If I give 1lac to my wife as gift is it taxable??
I want to gift mywife, how much I can gift and what about the income she earns from it. more
FUNDAMENTAL CHANGE IN INCOME TAX , WE CAN LINK THE INCOME TAX - WITH SOCIAL SECURITY , BY CREATING ONE MORE CIRCLE , " VOLUNTARY SCHEME " . THE" VOLUNTARY SCHEME " MEANIES FOR - EXAMPLE TAX CALCULATED FOR "A" IS RS 1 LAKE , HE MAY PAY EXTRA 25% MORE TO TAX , LIKE RS 1.25 LAKE AND HE MUST COVER UNDER " SOCIAL SECURITY GROUP" AND IT COULD BE CONTINUE TILL "A" PAYS THE INCOME TAX AFTER THE AGE OF 60/65 YEARS OR IN ANY OTHER CASE OR NATURAL CALAMITY OR UNTOWARD INCIDENT HAPPEN LIKE DISABLED AND CAN NOT WORK ANY MORE IN THAT SITUATION THE ENTIRE CONTRIBUTION TO INCOME TAX WHAT HE PAID TILL THAT DATE THE GOVERNMENT SHOULD PAY THE " INTEREST" ON THAT TOTAL , AMOUNT AND THE INTEREST INCOME MUST BE TAX FREE FOR HIS SURVIVAL TILL LAST more
I am a retired General Manager(F&A), Loan Councilor SBI, Insurance Advisor NIC& IDBIFEDERAL Life Insurance Co. and MBA/M.Com faculty and presently working as Member, PM,s Circle. more
Ravindran Urathpalliyalil. Tax planning is generally undertaken by tax experts CA's they device various means to avoid tax and invest in schemes and arrive at zero tax for companies whose turnover may be very high in hundreds of crores. The job of CA's And CFO's job is basically on these lines only. Every action taken by them is only in National interest. more
Income tax is paid when there is sufficient income. With out revenue how can you all be protected and give services by the Government. more
On any amount given to spouse or family members there is no tax. But the spouse having25Lakhs total assets need not pay any tax if she is a senior citizen if 10%interest is the average per annum interest. The amount can be higher accordingly. If the amount is invested in MF the dividend earned is totally tax free. One can plan and transfer gift to family members to save tax for themselves and invest in MF etc to save tax for spouse also. more