How to solve question below
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2016
A management college professor retired from her service on 1st March
2013 at the age of 60 years. She had accumulated a balance of Rs. 1.25
Crore in her retirement account. She also received gratuity from the college
under the Payment of Gratuity Act. She commuted the tax exempt value of
her retirement fund. The rest of the amount was utilized by her college to
buy her a 25-year fixed annuity deferred by a year and paid annually
thereafter. If the effective yield from such annuity product were 7.5% p a.,
and she is willing to save the maximum permissible amounts under Section
80C and 80D, what tax liability do you estimate for her for AY2015-16?
2013 at the age of 60 years. She had accumulated a balance of Rs. 1.25
Crore in her retirement account. She also received gratuity from the college
under the Payment of Gratuity Act. She commuted the tax exempt value of
her retirement fund. The rest of the amount was utilized by her college to
buy her a 25-year fixed annuity deferred by a year and paid annually
thereafter. If the effective yield from such annuity product were 7.5% p a.,
and she is willing to save the maximum permissible amounts under Section
80C and 80D, what tax liability do you estimate for her for AY2015-16?
31 May 2016
you can invest in u/s 80C for tax saving in PPF, or FDR or any other amount, or buy the house on housing loan if you want, then out take the exemption of house loan and interest both.
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