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Ravi
Hi,
I am thinking to help one good student (but underprivileged) to study their higher education(B.Tech). I am doing this because many of us have been there.
The Tutuion fee is about 1 lakh rupees per annum. I would like to know if I can get some form of Tax exemption for this amount. I am fine with taking a certain approach if that saves tax.
Thanks in advance..
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Nagarajan M
How is income generated using PIN money taxed? Will it be clubbed with husband’s income? Or considered ad wife’s income?
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Clubbing provisions doesn't apply to PIN money, however quantum of PIN money should be justified in terms of income of Husband.
Nagarajan M 24 Mar 2022What is the maximum amount of money that can be given as PIN money? In terms of percentage of husband’s income?
CA Gaurav Garg 25 Mar 2022As such quantum is not defined under income tax laws, but considerations to be kept in mind would be the size of husband’s income, the total expenditure of the household, the extent of the contribution made for the household expense, justification for the quantum of savings being made by the house lady etc.
Nagarajan M 25 Mar 2022Ok thank you so much
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Chetan Ahire
Hi, Can a salaried employee claim tax benefit from his salary under section 24 for a interest paid on loan taken to buy commercial property by him?
Interest deduction for commercial property is not allowable.
For further Assistance & Tax planning your can reach us at ca.rahuldwivedi@gmail.com or 9004485377
In my opinion Interest against the loan for a commercial property, a loan can be taken u/s 24. For a more detailed discussion, you can connect with us at ca.pujasharma@outlook.com
CA Gaurav Garg 24 Mar 202224(b) applies to all properties whether commercial or residential or any other property.
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Aradhana Zomawi David
Hi! I had a query. Can a partnership firm have subsidiary firms?
In my opinion, a Partnership Firm cannot be a partner in another firm.
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Nagarajan M
A homemaker wife sells the gifted shares (by husband)without any gain. She re-invest the amount in F&O and makes some profit. Will this profit come under wife’s income or husband?
In this case, asset transferred was shares, and subsequently form of asset is changed to F&O, so any income arising from F&O will be clubbed with income of transferor i.e. Husband. Refer Section section 64(1)(iv) of Income tax act
Nagarajan M 23 Mar 2022Thank you for the reply. But the asset was sold (shares) without any gain.
CA Gaurav Garg 23 Mar 2022Yes, shares were sold, if there would have been gain, then capital gain provision would have been attracted. But in your case original asset was shares and you have converted it into cash (another asset) and that cash is invested in F&O, so income arising from F&O will definitely be clubbed with Husband income and if there would have been loss then, that also be clubbed with Husband income.
Nagarajan M 23 Mar 2022I have read the said paragraph of income tax act. Now I understand. Thank you so much
24 Mar 2022I have read the said paragraph of income tax act. Now I understand. Thank you so much
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