I am Indian and working in China. If i will get paid in China or Hong Kong do i have to show the details of my earnings and whether it will be taxable. What all the documents required in regard to my earning. Do i have to show tht i have paid tax in Hong Kong or China. FROM SKGUJRAL
RE:Exemption on LIC payment
by Amitabh on Apr 29, 2007 08:36 AM
As per Sec 80C you get the deduction for insurance premium paid if the payment is for yourself (the assessee himself),your spouse or your children.
Could anyone pl give extract of section 10(39)referred here. Pl also give details of specific schemes, where interest is tax free. 2. Spreadover could be claimed, u/s 89(1)of the Income tax Act, of separation payment, over Rs 5 lacs.
Hi, Is tax exemption on allowance for foreign service applicable only in case of government employees ? Off late lot of private companies are sending people on short term assignments, what about the allowances which these people get,do they need to pay tax on the same ? Kindly confirm.
RE:Allowance for foreign service
by Kiran Salaunkey on Apr 29, 2007 02:57 AM
As far as I understand it, if you are deputed to a foreign country the income you earn in that country will be governed by the laws of that country and hence the tax for the same will be deducted there, and NOT in India, but if you are getting allowances etc, in India for leaving offshore, then you will be taxed for the same in India.
RE:Amount received by way of gift, etc - Section 10(39)
by Amitabh on Apr 29, 2007 04:50 AM
Gifts received on marriage are exempt without any limit irrespective of whether the donor is your relative or not.In other cases,gifts received from close relatives,as defined in the income tax law for this purpose,is exempt without any limit.Gifts received from non relatives,if received on occassions other than marriage,are fully taxable if the aggregate amount thereof excedds rs 50,000.I hope now you are very clear.For definition of relative,you can see the answer to a previous question.
I have a physically handicapped child (95% handicapped). The IT act says I can get a deduction for investing in LIC policy for her which is specially designed for handicapped people. can any one tell me some detail of this policy & what deduction I can get from Income tax for such investment. Is there any other investment for my daughter which can give me some tax relief
RE:deduction for handicaped daughter
by Amitabh on Apr 28, 2007 05:06 PM
Yes,for investing in LIC policy for her,you will get deduction under sec 80C within the overall limit of rs 1 lac.Moreover,you will get a furthur deduction of rs 50,000 (Rs 75,000 for severe disability) under sec 80DD if you spend any amount (even if less than the above amount) on her medical treatmant or amount deposited under an approved scheme of LIC or UTI or any other insurance company,Moreover,if you give a gift to her and she earns income from such gift,that income wont be clubbed with your income and Sec 64(1A)clearly mentions that minors who suffer from disability mentioned in Sec 80U,any income to them is exempt from clubbing provisions.The benefit of this would be that under Sec 80U Rs 50,000 deduction is allowed for handicapped assessees (Rs 75,000 for severe disability).You can take advantage of these provisions.
RE:deduction for handicaped daughter
by SUVOBRATA GHOSH on Apr 29, 2007 09:46 AM
Thanks for your reply. You have mentioned about depositing money UNDER AN APPROVED SCHEME of LIC or UTI. Can you give me name of any such scheme?
RE:deduction for handicaped daughter
by Amitabh on May 03, 2007 05:18 PM
I would like to add a clarification here.The definition of dependent in Sec 80DD says that the dependent should not have claimed any deduction under Sec 80U.So you can take advantage of only one section,either 80DD or 80U.
Hi, kindly let me know whether these products-LIC Future plus and Fortune plus- are included for tax exemption under section 80 C/any other section?Is there any lock-in period? Dr.V.K.kanniappan
My wife is a house wife with no independant source of income. I am an IT assessee in the 30% bracket. I want to gift Rs.2.00 lacs to my wife in this financial year. I want to know (a)tax implication at the receipant's end, and (b) process of completing the gift transaction.
RE:Exemption of tax on gift made to wife
by Amitabh on Apr 28, 2007 01:24 PM
Your wife wont be taxed for the gift.Moreover,if this money is invested somewhere and income is earned thereon,that income will be clubbed with your income and taxed in your hands.Gift can be made by you simply by writing a letter to this effect and transferring funds from your account to hers.
It is not clear what type of saving certificate is exempted on interest. calculation not shown for agricultural income above 5000 how it is calculated. there is no mention how gratuity and commutation pension are calculated and to what amount
