Prajna Capital |
- GIFT TAX - Tax Benefits for 2015 - 2016
- Section 80CCD - Tax Benefits for 2015 - 2016
- Economic Survey
| GIFT TAX - Tax Benefits for 2015 - 2016 Posted: 02 Mar 2015 04:00 AM PST It's true that a separate `Gift Tax Act' doesn't exist anymore. Yet, I-T laws cover specific gifts you receive and their tax consequences WHAT FALLS UNDER GIFT TAX? Under the I-T law, any sum of money, movable or immovable property received by you without consideration (without a quid pro quo) is chargeable to tax as `Income from other sources'; even winnings from lotteries, interest income, to name a few, fall under this head. Exemptions Available: However, certain exemptions are available on this count and not all `gifts' would be taxable. Gifts From Relatives Not Taxable: Cash, cheques or gifts in kind received from relatives are not taxable. The I-T law has defined `rela tives' elaborately to include your spouse, your maternal or paternal aunts and uncles (and their respective spouses) and your and your spouse's siblings, grandparents, parents, children and grandchildren (and their respective spouses).Gifts received when you get married, or under a will or by way of inheritance are not taxable. Up To Rs 50,000 Not Taxable: Cash or gifts in kind (presents) from non-relatives are not taxable up to a value of Rs 50,000 in a year. However, if it is say Rs 60,000, then this entire value of Rs 60,000 is added to your gross total income and you pay tax on it, as per your tax slab. In case you have been gifted immovable property, without any consideration, and the stamp duty value exceeds Rs 50,000 -it is this stamp duty value which will be part of your gross income.However, if you have paid some consideration, but it is still less than the stamp duty value, the difference is added to your income. For presents other than immovable property (say jewellery), the same principle applies except that the fair market value of such a gift is considered. Immovable property denotes landbuildings. Movable property includes: shares & securities, jewellery, bullion, drawings, paintings, sculptures, archaeological collections and works of art. CAUTION POINT: Gifts from friends received on birthday or marriage anniversary in excess of Rs.50,000 in a year are taxable. Also you should beware of income tax clubbing provisions. For instance, you've gifted your wife -who is a housewife -a cheque of Rs 2 lakh and she earns interest on it, this interest would be clubbed with your income. Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan 2.Reliance Tax Saver (ELSS) Fund 3.HDFC TaxSaver 4.DSP BlackRock Tax Saver Fund 5.Religare Tax Plan 6.Franklin India TaxShield 7.Canara Robeco Equity Tax Saver 8.IDFC Tax Advantage (ELSS) Fund 9.Axis Tax Saver Fund 10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
Invest in Tax Saver Mutual Funds Online - For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 --------------------------------------------- Invest Mutual Funds Online Download Mutual Fund Application Forms from all AMCs |
| Section 80CCD - Tax Benefits for 2015 - 2016 Posted: 02 Mar 2015 02:37 AM PST The pension pie just got bigger, with the FM increasing the deduction limit under the New Pension Scheme (NPS) from Rs 1 lakh to Rs 1.5 lakh. But the additional deduction of Rs 50,000 proposed under Section 80CCD of the Income Tax Act has left enough room for ambiguity . Besides the deduction allowed under Subsection 1 of 80CCD, the Finance Bill 2015 allows an individual to invest Rs 50,000 under a pension scheme "notified or as may be notified by the central government". It can be an enabling provision for mutual fund (MF) retirement products. But the budget did not provide clarity on whether MFs would be allowed to launch retirement products under Section 80 CCD. Last year, the Budget allowed uniform tax treatment for pension funds and MF-linked retirement plans. Currently , MF-linked retirement plans are eligible for tax deductions under Section 80C of the IT Act. Retirement plans of MFs, however, don't come under the Pension Fund Regulatory and Development Authority now. Earlier, when an individual contributed to an annuity plan of LIC or any other insurer for receiving pen sion, a deduction of up to Rs 1 lakh was allowed. The budget raised this to Rs 1.5 lakh. While savings made under 80C --contribution to provident fund, PPF, insurance premium, equity savings schemes, investments in pension funds (80CCC) and NPS (80CCD) -was capped at Rs 1.5 lakh earlier, it has now been increased by another Rs 50,000. Another boost for pension could come as the FM said the government will change PF laws after consulting stakeholders and is thinking of a proposal where employees can choose between PF and NPS to make their savings. Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan 2.Reliance Tax Saver (ELSS) Fund 3.HDFC TaxSaver 4.DSP BlackRock Tax Saver Fund 5.Religare Tax Plan 6.Franklin India TaxShield 7.Canara Robeco Equity Tax Saver 8.IDFC Tax Advantage (ELSS) Fund 9.Axis Tax Saver Fund 10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
Invest in Tax Saver Mutual Funds Online - For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 --------------------------------------------- Invest Mutual Funds Online Download Mutual Fund Application Forms from all AMCs |
| Posted: 02 Mar 2015 02:36 AM PST The Economic Survey, usually presented in Parliament by the finance minister just before the Budget every year, is the finance ministry's view of the economic condition in the country, especially in the previous one year. It reviews the performance of the economy, major sectors and development programmes of the government in the previous year. At times, it also gives some indications about the probable path that the government will take on some aspects of the economy. Although some analysts try to gauge the expected policy decisions from the Economic Survey, but history shows no such correlation. Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan 2.Reliance Tax Saver (ELSS) Fund 3.HDFC TaxSaver 4.DSP BlackRock Tax Saver Fund 5.Religare Tax Plan 6.Franklin India TaxShield 7.Canara Robeco Equity Tax Saver 8.IDFC Tax Advantage (ELSS) Fund 9.Axis Tax Saver Fund 10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
Invest in Tax Saver Mutual Funds Online - For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 --------------------------------------------- Invest Mutual Funds Online Download Mutual Fund Application Forms from all AMCs |
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