One of my distant relative ( non relative in terms of IT Act) transferred around Rs 3,00,000 from her NRO account in India to my son's NRO account in India . My relative Indian by birth lives in USA and holds USA passport and PIO Card. My son holds Indian Passport, lives in USA on Green Card. Does this transaction have any tax implication in India. Kindly advise Regards Wadhawan
One of my distant relative ( non relative in terms of IT Act) transferred around Rs 3,00,000 from her NRO account in India to my son's NRO account in India . My relative Indian by birth lives in USA and holds USA passport and PIO Card. My son holds Indian Passport, lives in USA on Green Card. Does this transaction have any tax implication in India. Kindly advise REGARDS WADHAWAN
Our employer considers medical reimbursement above Rs.15000.00 as medical perquisites. But recently we came to know a judgment that Hon’ble Mumbai ITAT has in the case of Mr. Rajkamal R. Bajaj c/s ACIT has held that Reimbursement of a medical expense is not perquisite u/s 17(2) of the Act as it is an allowable expenses. My query is that shall we get exemption of medical expenses above Rs. 15000.00 from medical perquisites now based on this judgment? If yes/no, pl explain in detail.
1)My wife, working in Kendriya Vidyalaya (Central Govt.), has availed LTC during FY 2013-14, and has got a reimbursement of the total expenditure on air-travel tickets amounting to Rs.55068. Can a Income-Tax exemption be obtained for this amount when submitting the Income Tax return for AY 2014-15? 2)She has also got a medical claim reimbursement for Rs.5300 during FY-2013-14. Is this amount also exempt from tax? I shall be highly obliged if you can kindly clarify these querries immediately to enable my wife to submit her IT Return correctly before 31-07-2014
I am a senior citizen aged 67 complete earning Rs. 18,000 per month working on a retired basis. I have Rs. 200 under the heading of Professional Tax being deducted from my salary each month. This is my fifth year in this job. Is sit possibe for me to claim back this tax for the last two years upto or is it a must for me to pay tax?
I am 80 years old. In order to reduce my belongings I have sold some old books to foreigner friends as I found that they were interested in these books. The Friends were found through social net working sites. They have paid me in Foreign Exchange. I am not aware the prices at which these books were aquired. These were aquired much before 1980. Will there be any Tax liability for selling these personal belongings. If so how will the cost of acquisition be determined ? If Capital Gain Tax becomes payable can I offset it against Carried forward Capital Loss incurred by me when I sold some Mutual Funds.Thanks. A.K.Rai
Dear sir, My father, age 71, is a retired govt servant. He has been investing in PPF for last 23 yrs (since 1988) to save the income tax. We understand there have been some changes recently. His queries are as below- (i) Whether he can save the income tax the same way (Rs 70,000 investment in PPF) in this financial year too? (ii) Is there any proposed change regarding investment in PPF for FY 2011-2012, particularly in his case? (iii) Is there any proposed change in Direct Tax Code (to be implemented from April 1, 2012) in PPF, particularly in his case? (iv) Pl let him know if there is other beneficial tax saving alternative for him. WBR, Pravir
Dear sir, My father, age 71, is a retired govt servant. He has been investing in PPF for last 23 yrs (since 1988) to save the income tax. We understand there have been some changes recently. His queries are as below- (i) Whether he can save the income tax the same way (Rs 70,000 investment in PPF) in this financial year too? (ii) Is there any proposed change regarding investment in PPF for FY 2011-2012, particularly in his case? (iii) Is there any proposed change in Direct Tax Code (to be implemented from April 1, 2012) in PPF, particularly in his case? (iv) Pl let him know if there is other beneficial tax saving alternative for him. WBR, Pravir
