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SURENDRA KUMAR (MANAGER)     23 July 2016

Income tax filing query

Dear Sir ,

   My wife (who is housewife) received Rs 40,000 from his brother who is satying in USA .

With that amount she invested in Initial Public Offering (IPO) and earned Rs 14,000 income .

    Please let me know how income tax is calculated on these amounts .Does she need to file IT  returns .



Learning

 5 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     23 July 2016

 raised tax exemption limit from Rs 2.5 lakh to Rs 3 lakh per year in case of senior citizens

Kumar Soni   02 August 2016

Dear Sir,
                  I am getting Rs. 52500/-per months remuneration (no HRA, nothing) with total of Rs. 630000/annually. But my employer is reducing tax also. i am paying 4000/-per months (mentioned in agreement) and water (500), electricity (1000) and  maintenance charge (500), a total of 1500 (not mentioned in agreement). If i want to apply for 80GG in 2016-17 can i apply. according to the rent calculation i am paying 48000/year only

1. i can claim for 60000/-
2. Rs. 4000 x 12 = Rs.48000- 10% of total salary is Rs. 63000/- (how can i apply, it is coming negative value)
3. 25% of salary Rs.157500/-

so which one will be lowest. please suggest me.

Thanking you Sir.

Ms.Usha Kapoor (CEO)     20 August 2016

Dear Client,

 

        If you are the Karta of HUF  if your total  incomeexceeds the ceiling limit of  2.5 lakhs/3 lakhs in caseof  senior citizens your wife receiving a cash  gidft from her brother is  totally exempt from  tax. But her subsequent act  of investing in Rs.40,000 in IPO and making n income of Rs.14000 inxluding your total income of Rs/.2.5   lkhs she is not liabile to pay any income taxon the capital gain.. Yes, she has to file  tax return and declare  /rs.40,000 gift income from brother and her subsequent  investment  in  shares  andmaking a sum of Rs.14000.

Ms.Usha Kapoor (CEO)     20 August 2016

Dear Client,

 

        If you are the Karta of HUF  if your total  incomeexceeds the ceiling limit of  2.5 lakhs/3 lakhs in caseof  senior citizens your wife receiving a cash  gidft from her brother is  totally exempt from  tax. But her subsequent act  of investing in Rs.40,000 in IPO and making n income of Rs.14000 inxluding your total income of Rs/.2.5   lkhs she is not liabile to pay any income taxon the capital gain.. Yes, she has to file  tax return and declare  /rs.40,000 gift income from brother and her subsequent  investment  in  shares  andmaking a sum of Rs.14000.

Ms.Usha Kapoor (CEO)     20 August 2016

if your total  income crosses  3 lakhs + 1.5 lakhs under exemption or exceeds 4.5 llakhs for snior cirtizens your wife receiving a cash gift from her brother  ia totally exempt from tax. Bu t her  subsequentr act OF INVESTING THE SAID GIFTED INCOME IN SHARES UNDER ipo AND DERIVING AN INCOME OF rS.14,0000 OUT OF IT WOULD ATTRACT CAPITAL GAINS TAX.


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