I am receiving rs. 2750 per month as HRA from my employer and pay rs. 2500 per month as rent to my flat owner. how much HRA deduction is allowed in this case. please give illustration.
RE:HRA
by Amitabh on Jan 29, 2008 10:07 AM
We also need your salary for the computation of HRA to be exempt.The least of the following is exempt. 1.50 % of your salary if you stay in a metro or else 40 % of salary. 2.Excess of rent paid over 10 % of salary 3.Actual HRA received. Salary here would mean basic pay and DA.The least of the above will be exempt,the rest of HRA will be taxed.
RE:RE:HRA
by Amitabh on Jan 29, 2008 10:07 AM
We also need your salary for the computation of HRA to be exempt.The least of the following is exempt. 1.50 % of your salary if you stay in a metro or else 40 % of salary. 2.Excess of rent paid over 10 % of salary 3.Actual HRA received. Salary here would mean basic pay and DA.The least of the above will be exempt,the rest of HRA will be taxed.
Hi, i have been putting cheque in my bank account every month for 54K from my wife's account since last 6 months so that i can show regular salaried income and could take home loan. Will i have to pay tax on the same or will it will not come in to account as i have done into my personal accounts only. PLease can anyone tell me the answer. Thank in advance.
RE:tax exception
by Himanshu on Jan 30, 2008 04:28 PM
Dear As per IT you are not giving your wife salary but are giving her loan. Because for showing Salaried person you require to prepare Salary certificate. And if you show that you are providing her salary then you ave to show ur profession or business. TDS deduction for every mnth. that you had paid to govt. and so on. Don't do if found you will be in mess. So try something eles. Regards, Himshuk
RE:tax exception
by manan on Feb 01, 2008 03:31 PM
the amount is transfered from your wife's account to your account and it will be treated as a gift and it will not be taxable. however u can claim interest as deduction u/s 24b under the head income from house property upto maximum 150000 provided it is taken for construction/acquisition of house. Also u can claim dedcution u/s 80C for the repayment of principal amount.
Please increase the limit for the followings: 1. Std deduction Rs 200000 ( as cost of living has increased and this amount can be considered to be as the normal living expense for a person) 2. HRA min. Rs 8000 p.m. (especially in case of metros) The property rates are shooting and the people in metros have to pay minimum of Rs 10000 for a average location. Even though that place will be far from working place 3. Tax deduction under sect 80C Rs 2 lakhs: will help the industries and government to collect more money from people and utilise in developing the infrastructure with that money 4. Medical reimbursement upto Rs 50000: The cost of medicine are also moving vertically so Rs 15000 is peanut. Also the pollution is also increasing leading to more of health problem 5. Home loan interest exemption upto Rs2.5lakhs: The cost of homes are moving in upward direction on daily basis and RoI of Banks are also increasing leading to big hole in the pockets of the individual
FM, you can abolish all these for the people earning more then 50 lakhs per annum and charge flat rate of 25% as tax. I assure you if you take care of people people will definitely pay the tax honestly. Anyway you have exceeded your budgeted target of this financial year. Please take care of us and we promise to pay you the tax outstanding to our account. The people who are paying tax should not be penalised against the individual escaping to pay that::::::: Reliance power .com
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can any one pay money to his wife monthly towards the maintanance of the house every month from his income.(wife is unemployed). Leter this money can be used by her inversting and making it growth oriented. Is it possible.
I am Ravindra. I came to Saudi Arabia on 20th Oct. 2007 & will go back to India on 20th April. I am working here on employment visa. I would like to know whether my Income is Taxable or not.
RE:Income Tax Rule for NRI
by Amitabh on Jan 26, 2008 05:25 PM
Please also look at the Double Taxation Avodance Agreement between India and Saudi Arabia.
RE:Income Tax Rule for NRI
by Check Out on Jan 26, 2008 07:58 PM
You did not have NRI status in Apr 2007-Mar 2008, so whatever money you will bring to India will be added with your income in India and the whole money will be taxable as per tax slab rate. If a person resides more than 183 days outside India in a financial year then only he/she is NRI and the money he brings is non taxable in India.
RE:Income Tax Rule for NRI
by lalit gupta on Jan 26, 2008 02:40 PM
Your income is taxable becz you did not finished 6 months in a single financial year.
Hi .. I had brought some shares from my friends trading account since I hadnt opened one then. Now that I have opened one, I have asked him to transfer the same to my account. The questions is, will my friend have to pay income tax for the shares he is transferring to me .. after all he is not making any profit from it. When I sell my shares from my account, how will the one year duration be caculated ? from the time I had it in my account ?
