Fire your tax related queries and i would get it solved!!!

[mkh]

Sir, Is there any Gift Tax payable if Mother Gifts residential property (house) to her son where the house is self acquired.
Secondly if mother Gifts a comercial property to son or daughter where the property is acquired through inheritance.IWould Gift Tax be payable.
Pls advice.Thanks.

 

[diosys]

Sir, Is there any Gift Tax payable if Mother Gifts residential property (house) to her son where the house is self acquired.
Secondly if mother Gifts a comercial property to son or daughter where the property is acquired through inheritance.IWould Gift Tax be payable.
Pls advice.Thanks.

in either case there would be no tax payable.

 

[magnet]

Can a son gift an amount to his mom to avoid tax on it and get the money bak as gift from mom to pay liability within a month(with proper documents made)?

 

[diosys]

Can a son gift an amount to his mom to avoid tax on it and get the money bak as gift from mom to pay liability within a month(with proper documents made)?

how can tax be avoided by gifting the money ???

gifting is not a allowable "expense" which can be set off against the income....

Though just to answer your query yes it can be done (only the transaction part, not the to avoid tax part)

 

[sagar55]

for turnover purposes of future related segment the difference between the profit and loss is your turnover....in case A and B there is no profit and loss hence 0 turnover....for option C since the loss is 7500 therefore that becomes your turnover.

2.) No option trading is business income and not capital gain hence it would not be allowed.

Diosysji, you mean if there is profit or loss in trading a lot option which side I can consider buy side of premium or sell side of premium or both side of premium while calculating my premium turnover (40 Lacks per annum). I am interested in Option segment only.
Sagar

 

[diosys]

Diosysji, you mean if there is profit or loss in trading a lot option which side I can consider buy side of premium or sell side of premium or both side of premium while calculating my premium turnover (40 Lacks per annum). I am interested in Option segment only.
Sagar

It is the premium earned while selling the option

 

[magnet]

how can tax be avoided by gifting the money ???

gifting is not a allowable "expense" which can be set off against the income....

Though just to answer your query yes it can be done (only the transaction part, not the to avoid tax part)

Sorry sir

I forgot to explain

My Business income profit this year would be around 2 lakh 10 thousand
As our business book started to being prepared late i had deposited cash around 90 thousand in account as part time salary..As i have some liability to pay i cant invest in 80C instrument

So on a total of 3 lakh my tax outgo would be 14 thousand


I m planning to transfer 90 thousand to my mother account as gift this month ..I guess amount transferred as gift to family members reduces your gross income...Am i correct?

Than next month wish to take that money back as gift and pay liability towards home loan

 

[diosys]

Sorry sir

I forgot to explain

My Business income profit this year would be around 2 lakh 10 thousand
As our business book started to being prepared late i had deposited cash around 90 thousand in account as part time salary..As i have some liability to pay i cant invest in 80C instrument

So on a total of 3 lakh my tax outgo would be 14 thousand


I m planning to transfer 90 thousand to my mother account as gift this month ..I guess amount transferred as gift to family members reduces your gross income...Am i correct?

Than next month wish to take that money back as gift and pay liability towards home loan

Unfortunately your guess is absolutely wrong....

As i have already said gifting in after one has earned the income and it does not absolve the liability of payment of tax on that amount.

 

[magnet]

Unfortunately your guess is absolutely wrong....

As i have already said gifting in after one has earned the income and it does not absolve the liability of payment of tax on that amount.

But sir this article mentions this strategy

http://www.dnaindia.com/money/column_income-on-rs-78-lakh-can-be-tax-free_1207691

Note::

Note carefully that it is not Rs 78 lakh of income that is rendered tax-free; it is the income on a capital of Rs 78 lakh (Rs 7.80 lakh) that is sought to be made tax-free.

Does it mean he had 78 lakh of amount in account which on passing as gift the income earned on it becomes tax free which is what your statement means...?

 

[greatindianwiseman]

hi, I have a doubt about short term capital gains.

If Interest Income + STCG - 80C is less than the taxable limit will the STCG be liable to tax at the flat rate of 10% or will I get the benefit of Section 111A? (hope I have got the section right)?

Note: STCG is from sale of shares for which STT has been paid.