Do you have income tax-related queries?
Please ask your questions HERE and rediffGURU T S Khurana, a fellow member of The Institute of Cost Accountants of India, will answer them.
Gajendra: My daughter’s marriage was held on 13/02 and we received gift in cash approx 6 lakh. How can i deposit in my saving account?
Marriage Gifts are EXEMPT. However, these are exempt to the couple and not to their parents.
There are so many cash expenses/payments during marriage. You may meet these obligations from the Cash Gifts received.
You may deposit the balance cash (gifts) in bank account of your daughter.
Pooja: Please provide detailed information about whether the second owner’s PAN card can be used to avail House Rent Allowance (HRA) benefits in the context of a jointly-owned flat?
PAN Card requirement is applicable in case Rent Paid is Rs 1,00,000 yearly or more. Moreover, PAN Card of Co-owner shall also serve your purpose.
Sanjay: I am an NRI getting around 60 Lakh yearly interest on my NRE deposits which at present is tax free. When I become a Resident Indian then how much tax I would have to pay for the 60 Lakhs yearly interest?
When you become an Indian Citizen, you would be subject to TDS (Tax Deduction at source) provisions. Rate of TDS at present is 10% with valid PAN or 20% without PAN. However, this TDS shall be adjustable with your actual Income Tax Liability.
Income Tax Calculations depend on many factors & additional information, which is not available in your details. This info/factors would be Financial Year, Your Other Income from all other sources, Tax Savings-if any & Your age etc.
India: Sir, When ITR 2025 will start?
It takes some time to update data in Form 26AS, AIS & TIS. It is advisable to wait for some time (say 10-15 days) & then proceed to file your ITR.
GagsDips: Some sites say Form 15H is allowed if the income is below the basic exemption limit (Rs 4L), while others say it's permitted if the tax liability is nil. Parents have opted for new tax regime, and their income is greater than Rs 4L and less than Rs 12L. Can they submit Form 15H to the bank?
A Senior Citizen may file Form-15H (u/s 197A), if his tax payable during the year under reference is Nil.
- You can ask rediffGURU T S Khurana your questions HERE.
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