- Open a PPF account – Need a secure investment that gives tax free returns? Consider PPF. Withdrawals from PPF are also exempt from tax. You can deposit a maximum of Rs 1,50,000 in a year and earn a tax free interest of 8.7%. Amount deposited each year is allowed a deduction under section 80C. Section 80C allowed you to reduce your taxable income by the amount you deposit. PPF matures after 15 years, and if you continue to put away money in it, you'll have a large corpus on maturity.
- Make additional deposits to EPF – 12% of your basic salary is deducted each month and deposited in EPF, employer also contributes to it. Find out from your company if they allow you to make additional deposits to your EPF. A lot of companies allow employees to put in a higher % in their EPF. A spare Rs 10,000 may get spent from your pocket, but will be put to good use when you keep adding to your EPF kitty. If you plan to complete 5 years at your current organisation, you would land up an even larger sum by these extra deposits. EPF withdrawals are tax free after 5 years of employment.
- Consider an ELSS fund – Equities have had a bear phase recently and it seems like a good time to enter. If you don't want your money to get locked for long term, look up a fund house that has a good performance and buy an ELSS mutual fund. ELSS purchases are also covered in Section 80C. And come with a lock in of 3 years. You can also enrol into a SIP to get into ELSS. A SIP or systematic investment plan means that you make small deposits monthly (or some other interval) instead of a lump sum. Your returns shall be fully tax free besides the Section 80C benefit.
- Buy a medical insurance – Consider securing the health of your family via a medical insurance. A deduction of Rs 25,000 is allowed under section 80D. If you have parents who are senior citizens, you can claim Rs 30,000 to secure their health. For uninsured super senior citizens (more than 80 years old) medical expenses up to Rs 30,000 can be claimed under section 80D. Do note that you can claim a maximum of Rs 30,000 in this section, so plan it well. If your parents are super senior citizens you may claim Rs 30,000 medical expenses for them, while your spouse can insure you as a couple & kids for Rs 25,000. That way, both of you can take the benefit.
Top 4 Tax Saver Mutual Funds for 2016 - 2017
Best 4 ELSS Mutual Funds to invest in India for 2016 - 2017
1. DSP BlackRock Tax Saver Fund
2. Invesco India Tax Plan
3. Tata India Tax Savings Fund
4. BNP Paribas Long Term Equity Fund
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
Invest Best Tax Saver Mutual Funds Online
Download Top Tax Saver Mutual Funds Application Forms
For further information contact Prajna Capital on 94 8300 8300
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Top 4 Tax Saver Mutual Funds for 2017
Best 4 ELSS Mutual Funds to invest in India for 2017
1. DSP BlackRock Tax Saver Fund
2. Invesco India Tax Plan
3. Tata India Tax Savings Fund
4. BNP Paribas Long Term Equity Fund
Invest in Best Performing 2017 Tax Saver Mutual Funds Online
Invest Best Tax Saver Mutual Funds Online
Download Top Tax Saver Mutual Funds Application Forms
For further information contact Prajna Capital on 94 8300 8300
------------------------------
Leave your comment with mail ID and we will answer them
OR
You can write to us at
PrajnaCapital [at] Gmail [dot] Com
OR
Call us on 94 8300 8300
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Tax on Gifts received depends on value of Gift and occasion of Gift
Gifts received by an individual during a financial year are tax free only if their aggregate value does not exceeds Rs 50,000
The tax liability on a gift varies according to its value, the occasion on which it was given, and the relationship between the person receiving and giving the gift.
The general rule
Gifts received by an individual during a financial year (FY) are tax free only if their aggregate value does not exceeds Rs 50,000. The limit is inclusive of all gifts received in cash as well as kind.
Let's say a person receives gifts of Rs 20,000 each from two friends, and jewellery worth Rs 25,000 from another during an FY. In such a case, she will need to pay tax on Rs 65,000, as per her applicable tax slab.
Relatives
There is no tax on a gift if it is received from certain specified relatives, irrespective of the value of those gifts. As per the income tax rules, such relatives include: spouse, brother or sister, spouse's brother or sister, parents, spouse's parents, brothers and sisters of parents and spouse's parents; and legal heirs if any.
Marriage
Gifts received by the bride and groom during their marriage do not attract tax, even if their aggregate value exceeds Rs 50,000. And it does not matter who gave the gift.
Other occurrences
Apart from these, gifts are also tax free without any upper limit when they are received through a Will, by way of inheritance, or due to the death of the payer or donor.
Things to consider
Whether a gift qualifies for tax or not, or it is received from a relative or friend, or on the occasion of marriage or through a Will, ensure you disclose the value of all such gifts while filing your returns.
Top 4 Tax Saver Mutual Funds for 2017 - 2018
Best 4 ELSS Mutual Funds to invest in India for 2017
1. DSP BlackRock Tax Saver Fund
2. Invesco India Tax Plan
3. Tata India Tax Savings Fund
4. BNP Paribas Long Term Equity Fund
Invest in Best Performing 2017 Tax Saver Mutual Funds Online
Invest Best Tax Saver Mutual Funds Online
Download Top Tax Saver Mutual Funds Application Forms
For further information contact Prajna Capital on 94 8300 8300
------------------------------
Leave your comment with mail ID and we will answer them
OR
You can write to us at
PrajnaCapital [at] Gmail [dot] Com
OR
Call us on 94 8300 8300
------------------------------
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