Tax Refunds

Ownership and possession must to claim deduction

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View quick summary Ownership and possession is a must to claim deduction on home loan interest: You have to report income/loss from property ONLY if you are the owner of that property. An owner is a person who owns the legal title of the property and has the right to receive income from it. Solely Owned Property: If you are the sole owner of a property, then you should report … [Read more...] about Ownership and possession must to claim deduction

Safeguards from clubbing of minor income

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View quick summary You have to declare and pay tax on your child's income within your income tax return. In case your minor child is earning from his/her own capacity, then the minor child can file his/her own return and there will not be any clubbing of income. To avoid clubbing of your child’s income, you may invest in tax free instruments such as PPF, MF or ULIP. Plot and … [Read more...] about Safeguards from clubbing of minor income

Take a home loan and get insured

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View quick summary We have tried to enlist some guidelines that you need to consider while borrowing for a house. Generally, you should not borrow above 50% of your take home salary. The other monthly payments such as insurance premium must be deducted while calculating repayment capacity. You also need to consider the tax benefits of home loan and the rate of interest on home … [Read more...] about Take a home loan and get insured

Foreign Income Solution

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Services for overseas Indians - NRIs, Residents with foreign income, Expatriates, Foreign citizens  Preparation and Filing of Return (a) for employees who went overseas for short-term assignment (for less than 180 days in the financial year), i.e.,Residents with foreign income Return shall be prepared on the basis of information provided by you with no professional advice … [Read more...] about Foreign Income Solution

Impact of DTC on Insurance as Tax-Saving Instruments

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View quick summary The proposed Direct Taxes Code (DTC), which comes into effect from 1 April 2012, has laid down very stiff conditions for the deduction of the premium from the taxable income and the exemption for income from insurance policies. A major game changer for life insurance is that the tax deduction limit will get reduced from the present Rs. 1 lakh a year to … [Read more...] about Impact of DTC on Insurance as Tax-Saving Instruments