Archive for the ‘Taxation’ Category
Taxation Regimes - EEE EET ETE TEE – What do these mean?
June 22nd, 2009
Mukesh Dedhia
There are different systems for tax exemption / deduction of investments, and for taxation of the income earned from it, like Exempt – Exempt - Exempt (EEE) or Exempt – Exempt -Taxed (EET). What do these terms mean? What impact does it have on you? Read on.
We often hear about different taxation systems in the media. For example, there is a debate currently going on between the Exempt – Exempt - Exempt (EEE) and Exempt – Exempt -Taxed (EET) systems.
What do these three-letter combinations mean? And why are there three letters? Let’s find out.
What you need to know about taxes, gifts and love?
June 11th, 2009
Mukesh Dedhia
We can’t tell you much about love, but we can surely tell you about taxes and gifts to your loved ones.
What are the tax benefits for a gift to a spouse or fiancé?
If you make a gift in kind or cash to your spouse then it is not taxable in their hands. However, any income generated by the gift in kind or cash shall be treated as your income.
What if you give a gift to your fiancé? The good news is that if you make a gift in kind to your fiancé, then there is no tax implication. However, if you make a cash gift then restrict your gift to Rs.50,000. If the amount exceeds this limit, then the entire amount shall be added to the income of your fiancé.
Enhanced tax benefits for Health Insurance.
February 10th, 2009
Mukesh Dedhia
As the longevity of the average Indian goes up, health expenses of families would mount. That is why you can expect the role of health covers in our lives to increase. Most common health cover known is Mediclaim.
By just paying a small sum as premium on a mediclaim policy every year, one can claim reimbursement of expenses incurred for hospitalization. And when such premium also carries tax benefits, then there is no reason to wait for anything better….