Can I Claim Deduction u/s 80DD for Expense on Sister Despite My Father Being Alive ?

My father is a pensioner and his pension is less than my salary. My sister is a disabled dependant with 90% disability. She is dependant on me. Can I get rebate under section 80DD ? My DDO says that your father is alive and is getting pension; so you cannot claim deduction. Is it true? [...]

Motor Insurance Made Simple on Five Points !

What are types of Motor Insurance covers?
There are mainly two types of motor insurance-

Comprehensive insurance
Third Party Insurance.

While the Comprehensive insurance covers you against any loss or damage causing by Natural Calamities which includes fire, explosion, self ignition or lightning,earthquake (fire and shock damage),flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, and frost [...]

Five Points To Decide Which is Better- Fixed Deposit in Company orThe Bank?

What happens when company or bank becomes bankrupt?
company fixed deposits are unsecured debt instruments Whereas  FD with Bank is insured upto Rs 1 lakh.Deposit Insurance and Credit Guarantee Corporation of India guarantees repayment of Rs 1 lakh in case a bank defaults. Companies offering this product offer no such guarantee and the safety of [...]

Should Payment For Booking Exhibition Space Abroad Suffer TDS?

We are running an educational institution and accordingly we have booked an exhibition floor space in uae as a part to promote our institution . now the question is that the company which is organizing is a foreign company say ( international exhibition llc). it is not having any permanent establishment in iIdia . do [...]

Is Gift At the Time Of Marriage Tax Free?

I, my wife and unmarried daughter are three members of my HUF. My daughter will get married in near future. I don’t have much individual income. I want to gift good amount of gold ornaments, Cash and other gifts to my daughter and my son in law from corpus of my HUF. Can I as [...]

Seven Years Exemption From Wealth Tax to Non Residents or PIO!

I will return to India for permanent settlement in June 2007.Am I exempted from wealth tax for the next seven years?Please explain the existing wealth tax rule for bank deposits. purackal@hotmail.com
Section 5 of the Wealth Tax Act is regarding the exemption granted to certain types of case. Sub-section (v) of section 5 deals with the [...]

Whether Commission Earned in Foreign Exchange Taxable in India?

I am negotiating with a US based supplier of goods to arrange the order from India. They will pay commission to me based on the confirmed order/payment from the buyer. The commission will be in foreign currency. What is the income tax liability on such commission received from the overseas supplier.
Vandana Kumar , Gandhidham

 
Since the [...]

Can Wife Also Claim Interest Deduction Despite Husband Paying EMI of Home Loan?

Me and My husband have taken a home loan last year. It was a joint loan on a property. EMI is paid from my husband’s salary account. Can I take tax benefits for it even though I am not contributing to paying EMI. The interest statement has names of both of us.
Rashmi, Delhi

Yes, wife [...]

Should Alimony Paid Out of Salary Be Deducted From Salary For Tax Purpose?

The aforesaid question was answered in negative by Bombay High Court in
Commissioner Of Income Tax. v. M. P. Poncha. 211 ITR 1005 .

The Facts of the case
The assessee was employed as general manager of Premier Auto Electric Ltd. and derived his salary from the said company. He also had income from dividends, interest, [...]

Is Alimony Paid To Wife Taxable In Her Hand?

What will be the tax implications of the following payments received by a divorced lady from her former husband: Fixed maintenance charges at Rs.25,000 p.m. for six to eight months (after the divorce) followed by two lump sum payments of Rs.5 lakhs each as final settlement (can we call this alimony?). Will there be any [...]

Next Page »