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HRA EXEMPTION FOR RENT PAID TO WIFE

“Salaried husband entitled to HRA exemption for rent paid by him as tenant to owner wife” – ITAT Ahmedabad   Can a salaried employee legitimately claim the benefit of exemption for House Rent Allowance (HRA) received from his employer, under Section 10(13A) of the Income-tax Act, even in a case where the payment of house rent has been made by him to a member of his own family, say his wife or his father, who is...

THE LONG & SHORT OF CAPITAL GAINS!

Understanding long term & short term capital gains is important since the same determines its tax treatment !             The profit or gain arising on the transfer of a capital asset is known as ‘capital gains.’ It is important to ascertain the type of capital gain, as the computation of taxable gains is dependent on the same. Long term capital gains are entitled to concessional tax treatment in comparison to...

EXECUTING YOUR WILL IS SIMPLE!

Useful tax planning can also be achieved for the family through smart distribution of properties under a Will! Last Monday, we discussed regarding the importance of executing a Will. The drafting and execution of a Will is indeed very simple and you can even do it yourself without any sophisticated legal advice, if you just bear in mind the following key points: A Will can be executed on simple paper and it is not...

TAX FRIENDLY FAMILY ARRANGEMENT

Settlement of family disputes along with strategic tax saving can be usefully achieved via family arrangement! ‘Family Settlement’ or ‘Family Arrangement’ is one of the practical modes of distribution of assets amongst the members of a family, where there are disputes or conflicting claims amongst the family members with reference to family properties. The Halsbury’s Laws of England’ has defined a family settlement...

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