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TAX SAVING, THE HEALTHY WAY!

Take care of your family’s health insurance & check-up needs & avail useful tax saving deductions u/s. 80D! Section 80D of the Income-tax Act provides that a taxpayer can claim a deduction up to Rs.15,000 per year in respect of health insurance premium paid by him or any contribution made to the Central Government Health Scheme (CGHS), by any mode other than cash, out of his income chargeable to tax. It...

TAX FREE SAYONARA!

Receive a bouquet of tax benefits when you say good bye to your employer on retirement or termination of service! Under the provisions of Section 10(10) of the Income-tax Act, gratuity received by an employee from his employer, on retirement, or becoming incapacitated before retirement, or expiring, or whose services are terminated, is exempt as under: GRATUITY EXEMPT UPTO RS.10LAKHS v  In case of Government...

RELIEVING PAIN ON CAPITAL GAIN!

Bombay & Delhi High Courts hold that taxpayers can enjoy indexation even on assets received via gift or inheritance     If your grandfather had acquired a plot of land for Rs.10,00,000 in late 1981, which you received by way of inheritance on his death in 2012 and you are planning to sell the same in early 2013 for a consideration of Rs.85,00,000, what would be the income-tax you would be required to pay on...

NO PENALTY FOR BONAFIDE ERROR!

A reputed firm of Chartered Accountants making a silly mistake need not be penalized for concealment holds SC! Can a taxpayer be penalized for a bonafide or inadvertent error in declaring his income? Would it make any difference if such default was committed by a leading firm of Chartered Accountants? Dealing with this interesting issue, the Supreme Court has, in its very recent pronouncement in the case of ‘Price...

YOUR WILL GOES A LONG WAY!

Keep a joint holder or make a nomination and direct a clear bequest under your Will in respect of all your properties! Today, we shall discuss some interesting readers’ queries with reference to the execution of a Will and passing over of property to legal heirs. OVERCOMING PROBLEMS FOR PROPERTY IN SINGLE NAME Query: Many times an immovable property is purchased only in single name, since that person alone has...

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