writing to you to get some clarification on income tax. 1. Our family home is coming in a highway project and we are likely to get compensation from the govt
3 years ago
A. Hi,
In both cases you are liable to pay taxes. For a detailed breakup please contact a chartered accountant.
education loan query
My education loan started in 2010 and ended in 2014 and my repayment started in 2016. During the course 2010- 2014 my parents paid interest to the education loan amount disbursed every year for tax pu
3 years ago
A. Dear sir,
Please consult Chartered Accountant.
Ayantika Mondal @ Prime Legal
Tax on Life Insurance Policy Amount
I had subscribed to IDBI Federal Incomesurance Endowment and Money Back Plan, which commenced from 30.09.2013. I paid premium for 5 years @ Rs. 48501 (total of Rs. 242505/-) as per the policy terms an
3 years ago
A. Dear tax payer,
1.the surrender of the policy will be considered as income under section of 10(10D) . So the tds will be levied .
TDS cannot be considered as the tax paid . we can file the income tax return and claim refund.
2. we can declare the loss in the income from other sources while filing the return and can claim refund of the TDS.
#tax#crime#civil#
Govardhan Marada
Rural agriculture land
Can I sale a rural agriculture land today which I had purchased a week before As rural land has 100 % tax exemption do I need to pay tax ? Or What ll happen if I sale it
3 years ago
A. Dear Sir,
If you can manage you can sell but normally other documents must reflect your name otherwise registration may not happen.
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Keches Shilwante
NITHYANANDAN SUNDARESAN
A. Dear Sir,
Such companies are many and doing cheating business. You need not afraid of them and they cannot do anything.
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tax on agriculture land on sale
do i have to pay taxes after i sell the agriculture land..if yes, how much
3 years ago
A. -Dear Client
1.Agricultural Income is exempted from Income Tax as Income Tax ACt, 1961.
2. I Advise to Consult a Tax Specialized lawyer or Chartered Accountant in this regard.
But Usually it is exempted from law.
NITHYANANDAN SUNDARESAN
Pankaj Kumar Srivastava
Is gift from children considered as income
Hello, My father has received gift of about 7 lakh from my sister. He has got a gift deed prepared for the same. He has made payment of about 7 lakh amount to the education loan account for my sister
3 years ago
A. 1) Does your sister have the income to make the aforesaid gift?
2) What was the medium of transfer? (Cheque/Cash)
3) Was the medium of transferred in the Gift Deed?
Under the income tax act, the gifts from relatives are not taxable. However, just for the sake of completeness, the aforementioned questions should be taken into consideration.
Sankalp Malik
Is there any penalty for someone who gives loan to others in cash ?
I know that there is 100% penalty for someone who receives loan of 2 lakhs in cash because it is illegal to receive loan of amount more than 20000 rupees in cash . But i want to ask you, is there any
4 years ago
A. Hi,
Every case and fact is different, we need to understand more before we place our opinion, however the law speaks as below:-
With effective from 1st April, 2017, no person shall receive an amount of Rs 2 Lakh or more;
(A) in aggregate from a person in a day (or)
(B) in respect of a single transaction (or)
(C) in respect of transactions relating to one event or occasion from a person.
Penalty- Kindly note that Penalty u/s 271DA will be imposed on a person who receives a sum of Rs 2 Lakh ...ReadMore
Ayantika Mondal @ Prime Legal
Dr Brototi Biswas
Sir, My monthly income is 1.30 lakhs from salaried sources. My savings in 80c & 80 D is the optimum. Can i save tax if i take a home loan ?
4 years ago
A. yes you can for interest upto rs 200000.00 and for principal repayment rs 150000 in 80c
SHARAD TANDON
Suneel Moudgil
