| Topic : Financial Hurdles For The New Year.... |
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Activity:
67 views;
last activity : 01 12 2011 11:38:17 +0000
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Gift money to your major children and Save tax on Future Income
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get deduction of rent without receiving HRA
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Take a home loan.
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Tax planning in Businessmen profiles is unique and innovative
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purchase health mediclaim policy
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Get deduction for rent even without HRA
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As per income-tax laws you can gift any amount of money to your major children without attracting gift-tax and as their money will become theirs any income arising out of it would be treated as their income, not yours. In case their income is below the limits, there won’t be any tax.
However there can be times, where you might not feel too comfortable gifting away large amounts of money to your major children, in which case, there is another option of giving them loans. And guess what? you can make interest-free loans to your major children as per the law . Please note that doing exactly the same thing with your spouse is not possible. Any income you transfer to your spouse which generates any income will be treated as your income only. However, if you are going to be married in some months and you have some big amount of cash, you can gift her right away, as gift given to prospective wife would become hers lawfully!
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Any excess money can be given as loan to your kids and after a few years write it off.
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if u dont get any HRA, you can claim 80GG in account of rent paid by salary person and self employed
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if you are staying in a house but your spouse is paying the rent, you can not claim any deduction.
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home loan gives us tax saving option, to extent of loss under house property to extent of interest paid upto rs.150000/- and principal paid can be claimed under sec. 80C. Always take loan for a house if possible in your hometown, so that you can get HRA dedcuction u/s.10(13)(a) also along with above deductions.
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Why do we always look at salaried employees for tax savings? If a businessman wants to plan, he needs his balance sheet to be analysed properly for avenues. Proper analysis of balance sheet will throw open many options. My approach is innovative and not IT law based...
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by purchasing health mediclaim policy we will able to save tax, even if we purchase mediclaim policy for our dependent parents it will help us for saving tax,
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After doing some research I came to know this. House rent can account for as much as 40-50% of the total household expense. That’s why the house rent allowance is exempt from tax to a certain limit. But what if your salary does not include an HRA component or you are a self-employed professional or businessman? Under Section 80GG, you can claim deduction of the rent paid even if you don’t get HRA. “Not many people are aware of this deduction. But there are stiff conditions to be met. The least of the following three can be claimed as deduction: rent paid less 10% of total income; or Rs 2,000 a month; or 25% of total income. Also, the taxpayer should not be drawing any HRA or any housing benefit. |
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These girls who could have been mothers of future are killed inside the womb.. They die before... |
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2333 referals
39 votes,
3536 views
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Do let me know do also what are the components I have to take into consideration in the salary... |
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10 referals
13 answers,
35600 views
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I AM UNABLE TO UNDERSTAND ABOUT THE CHAGES OCCURED IN 44AD , HOW INCOME WILL BE ... |
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13 comments,
1658 views
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Mam, when someone publishes a study or research it means there is fair amount of truth into it. You just cannot brush off the matter saying it is fake. If so then you should resonate. |
Thanks Manish btw many here are too old for this :) MR. Murthy the link of your blog :) |
As such I am not satisfied by the sides given. But the question that should be raised is that why should there be an increase. They already have enough what more do they want? |