Will that money be taxed? The money coming in to this account from USA is used basically to pay for my parents monthly living and maintenance expenses – like phone/electricity bills. This account is in my sole name and no joint account with parents – normal savings account – and is different from my salary account.
hi, i gave some amount to my wife for a property purchase and the property was registered her name. the amount which i gave for the property was my own income (salary). what is the tax treatment for this amount, can i show it as a loan given to wife. also how it will be treated in my wife’s ITR?
Assume that an employee joins a company and get a joining bonus after 3 months (taxed at source @ 30%). As per the employment terms, he has to serve minimum 1 year to avoid repaying the joining bonus. For some reason, if the employee leaves the company before 1 year, typically companies withhold the full joining bonus amount (more that what was actually received by employee post tax) in his full and final settlement. Actually, the employee has not gained anything in this transaction and in fact paid income tax for an amount, which did not accrue to him. In such a situation, is he eligible get a rebate on the tax paid by him? Where should he claim it – with employer or with IT department?
Iam staying in the first house and have bought another new (second) house on loan (spouse is co-applicant, but not co-owner).What are my tax implications regarding HRA,home loan EMI when filling for IT returns.Incidentally my spouse is also salaried in my same office. PLEASE REPLY.
The first house has no home loan, its only that Iam staying in it and purchased the second home on loan.
Is the deduction of interest on borrowed capital for acquisition of house property (total annual value) on a let out house property unlimited. E.g. if the interest outflow on the borrowed capital is INR 5 Lacs and income from rent received is just INR 1 lacs, the deduction can be allowed for INR 4 Lacs?
PPF account opened in my wife’s name is maturing on 01-04-2010.It has two components vis money deposited in last 16 years ie 16*60000=960000 and interest earned on the same. my question is on maturity interest part is invested in POST OFFICE MONTHLY INCOME SCHEME, future interests will be clubbed with my income or the same will be treated as my wife’s income and will be taxed accordingly?
I would like to encash my equity Mutual funds and buy Shares.
Can the capital gains of mutual funds could be adjusted by buying shares? Please advise.
MY FRIEND IS AN EMPLOYEE OF FOOD CORPORATION OF INDIA , NAGPUR . AN AMOUNT OF RS. 191000/- WAS DIRECTLY PAID BY FCI TO THE HOSPITAL FOR HIS HEART TREATMENT RECENTLY.
BUT, AS HE WAS COVERED FOR AN AMOUNT OF RS. 200000/- TOWARDS A CRITICAL ILLNESS FROM BAJAJ ALLIANZ LIFE INSURANCE CO. , HE RECEIVED THE CLAIM AMOUNT SUBSEQUENTLY.
I WOULD LIKE TO KNOW THE TAX TREATMENT TO BE GIVEN FOR THIS CLAIM PROCEEDS FROM THE INSURANCE COMPANY. SOME OF MY FREINDS OPINED THAT THIS PROCEEDS WOULD NOT BE TERMED AS INCOME OF THE ASSESE
i m giving some amount to my son (age above 19) on weekly basis as pocket money. Son invests that amount in bank FDs and earns interest on it. i would like to know to whose total income the interest earnings will be added for tax purpose…?
I am in Bangalore, India and searching for a insurance company which can provide insurance cover for ayurvedic treatments.