Is my foreign money comes under tax exemption? I am pay the tax on the earning on that country? If I am sending the money to my indian account, is it taxable?
RE:Is foreign money under tax exemption?
by Praveen Kulkarni on Apr 06, 2008 10:54 AM
I sent to Gulf by my company for two months, I recieved the 2 months salary in Gulf. I have not paid tax in Gulf as there is no income tax in Gulf. Should I pay tax in India?
RE:Is foreign money under tax exemption?
by VK on Apr 06, 2008 12:39 PM
No worry guys, no need to worry bcos tat foreign upper limit is vey high. I was in japan fr 6 mths saved nearly 3 lakhs, when i went to auditor fr tax submission, the upper limit is very high , i think he said 10 lac(not sure)
RE:Is foreign money under tax exemption?
by Rakesh Singh Chauhan on Apr 06, 2008 11:47 AM
becouse ur normal resident & working in a indian co. you have to pay tax for ur two months salary.
RE:Is foreign money under tax exemption?
by Amitabh on Apr 06, 2008 11:47 AM
Yes,since in the said year,you were away from India only for two months so you are Indian resident and any income you earn,whether in India or abroad is taxable in India and since you have not paid in taz over there so there is no question of any relief.
RE:Is foreign money under tax exemption?
by dipankar biswas on Apr 06, 2008 04:15 AM
no. if there is dual tax avoidance agreement. otherwise there are some unilateral provisions are existed under which u need to pay a small amount
RE:clear me one doubt
by DAVINDER ARORA on Apr 06, 2008 01:23 PM
There is no tax exemtion . However, the interest paid can be claimed as an allowable expenditure against your business income if you are carrying on any business and provided the loan amount has been used in the business.
I understand that as per the present provosions Gift from a non-relative up to Rs. 50,000/- during a year is tax exempt; However, if the Gift in cash exceeds this limit, the entire Amount of Gift received is added to the income of the receipent of the Gift for tax purpose. There are certain exemptions like gift received om Marriage, etc. Pl Confirm. From Sharad hatekar
RE:RE:Can we deducted Amount of Morgage Loan agianst Property in U/s 80 C
by vibhavari patil on Apr 05, 2008 03:13 PM
No. Principal repayment of loan taken for purchase of House property from Govt., Banks, or public company of which he is employee is only deductible u/s 80 C and not any other loan.
From CA. Vinod Dinkar Pawar vinodpawar.ca@gmail.com
The Delhi High Court has issued a notice to UP Chief Minister Mayawati on a petition by the Central Government challenging Income Tax Appellate Tribunal's decision that gifts given to the Bahujan Samaj Party leader by her supporters, out of love and affection, were not taxable.
Don't you think that the Income Tax Appellate Tribunal (ITAT) to have "accepted" the plea of Ms Mayawati -- that immovable property worth Rs 62.72 lakh and cash payments of Rs two lakhs were the gifts given by her supporters were not taxable -- could open a Pandora's Box of precedents as every corrupt politician would hereafter resort to the same tactics and evade taxes ?
The income tax act [Section 10(39)] clearly states that amounts received by way of gift, etc., from relatives upto Rs 50,000/- only will be exempted.
This dalit dowager has no relatives, only "her supporters" who have out of love and affection (sic) made contributions of cash and property, therefore such contributions can not be validated as tax-free.
TAILPIECE
Next time round, according to me, the only option open to the "spinster" would be to announce her marriage and then collect gifts, etc., both cash and property, have her accountants prepare a video taped list in public.
It would be worth mentioning that the Income Tax Act does not specify any restriction on the number of marriages so that would be a added advantagous "loophole" for Ms Mayawati.
RE:Ms Mayawati's Annual Income
by Sundara rajan on Apr 03, 2008 11:01 AM
How did the income tax offcials accepted that inthe first place.? Now she has fallen out of favour with congress the case being reopened is another matter
Hi , from last 5 years ,I am receiving amount 1.5 lac from my dad as a gift , earlier I used to spend all this money on jewellery ..but now want to deposit in my account in bank ..want to know does this cheque from my dad needs to be written GIFT on it at the of deposition ?is the interest earned on fd will be taxable ?and can my dad also deduct this amount from his income at the time of tax filing?
RE:tax on gift amount
by Kakali Chatterjee on Apr 03, 2008 11:19 AM
Why dont u use the money for helping some social organisations. Then u dont have to worry.
I am a housewife \' , From last 5 years I am receiving amount Rs 175000 from my parents as a gift , earlier I used to spend all this money on jewellery ..but now want to invest ,if I open an account and deposit the money in my name will the money be taxable ? does cheque received needs words GIFT written on it at the the time of deposition ? also can my dad deduct this gift amount from his income ?
RE:tax on gift cheque
by Its Me on Apr 03, 2008 11:29 AM
1,75000 per year is within the tax limit. So you dont have to worry if this is the only income. And in any case you invest a part of it into some long term Mutual Fund (ELSS)/tax saving scheme that can give you a good return as well as a tax savings.
