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If I purchase online tickets for a foreign lottery like ELGORDO etc n manage to win a prize, what would be the proper procedure to get the money transerfered to India? What are the tax liabilities? What are the regulations etc?...
I Wanted to about capital gain. My history as under
a. I purchased 1st propery on 13/04/2000 @ RS. Three Lack
b. i purchased 2nd prperty on 6/12/2004 @ Rs.5 Lack.
c. I Sold 2nd property on 15 lak on 29/07/2009
Now i want purchas new propery @ rs 20 lkah with additional loan of some bank (used money of 2nd property + new loas)
if I purchased 20 lakh new property on same year & next year i want sale my 1st propery and repayment of loan amount new property 20 lakh.
it is allow to pay repayment of home loan ? OR paid capital gain of 1st property?
Regards
Pradeep
...
can we take tax rebate of 1 lac with one investment plan or we have to invest compulsory to different plan ? ...
Dear Vivek, I forget to post some added info for ur 49K figure.
In a FY, if u do a smart work by getting gifts from several friends & each gift is of value 49K. My dear friend, u r in trouble as the 50K limit is the composite limit & the moment it crosses (49+49+49K.... = more than 50K), the full amount `ll be treated as ur income from other sources & u `ll have to pay tax on it as per ur marginal tax rate.
Thanks
Ashal
...
Dear Vivek, I`m not an expert but anyway thanks for ur gesture.
Now to illustrate relationships that qualified for tax free gifting, for sake of simplicity, I assume u r receiving the gift. Now u can receive gifts from following persons.
1. ur own parents
2. ur paternal uncles & their spouses
3. ur maternal uncles & their spouses
3. ur brothers & their spouses
4. ur sisters & their spouses
5. ur wife`s parents & wife`s relative from point 2 to 4 as stated above.
6. ur major children & their spouses
The catch - husband or wife can`t gift each other & Father & mother - in - laws can`t gift to their daughther- in - laws & parents to their minor children. As these relationships r not covered & any gifting `ll invite clubbing provisions of section 64.
the 49K figure, u r bang on target.
Thanks
Ashal...
Hi Ashal `the Expert`,
Some queries are there :
"certain relationships r defined in the IT act from where the gift `ll be tax free."
-- Can u please define those relationships where gift would be Tax free ? It will provide more clear picture on this topic.
-- If I receive 49K in a FY from a friend then I am not liable to pay any tax. Please correct me if I am wrong.
Regds
Vivek Jain...
Dear Vivek, Plz. note that Gift Tax has long been abolished by Govt. of India.
The only point is, if some one is receiving cash amount as gift (even if the amount is transferred thru cheque/bank draft), certain relationships r defined in the IT act from where the gift `ll be tax free. For other (rwlationship or even for friends), the gift receiver `ll have to pay Tax on gift amount by showing the gift as other source of income if total gift amount in a FY is more than 50K Rs.
Here in this query, as the parents r giving gift to their major son, & this relationship qualifies for tax free gifting, no tax liability is there on the son or parents.
Thanks
Ashal...
Even I am not aware about this and would like to know from the experts.
Regds
Vivek...
Hi,
Can anyone tell me if i need to pay GIFT TAX on the money which my parents has transfered to my bank a/c (Rs 4 Lakhs) on 30th Oct 2009...
Many of us are waiting for a genuine reply for the same... If the exemption on tax for home loan is abolished from 20111, then we r left with nowhere......
Do the money earned from investments (Dividend from Insurance plans and stocks) made in the foreign country while being employed there is taxable once the person returns to settle back in India and still holding it?...
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return filing procedure for NRI...
if we book a house in the upcoming projects of any of the developers can we claim a tax benefit? the emi starts from the first month of booking and the possession of the house will be after 3 years....
What is the tax treatment for gifts given to daughters who are major in age? Is it taxable in the hands of daughters who have recd. money gifts or in the hands of the father or mother who have given gift during F.Y. 2009-10?...
