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

[diosys]

Dear diosys,

Thanks a lot for the thread. So very informative

Thank you Sir so much for the kind words.....

 

[ranj_2k]

Dear Diosys,

My wife is doing trading in derivative. How she can file income tax return. What will be tax implication and which type of rebate and deductions will be allowed. She does not have any other source of income. Whether she has to show cash inflow whether borrowed or gift, etc. Your detailed will be appreciated.

regards

 

[Sriks]

HI

Am referring to an NRI.

 

[diosys]

Dear Diosys,

My wife is doing trading in derivative. How she can file income tax return. What will be tax implication and which type of rebate and deductions will be allowed. She does not have any other source of income. Whether she has to show cash inflow whether borrowed or gift, etc. Your detailed will be appreciated.

regards

Dear Ranj....

To determine her tax liability i would be needing to know what is her total profit and revenue generation.....How active is she as an trader or she buys derivates for delivery....all these factors taken into account can only determine her tax liability....

If she is a person who has generated income less than 1.45 lacs (for FY 2006-07 Less than 1.35 Lacs) then there is no tax liability on her....It would need a bit of detailed look into her mode of operations...

Secondly she can accept gifts from certain defined relatives without the need to pay tax on it.....This taxing of gifts is only applicable to cash and bank transactions....If someone gifts her shares then it would be completely tax exempt....

 

[diosys]

Dear Sriks...

Please clarify pertaining to whom are you talking.....An individual resident in India or a NRI ....

Dear Sir....

In my view income generated by using funds from both the accounts is taxable as it is deemed to have arisen in India itself even though to a person resident outside India...

 

[talk_2_raj]

Tax saving Scheme

hi,

I want to invest 10K in some tax saving scheme. which will be best?

Cheers!!!!!

 

[diosys]

Re: Tax saving Scheme

hi,

I want to invest 10K in some tax saving scheme. which will be best?

Cheers!!!!!

Personally i have the largest holding in SBI magnum Tax Gain Scheme....

Apart from this i have also invested in...
Fidelity Tax Advantage
Birla tax Saver
Franklin Tax Shield...

But for me Magnum has yielded the best return and Franklin Tax Shield the worst returns....

 

[striker_rage]

Dear Sir,
This might seem a stupid question (very new), but i wanted to know how much money should i deposit....and should i deposit all the money in the bank in one go....and if yes then how much.
Or should i regularly invest a small amount everyday....if yes then how much.

or Should it be once a week or everyday.

I wanna invest a lof of money in reliance pertroleum since it is very promising in long terms(800+ in 3-4years) and the price now seems optimum to buy....so i wanted to invest in it.
I am almost investing all my savings into this stock!!!

I just dont want to spotted in the eyes of the goverment.

plz help me........waiting for your reply.

 

[diosys]

Dear Sir,
This might seem a stupid question (very new), but i wanted to know how much money should i deposit....and should i deposit all the money in the bank in one go....and if yes then how much.
Or should i regularly invest a small amount everyday....if yes then how much.

or Should it be once a week or everyday.

I wanna invest a lof of money in reliance pertroleum since it is very promising in long terms(800+ in 3-4years) and the price now seems optimum to buy....so i wanted to invest in it.
I am almost investing all my savings into this stock!!!

I just dont want to spotted in the eyes of the goverment.

plz help me........waiting for your reply.

Hi Striker.....

First of all thanks for the tip of RPL ( )

Now coming to your query....I am giving this answer presuming that the money you wish to deposit in the bank is "Black Money"

My answer is very simple....Find a person who has "white money" to "Gift" you...Of course there would be no actual gifting but only in books....This way he would generate the amount (gifted) as black and you can after paying tax treat it as your income and deposit a lump sum amount without tension....

The other way round would depend upon your total income scenario...If you have been a regular income tax payee and have been having huge income in the previous years it could be more of a possibility that your case can be picked up for scrutiny by the department. It would not matter if you deposit 1000 ten times or deposit 10,000 at once....they would always want to know the source of the deposit made by you in totality and not transaction wise....

My final verdict in you case....

Please give you last year income breakup....My suggestion would depend a lot on it...If you are below the taxable limit...I would suggest you show some 50,000....Therefore your taxable income of the previous year would be required by me for suggesting some concrete answer to your query...

 

[striker_rage]

I m still studying and i use the demat acc in the name of my dad..since i dont have a pan card.

My mom has a pan card too and she earns in beauty parlour.

My dad is a regular income tax payee and has a small business.

What i was thinking was that can i open another two acc, one with my name(after i get my pan card)and show my income as a part time tution teacher and one with my mom's name.

And if yes.......whats the max money that i can put in these three accounts.

I wanted to invest app 8 lacs and i was thinking of dividing the money to these 3 accs....2.75-3 lacs in each acc.

Waiting for ur reply again.