Tax rebate on Gift & Home Loan
This query is : Resolved
16 May 2011
Hello Sir,
I am a salaried person with salary around 1000000/- annually. I have one home loan on me and below are the details of my investment for tax rebate :-
1. Home Loan principal, Insurance Premium, Mutual Funds (100000/-)
2. HRA (100000/-)
3. Home Loan interest (180000/-)
4. Medical Insurance (10000/-)
5. Phone Bills (12000/-)
6. Medical Bills (15000/-)
Can you please suggest that after this investment is there any other means to save tax, like Gifts to parents/spouse, second home loan or any other means. If gift is the mean then what modes should I prefer and what type of documents I need to present in support of that.
Thanks & Regards,
Amit
I am a salaried person with salary around 1000000/- annually. I have one home loan on me and below are the details of my investment for tax rebate :-
1. Home Loan principal, Insurance Premium, Mutual Funds (100000/-)
2. HRA (100000/-)
3. Home Loan interest (180000/-)
4. Medical Insurance (10000/-)
5. Phone Bills (12000/-)
6. Medical Bills (15000/-)
Can you please suggest that after this investment is there any other means to save tax, like Gifts to parents/spouse, second home loan or any other means. If gift is the mean then what modes should I prefer and what type of documents I need to present in support of that.
Thanks & Regards,
Amit
21 May 2011
no you can not save tax by giving gift, although you can invest in infra bond to the extent of rs 20000. and also you are taking hra benefit as well as home loan it can only be possible if you are not residing in the house purchased due to your employment at other place.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- GST rate and HSN code for sale of racing horses
- DIN reactivation
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Eway bill generation from place other than registeted
- Condonation . E-Verification of last year return .
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- CREDIT NOTES WITHOUT GST
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
