Q.What is the minimum lockin period for ELSS ?
Ans.The minimum lockin period for ELSS is 3 years from the date of investment. For further details refer blog on ELSS-Things to Know. Must Read : Tax saving options in India.
Q.What are various ways to invest in Gold ?
Ans.Besides,investing in jewellery,one can invest in gold in the following ways : Gold ETFs Gold coins and bullion Gold mutual funds E-gold To gather more information refer our popular blog post on Gold Investment – Is it the best investment ?.
Q.What are other short term investment options other than FDs ?
Ans.Investing in FDs has been a traditional method of saving by Indians.But, there are numerous other ways to invest your money for short duration like : Short term mutual funds Liquid funds Arbitrage funds ELSS Fixed Maturity Plans(FMPs) For further details refer 7 Best Short term investments .
Q.What amount of Home loan deductions can be claimed for FY 2016-17 ?
Ans.The deduction for home loan can be claimed under 3 different sections as follows : [table id=7 /] For further details regarding Home loans you can refer Home loans-Facts to know !
Q.Mrs.Roshni receives FD interest of Rs.14500 in FY 2015-16.Can she claim deduction U/s 80 TTA?
Ans.No,since it is FD interest, Mrs.Roshni cannot claim deduction U/s 80 TTA.This deduction is available only on interest earned on Savings bank account and not on FD interest. For further details refer Deduction U/s 80 TTA.
Q.Mr.Raj received a gift from a friend on the occasion of his marriage.Is it taxable?
Ans.No,a gift received from a friend on the occasion of marriage is not taxable in the hands of recipient.Hence,gift received by Mr.Raj on his marriage is exempt from tax. To dig deeper refer blog on taxability of gifts.
Q.What is the new service tax rate and from when it is applicable?
Ans.The new service tax rate @15% is applicable from 1st June 2016.This includes Service tax @ 14%, Swachh Bharat Cess @0.5% and Krishi Kalyan Cess @0.5%. For further details refer New service tax rate w.e.f 1.6. 2016.
Q.How to invest to buy a car in next 3 years ?
Ans.Buying a car in the next 3 years, is basically a short term objective that can be achieved by investing your money for a shorter duration.This can be done through short term investments in Savings account,short term mutual funds,short term FDs,liquid funds,ELSS,arbitrage funds etc. For detailed knowledge refer Short term Investment Options.
5 Best Tax Saving Options in India
Looking for the best tax saving options in India, you have landed at the correct place. You shall know about various popular tax saving options to help you in your financial journey. In a country like India,one has to shed extra money in the form of taxes may it be in the form of direct … Read more
Claiming LTA,HRA,Home Loans Exemption-New Declaration Form 12BB released
In a recent amendment,the Income tax department has tightened the procedure for claiming tax exemptions and deductions by the salaried class. It was a common practice of employees to provide fake receipts to the employers for claiming various exemptions like LTA,LTC and HRA etc. But,now CBDT has announced a new standard form 12 BB for the … Read more