Tell me, who does not like to own a property that generates a steady rental income? If you have the option, owning assets that produce income is a better financial strategy than owning assets that generate expenses. Rental Income or income from property is one of the most common sources of income in India after […]
Tax Planning
How to adjust Short Term Capital Gains against the Basic Exemption Limit? | Tax Rules & Examples
Capital asset typically refers to anything an individual owns for personal or investment purposes. It includes all kinds of property, movable or immovable, tangible intangible, fixed or circulating. Capital assets are further classified as Financial assets and non-financial assets. Financial assets are intangible and represent the monetary value of a physical item. Stocks (Shares) and equity […]
How to save Income Tax by adjusting Long Term Capital Gains against Basic Exemption Limit?
Capital asset typically refers to anything an individual owns for personal or investment purposes. It includes all kinds of property, movable or immovable, tangible intangible, fixed or circulating. Capital assets are further classified as Financial assets and non-financial assets. Financial assets are intangible and represent the monetary value of a physical item. Stocks (Shares) and equity […]
Latest NRI Gift Tax Rules 2019-20 | Gifts to NRIs can be Taxable now!
Gifts, who would not like to receive them? Gift is something we all like to receive from our beloved ones. But, a very common and frequent question running in the mind of taxpayers is the tax implications of gifts in India. What is considered as a Gift under Income Tax Act? A gift is Money or […]
Is Rs 1.5 lakh additional Home Loan Tax Deduction really beneficial? | New Section 80EEA
In the latest Union Budget an additional Income Tax deduction of Rs 1.5 lakh on affordable home loans has been announced. A new Section 80EEA will be introduced under the IT Act. As per the proposal, income tax payers will get maximum tax benefit of Rs 3.5 lakh on home loans of up to Rs […]
Rs 50000 Standard Deduction from FY 2019-20 | What is the impact on your Taxable Income?
In the Union (interim) Budget 2019-20, the Finance Minister has proposed to provide Rs 50000 Standard Deduction from salary income to all employees & pensioners. The Standard Deduction of Rs. 40,000 was made available in Budget 2018 (FY 2018-19 / AY 2019-20). It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 […]