Home > User

Hi Guest
Sign In | Create an account

Need Expert Advice?Our Gurus Can Help

madhu

madhu

Mihir Tanna 580 Answers |Ask - Unfollow

Tax Expert - Answered on Aug 28, 2023

Asked on - Aug 28, 2023

Money

My mother is housewife. I have HRA component of 60K, If I pay rent of 60K to my mother, i.e. 7.2L per year, and I have to deduct TDS of 36K . Which PAN no. I have to use to deduct tds and pay the tax. Also can my mother get the tax refund, by filing ITR, as she does not have any other income?

Ans: Individual paying rent of more than 50k p.m. is required to deduct TDS using own PAN in Form 26QC in Sec 194 IB.

Recipient of Income (owner of property) should offer rent income to tax after deducting 30% of Income as a standard deduction. Taxable income is likely to be Rs.5,04,000. For FY 23-24, if taxable income is upto 7 lacs, tax liability under new tax regime will be zero.

(more)

Mihir Tanna 580 Answers |Ask - Unfollow

Tax Expert - Answered on Jul 20, 2023

Asked on - Jul 18, 2023

Money

In NPS tier1 account, As the equity market is on higher side, if I change allocation from aggressive equity to conservative equity, will it attract any tax. I mean the indirect profit booking by NPS asset allocation change is tax free right.

Ans: In case person change proportion of equity in portfolio, if there is no transfer of capital asset, only fund is allocated without redemption of units; there is no transfer of capital asset. Thus, in my view, there will not be any impact on tax.

(more)

Mihir Tanna 580 Answers |Ask - Unfollow

Tax Expert - Answered on Mar 30, 2023

Asked on - Mar 28, 2023

Money

my income is 25Lac per year, my investments are 50% equity MFs, 50% debt/ppf/ssy. I have two daughters. Every year, Can I invest 1.5Lac in my PPF, 1.5L in my wife's PPF, 1.5L in Sukanya SY of each daughter. if yes, do I need to pay any tax on the interest/returns of above 6L per year.

Ans: You can invest 1.5 lac in your as well as spous's PPF account. Also you can deposit 1.5 lac in Sukanya account of each daughter. However, deduction u/s 80C is restricted to 1.5 lac against the payment of Rs.6 lac.

Further, interest earned on said account is not taxable.

(more)

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Categories
Health
Money
Relationship
Career
Gurus
See All GURUS

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN