RE:Tax implication on Mutual Fund Gain
by Check Out on Jan 26, 2008 08:00 PM
Enjoy your 40K, ypu have withdrawn after 1.5 years (more tahn one year) so no capital gain, no tax.
RE:Tax implication on Mutual Fund Gain
by Ujjwal Gulati on Jan 25, 2008 10:16 PM
no, any income from mutual funds redeeming after 1 yr is tax free. enjoy ...
Can you tell that can i get HRA rebate if i pay Rent to my father & Mother who are staying with me but the house is in the name of my father. if yes that what is the limit if Rent that can be paid by in Mumbai Versova Area. what are the document to be submitted to our Company Accountant.
RE:Can I get HRA Rebate if i pay rent to my mother & Father
by Amitabh on Jan 26, 2008 05:23 PM
Yes,you can get HRA exemption.The exemption will be the least of the following 1. 50 % of your salary 2.Excess of rent paid over 10 % of your salary 3.Actual HRA received from the company So you calculate all three amounts for any given rent and least of the three will be exempt.The balance amount of HRA will be taxed.You only have to submit the rent receipt.
I have a piece of land, whose market value is approx. 50L. If, I dispose of this what are the areas and instruments in which I can invest the same and what is the limit.
Pradeep asked, Hi! I had received a prize money of 3000 Euros for my PhD thesis from French Embassy and SAFRAN (a group of French companies). Is this amount taxable? If so what will be the taxable amount? Thanks. Vikas Gandhi answers, Since you are a resident Indian, any income you earn whether in India or outside India, is taxable in India. Since as per Income tax Act, winnings is also considered as income, you will have to pay tax on such winnings also.
>>>>>>>>>>>> I think Vikas is wrong in this. If this money is considered as 'fellowship' or 'scholarship' for an academic work, and any such financial assistance is totally tax exempt.
Dear Sirs/Madams, I THINK, THE LAW IS TOO COMPLICATED WITH AMENDMENTS ON AMENDMENTS EVERY MOMENT HERE & THERE. CAN IT BE POSSIBLE FOR THE INCOME TAX MINISTRY TO SIMPLY SIMPLIFY IT WITH A NOMINAL FLAT RATE AND OPEN THE GATES FOR ITSELF AND ALL TO EARN AS MUCH AS THEY CAN WITHOUT THINKING OF ANY WAYS & MEANS TO PREVENT/SAVE UPON/EVADE INCOME TAX. CAN IT BE FEASIBLE TO CHARGE EACH & EVERYONE (IRRESPECTIVE OF THE AMOUNT EARNED BY EACH) ONLY ONE PER CENT (TO TREAT ALL AS EQUAL - NO GAREEB NO AMEER). ANYBODY TO TAKE THIS IDEAL IDEA FURTHER IN THE PROCESS BEFORE NEXT BUDGET IS READ BY THE AUTHORIES. with regards, Harkishan Haswani
RE:INCOME & TAX ON IT
by malik mohd on Jan 25, 2008 12:19 PM
VERY GOOD SUGGESTION BY MR. HASWANI AND FURTHER ALL SHOULD BE AWARE THAT THE ISLAM HAS ALREADY DONE THIS 1400 YEAR AGO BY ENACTING THE TAX LAW TO PAY ONLY 2.5 PER CENT OF YOUR SAVING AND NOT ON YOUR EXPANDINGS. HENCE PROVED NO AMMER AND NO GHAREEB
RE:Staying in wife's house? Claim HRA rebate
by Amitabh on Jan 26, 2008 05:28 PM
You can claim HRA exemption only if you are getting HRA from your emplyer and you are actually paying rent.If your wife is the owner of the house,you may pay rent to her and claim the exemption but if the funds for the house has been provided by you the rental income of your wife will be clubbed in your hands.
RE:Staying in wife's house? Claim HRA rebate
by Rakesh J. Punmiya on Jan 30, 2008 02:10 PM
The reply is not clear. The question is clear that the property is joint with wife's name as first. HRA is recd from Co. Rent is paid to wife in her bank account. What are the tax implication for both. Whether it will be clubbed in my hand.
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
