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PENSIONS & SOCIAL SECURITY FROM US & UK TAX EXEMPT!

Family Pension received by a Widow is entitled to Standard Deduction at 33.33%, subject to a maximum of Rs.30,000   Today’s write-up deals with some interesting issues relating to taxability of dues, family pension etc. received by legal heirs of a deceased employee, receipt of commuted pension by specified employees and Public Pensions/Social Security payments received from abroad by Indian Residents.     LEAVE...

TAX STIMULUS FOR MEDICAL INSURANCE

Section 80D allows deduction of Rs.15,000 for covering insurance for own family & additional Rs.15,000 for premium paid for parents Medical Insurance is becoming increasingly popular in India with the increasing cost of medical treatment and hospitalization expenses. The benefit of having a medical insurance is that by making a small payment of insurance premium, the proposer can cover the cost of medical...

WEALTH-TAX SHELTER FOR RESIDENTIAL HOUSE!

One house or an open plot of land of upto 500 sq.mtr. is treated fully exempt from Wealth-tax irrespective of its value! Under the present scheme for levy of Wealth-tax, all ‘productive assets’ are excluded from the definition of the term ‘assets liable to Wealth-tax.’ Accordingly, in respect of house property, the following have been treated as assets liable to Wealth-tax: Any building or land appurtenant thereto,...

GIFTS FROM RELATIVES TAXFREE!

No stamped document required for gift of movable property, But it is advisable to keep letter of gift from donor on record! Several AM readers poured in their questions in response to the article last Monday on gifts and income-tax liability. Some of these queries which touch issues of popular interest are replied hereunder:  LIST OF RELATIVES COVERED Query:  Your article states that gifts received by an individual...

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