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Tax Planning Tips |
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An employee who as a part of his Salary
package is eligible to receive Medical reimbursement, may claim it till Rs. 15,000/-
p.a without paying any tax, subject to production of medical bills, since till Rs.
15,000 the Employer is required to pay Fringe Benefit Tax. However, any amount reimbursed
above this limit shall be chargeable to tax in the hands of employee itself and
not the employer. |
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A Retired Govt. employee or an employee
of a Local authority or a Statutory Corporation can get his pension commuted under
Civil Pensions (Commutation) Rules or any other similar scheme prescribed by the
Central Govt. and claim whole of such commuted pension as exempt from tax under
the head Income from Salaries as per the provisions of Section 10(10A)(i) |
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The deduction u/s 80DD being maintenance
of handicapped dependent amounting to Rs 50,000 (Normal Disability) or Rs 75,000
(Severe Disability) is allowable on per assessee basis and not on per dependant
basis. Hence in case of two more handicapped dependants eligible u/s 80DD, deduction
towards each dependant should be claimed by both the spouses separately in their
individual return of income. |
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An asset transferred by an Individual
to his/ her Minor Son/ Daughter should be sold only after such Minor attains
Majority failing which the Capital Gains from such asset sold will be Clubbed and
taxed in the hands of Individual or spouse whichever has higher taxable income rather
than being taxed in hands of Minor himself, as per the provisions of Section 64. |
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